Loan Protection Products

Life is unpredictable. It’s best that you be prepared for what comes your way. Expected or unexpected, Mutual Savings Credit Union can help.

See below for a variety of loan protection products tailored to meet your needs.

Loan Protection Products

Life is unpredictable. It’s best that you be prepared for what comes your way. Expected or unexpected, Mutual Savings Credit Union can help.

See below for a variety of loan protection products tailored to meet your needs.

Credit Insurance

Financial protection for you and those you care about most when life brings unforeseen events like an accident, disability or death, the last thing you or your family want to worry about are your financial obligations. Credit insurance (2) helps provide peace of mind. If the unthinkable were to happen, you’ll feel confident those you love most will have the financial protection to help get them through a difficult time.

For complete details including features, limitations, and exclusions, see the Certificate or Policy of Insurance. In the event of any discrepancy between this information and the policy/certificate, the terms of the policy/certificate will apply. Complete coverage information is in the Certificate or Policy issued to each insured individual.

  1. Plans are underwritten by Securian Life Insurance Company, St. Paul, MN Plans may not be available in all states. These policies contain limitations and exclusions.

Credit Life Insurance

Credit life insurance pays off or reduces a loan or line of credit balance in the event of a borrower or co-borrowers’ covered death.

Credit Disability Insurance

Credit Disability insurance pays a borrower’s loan payments (up to the contract limit) if he/she becomes ill or disabled and unable to work.

Depreciation Protection (DPW)

What if you could protect your vehicle loan from that annoying depreciation?

Depreciation Protection offers you a way to protect the equity you have worked so hard to build in your vehicle, by waving some or all your loan balance if your vehicle were totaled or stolen and not recovered at any time during the life of your loan.

But wait, how is there equity on your vehicle if it’s depreciating?

  • You had a down payment when you purchased the vehicle
  • You make additional loan payments each year
  • You pay a little extra each month to bring your loan balance down faster
  1. Egan, John, Experian. What is depreciation on a car and why does it matter, December 2020.

Mechanical Breakdown Protection (Route 66)

Our Mechanical Breakdown Protection otherwise known as Route 66 Extended Warranty, provides essential protection against unexpected repair costs. The older your vehicle gets, the more expensive it can be to fix. You even may have to repair it more often than you need to!

Mechanical Breakdown Protection (Route 66), may help keep those costs in check, saving your budget from future unexpected repair costs. Talk to us today to find out which Mechanical Breakdown Protection (Route 66) plan is right for you. You only need your mileage and the VIN number to get started.

Guaranteed Asset Protection (GAP)

You rely on your vehicles to save you time; they provide the convenience and freedom to travel anywhere at any time. Unfortunately, accidents happen and vehicles breakdown.

We can help.

With one or all these vehicle protection policies, you can get back on the road faster and protect yourself from an unplanned financial loss.

Guaranteed Asset Protection (GAP) insurance helps protect you against financial loss if your vehicle is totaled or stolen. You might think, “I have auto insurance, I’m covered.” But your auto insurance coverage is based on your car’s actual cash value. Because of depreciation, this can be less than what you owe on your loan. If an accident were to happen, you might not have a vehicle to use and you would still owe a balance on your loan.

In the event of a total loss, GAP covers the difference between the borrower’s outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum 125% loan to value (LTV). Subject to limitations and exclusions, including but not limited to 125% LTV, delinquent payments, late charges, refundable service warranty contracts and other insurance related charges. GAP may also cover up to $1,000 of the borrower’s deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance settlement. It is not paid directly to the borrower. Not available in NY or AK.

How GAP can help you

If your auto insurance company declares a covered vehicle a total loss, GAP will waive:
  • The difference between the actual cash value of your vehicle and the balance you owe on the loan.
  • Up to $1,000 of your insurance deductible as part of the loan “gap” balance.
  • And: Provides you an additional $1,000 credit towards the financing of a replacement vehicle if financed or leased with Mutual Savings Credit Union.

You’re Welcome Here

Ready to get started?
At Mutual Savings Credit Union, we can fit your needs with our various loan types. With affordable monthly payments, let us work harder for you.

Call, Click or Come In

You’re Welcome Here

Ready to get started?
At Mutual Savings Credit Union, we can fit your needs with our various loan types. With affordable monthly payments, let us work harder for you.

Call, Click, or Come In