In addition to offering a wide range of deposit and loan products — as well as mobile banking and other convenient services — Compass Community Credit Union also offers some loan-specific services to benefit our members.
This kind of insurance covers the difference or “gap” between what you owe on your auto loan and its current market value. So, if you’re ever in an accident and the insurance company determines the vehicle is a total loss, GAP insurance can pay the difference between your settlement and what you owe on your vehicle. Some restrictions apply.
An unexpected total disability or death can affect any household’s income level and change a family’s standard of living in an instant, making household financial commitments difficult to meet.
Struggling to make loan payments on a reduced or lost income is a heavy burden your family shouldn’t have to bear. And with Credit Life and Credit Disability insurance, the load won’t be as heavy. This type of insurance helps conserve your family’s savings and allows them to use available resources to meet day-to-day living expenses, preserving the standard of living you worked so hard to achieve.
Which is why, whenever you take a consumer loan with the credit union, you have the option of obtaining Credit Life/Disability Insurance through the CUNA Mutual Insurance Society to protect you and your loved ones should a tragic event occur.
CREDIT LIFE: Designed to pay off or reduce the eligible loan balance in the event of member’s death.
CREDIT DISABILITY: May make loan payment(s) up to policy maximum in the event of total disability caused by covered injury or illness.
Mechanical Breakdown Protection (MBP)
Statistics show that the big repair bills often come after the manufacturer’s warranty has expired. This coverage helps pay for auto repairs that occur after the manufacturer warranty on your new or used vehicle has expired and can save you hundreds of dollars vs. dealer service contracts.
Plus, MBP offers additional benefits not provided by many factory warranties including roadside assistance, towing, rental, travel, and tire road hazard benefits — even during the manufacturer’s warranty period.