SUMMARY: Auto loans aren’t just about the rate – add-on services can play a big role in protecting your vehicle, your finances, and your family.

After driving off the lot with your new (or used) vehicle, don’t forget that add-on services can help protect your vehicle investment, simplify your finances and provide peace of mind.

Interest rates, loan terms and monthly payments are primary concerns for borrowers, but GAP coverage, extended warranties and credit life/disability should also be factored into your auto-buying decision. Most of these subsidiary services should be bundled in at the time of loan signing, although some can be added later.

Services you should consider when purchasing a vehicle: 

• Protect your loan. If your vehicle is stolen, accidentally damaged beyond repair or otherwise declared a total loss, GAP (Guaranteed Asset Protection)* covers the difference between your vehicle’s depreciated value and your total outstanding loan amount potentially saving you thousands in time of crisis.
  
  “This is especially important in the recent auto landscape when vehicle prices increased due to supply shortage,” said Elidia Suchomel, the Credit Union’s Vice President of Lending Performance and Servicing.
  
  
• Protect your property. Since most major car repairs occur after the factory warranty period ends, an extended warranty** can ensure your investment is protected in case unforeseen malfunctions occur, which is particularly important these days with the amount of electronics currently embedded in vehicles.
  
  
• Protect your family. No one wants to think about the worst happening, but in the event of your death, credit life insurance¹ will pay off the remaining loan balance so loved ones won’t “inherit” your loan debt.
  
  “It’s very unfortunate,” said Suchomel, “but families aren’t always prepared to cover necessary debts. This type of insurance provides added peace of mind that our families can have one less obligation to be concerned with as a result of an unforeseen event.”
  
  If a disability prevents you from working, credit disability insurance also covers your loan payments and helps protect your credit rating.

It's important to remember that the Credit Union offers subsidiary services at a reduced price compared to most lenders. For example, GAP and extended warranties are both available for an average 40-50% less than what an auto dealer charges for them.

Click here to learn more about all of these options.  

* GAP add-on services may not be available to all residents of all states. The information within is intended to provide a general outline of the benefits of MEMBER’S CHOICE Guaranteed Asset Protection. Be sure to carefully read your MEMBER’S CHOICE GAP waiver or policy certificate of insurance for complete details. Guaranteed Asset Protection may vary by state and then by credit union, and may not be available to all residents of all states. In states where GAP protection is an insurance product, MEMBER’S CHOICE Guaranteed Assets Protection is made available and underwritten by TruStage Insurance Agency, LLC. In states where GAP is a debt-cancellation product, MEMBER’S CHOICE Guaranteed Asset Protection is made available through your credit union and administered by TruStage Insurance Agency, LLC.

** Mechanical Breakdown Insurance (MBI) is available in states where required. MBI may not be available to all residents of all states.

¹ TruStage™ Accidental Death and Dismemberment Insurance is issued by CMFG Life Insurance Company. The insurance offered is not a deposit and is not federally insured, sold, or guaranteed by any financial institution. Product availability, riders and benefits for this product may vary by state. Further reproduction, adaptation or distribution prohibited. Benefits are not payable for the riders during the 12-month period that begins on the Rider Effective Date for illness that is diagnosed within 12 months after the Rider Effective Date and is caused by, contributed by or results from a pre-existing condition. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705 Base Policy Form Numbers: 2018-ADD-POL, 2018-ADD-POL(OR), 2018-ADD-POL(ID), 2018-ADD-POLRDR-CI, 2018-ADD-POLRDR-CNR