Erie FCU Payment Protection is a voluntary loan-payment protection product that helps preserve your family’s standard of living by giving you relief from the financial burden of delinquency, default or foreclosure if a protected life event happens to you.
Payment Protection helps lessen you and your family’s worries about making loan payments when your income may be reduced or lost and paying other household bills becomes challenging. Protected events include:
Accidents happen, but with our Total Loss Protection you are covered regardless of the situation! Guaranteed Asset Protection (GAP) protects negative equity, while Depreciation Protection protects positive equity. Make sure your vehicle loan is protected in the event your vehicle is deemed a total loss or is stolen and unrecoverable. Contact us to learn more about which product is right for you.
Should your collateral be deemed a total loss or is stolen and unrecoverable, GAP can help you avoid financial loss by waiving your remaining loan balance not covered by your insurance settlement (up to the agreement maximum 135% loan-to-value). GAP Advantage also provides you with a $2,500 credit towards the financing of your replacement collateral financed with Erie Federal Credit Union.
To thank you for purchasing GAP, we will provide you with Auto Advantage, which includes an Auto Deductible Reimbursement (ADR) benefit that will reimburse your deductible for any loss covered by your auto insurance policy for ALL passenger vehicles you and your co-borrower own and insure, up to $1,000 per occurrence, for three (3) years, with unlimited claims!
Click here for more information: Guaranteed Asset Protection Explainer Video
Depreciation Protection protects your vehicle equity and hedges against depreciation over the life of the loan. In the event your vehicle is deemed a total loss or is stolen and unrecoverable, Depreciation Protection provides a benefit equal to the difference between the vehicle value at the time of purchase, less the loan balance at the time of total loss (up to the agreement maximum or the outstanding loan balance, whichever is less).
To thank you for purchasing Depreciation Protection, we will provide you with Auto Advantage, which includes an Auto Deductible Reimbursement (ADR) benefit that will reimburse your deductible for any loss covered by your auto insurance policy for ALL passenger vehicles you and your co-borrower own and insure, up to $1,000 per occurrence, for three (3) years, with unlimited claims!
Click here for more information: Depreciation Protection Explainer Video
Buying a car should be a worry-free experience from the moment you make the purchase. As a valued member, you can get best-in-class vehicle coverage for the best value – keeping you on the right track and protecting you from unexpected repair costs if a breakdown occurs.
Click here for more information: Mechanical Breakdown Protection Explainer Video
If you have questions or would like to add Loan Payment Protection to a current loan, please call (814) 825-2436 or visit one of our branches to speak with a credit union representative.
Disclaimer: Payment Protection is a debt protection product offered by the Erie Federal Credit Union. Enrollment in this protection product is voluntary and not required to obtain a loan. Please contact the Erie FCU for additional information on maximums, eligibility, limitations and a copy of your contract. DPGAP-0310-66FF
