Guaranteed Asset Protection (GAP) / Mechanical Repair Coverage (MRC)
Guaranteed Asset Protection
If your vehicle is damaged beyond repair or stolen, your insurance company may only pay what the vehicle is worth—which is often less than what you owe on your loan. Guaranteed Asset Protection* (GAP) helps protect your loan against the unforeseen by cancelling the difference between the vehicle’s value and the balance of your loan.
Mechanical Repair Coverage
Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that’s safe and reliable. The older your vehicle, the more it takes to keep it in good working order. Not making small repairs can lead to even more expensive repairs and ignoring other repairs can be dangerous.
MEMBER’S CHOICE Mechanical Repair Coverage** can help cover the unexpected costs of parts and labor and can help keep your vehicle on the road longer. If you’re planning to keep your vehicle beyond the manufacturer’s warranty, it could be the right way to go.
Check with your loan officer for more details on MEMBER’S CHOICE Mechanical Repair Coverage, including benefits, exclusions and limitations.
Call us at 1-800-692-2274 to enroll today!
*Your purchase of MEMBER’S CHOICETM Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.
** MEMBER’S CHOICE® Mechanical Repair Coverage is administered by Consumer Program Administrators, Inc. in all states except AK and CA, where coverage is administered by Virginia Surety Company, Inc., in WA, where coverage is administered by Automotive Warranty Services, Inc., in FL, LA , OK and WI, where coverage is administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023) and in AZ, where the Obligor and Administrator is Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 1-800-752-6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as insurance (form MCCU-001-MBI) it is underwritten by Virginia Surety Company, Inc.