Loan Protection
Loan protection may help to keep your bills up-to-date, deal with the loss of a loved one, and may even assist with the loans associated with your vehicle. As a Chartway member, we’re here to help protect you and your family. We've made it easy for you to protect your financial well-being with loan protection options that can help give you peace of mind.
Contact us or visit your neighborhood branch and we'll be happy to answer your questions!
Guaranteed Asset Protection (GAP)*
If your vehicle is deemed a total loss due to an accident or theft, there can be a significant gap between what you owe on your loan and what your auto insurance will cover. Guaranteed Asset Protection may help make up the difference.
- GAP may reduce or even eliminate the shortfall in the event your vehicle is deemed a total loss.
- GAP Plus can help reduce your next loan at the credit union, making it easier to get the replacement vehicle you’ll need.
- Claims are subject to product maximums and limits
- The GAP fee can be added to the total amount financed by the new loan
Mechanical Repair Coverage (MRC)**
Manufacturer’s warranty on your vehicle expired? No worries! Pay for covered repairs on new and eligible used vehicles. This coverage is wonderful for dealing with unexpected vehicle repairs.
- A choice of protection levels with various deductible options and term/mileage plans
- Hassle-free claim payments made directly to the licensed repair facility
- Coverage may be transferred if the vehicle is sold to a private party
- The premium can be added to the total amount financed
- Coverage can be added at any time, within mileage requirements
Loan Assure for Credit Cards***
Missed loan payments can hurt your credit score, our Loan Assure product can help ensure you don't miss your loan payments.
- Protects your financial well-being
- May cancel your loan balances or payments under certain conditions
- Personalized rates
Loan Assure for Consumer Loans***
This option may cancel your consumer loan balance or payment, up to contract maximums, ensuring you don't have a missed payment and helping you thrive beyond your current circumstances.
- Three different options allow you to personalize your protection
- Protects your financial well-being
- May cancel your loan balances or payments under certain conditions
- Personalized rates
Loan Assure for Home Equity Loans***
You can apply this payment protection plan to select Equity Loans in the event of death, disability, or unemployment. This option may cancel your full loan payment or balance, up to contract maximums, allowing you to protect your happy place.
- Two different options allow you to personalize your protection
- Protects your financial well-being
- May cancel your loan balance or payments under certain conditions
- Personalized rates