American Lake Credit Union offers members elective products to protect their loan and vehicles in the event of unforeseen circumstances.
In the case of unplanned events such as death, disability or involuntary unemployment, our debt protection program may cancel your loan balance or monthly loan payments without penalty or added interest.
|Loss of Life||Disability |
(Full Term (FT) or
Critical Period (CP))
|Involuntary Unemployment |
(Critical Period CP)
|Option 2||Yes||Yes (FT)||No|
|Option 3||Yes||Yes (CP)||No|
|Option 4||Yes||Yes (FT)||Yes|
|Option 5||Yes||Yes (CP)||Yes|
Full Term (FT) means the Debt Protection associated with the named Protection Event remains in-force until this Addendum is terminated or expires.
Critical Period (CP) means the Debt Protection Benefit will be a limited number of Protected Monthly Benefits.
A totaled vehicle is not a total loss when you're protected with GAP from American Lake CU.
Will your insurance cover your auto or reactional vehicle loan in the event of a total loss or theft? Probably not. In most cases, your insurance will fall short of covering the full balance of your auto loan at the time of loss, leaving a substantial amount of the loan balance for you to cover.
Put the brakes on expensive car repairs. A factory warranty may not be enough or may not be offered if you are purchasing a used vehicle. Plus, most major repairs occur after the manufacturer's warranty expires. Consider adding an extended service contract (also referred to as Mechanical Breakdown Protection) to your loan with American Lake Credit Union. Coverage obtained through American Lake Credit Union may save you money when compared to dealer plans.