Additional Loan Services
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.
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MECHANICAL BREAKDOWN INSURANCE (MBI)
Drive with the peace of mind knowing that with Mechanical Breakdown Insurance (MBI) you have protection against the increasingly high cost of repairs and associated labor costs for mechanical and electrical vehicle failures.
In addition to repairing your vehicle, MBI provides services such as rental car allowance, tire protection, roadside assistance, and 24/7 towing. MBI is available for both new and used vehicles. This coverage will protect your vehicle after your warranty has expired. Ask us how you can drive with the proper protection against costly repairs!
BENEFITS OF MBI:
- Roadside Assistance & 24/7 Towing
- Rental Car Allowance
- Paintless Dent Repair
- Windshield Repair
- Key/Remote Replacement
- Consequential Damage Coverage
Contact us at 707-443-8662 to learn more about Mechanical Breakdown Insurance!
GAP Advantage
Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower’s payoff amount on their auto loan and the determined actual cash value of a vehicle in the event that a vehicle is totaled or stolen, up to a certain LTV maximum, less exclusions or limitations that may apply. This is a voluntary, non-insurance product. GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed with our financial institution!
How does GAP work?
The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement.*
REAL-WORLD EXAMPLE:
Your loan balance is: $15,000
Your insurance company settlement is: $10,000
– Based on your vehicle’s market value: $11,000
– Less your insurance deductible: $1,000
Loan balance remaining without protection: $5,000
Loan balance remaining with protections: $0
PLUS $1,000 credit towards the financing of your replacement vehicle!
GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum. Call us at 707-443-8662 to learn more.
Debt Protection
Debt protection may cancel your loan balance (up to the contract limits) or monthly loan payment without penalty or added interest due to an unexpected event. You can select the optional plan that will support your family’s financial protection needs.
Protect What Matters
Life is unpredictable. There are a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. In the event of death, disability or unemployment, you wouldn’t want your family to worry about making your loan payments.
With Debt Protection, your loan balance or monthly loan payments may be canceled without penalty or added interest.
- In the event of death, it cancels the remaining loan balance up to a maximum in the contract.
- If you become disabled, it cancels up to a maximum number of loan payments based on the contract.
- If you are involuntarily unemployed, it cancels up to a maximum number of loan payments based on the contract.
If you have questions, call us at 707-443-8662.
