Payment Protection
Bay Area offers several options to protect your financial liabilities.
• Mechanical Repair Coverage
• Guaranteed Asset Protection (GAP)
• MEMBER'S CHOICE® Credit Life Insurance
• MEMBER'S CHOICE® Credit Disability Insurance
• MEMBERS Auto and Homeowners Program NEW
Mechanical Repair Coverage
Bay Area Credit Union offers Mechanical Repair Coverage. This coverage covers you against many of the costly repairs no longer covered by the manufacturer's warranty. Mechanical Repair Coverage is very much like the extended warranties offered by auto dealers. This coverage is available for any eligible vehicle, new or pre-owned.
Guaranteed Asset Protection GAP
GAP provides protection against financial liability on your new or pre-owned vehicle in the event of a total loss. If your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared an insured loss, your auto insurance will cover the replacement value. Nevertheless, you remain liable for the difference between the insurance settlement and your loan balance. GAP helps fill the void. With GAP you can protect yourself from this kind of unexpected expense.
| Rate |
Coverage |
$225 |
Basic Protection |
$275 |
Plus Protection
In addition to above benefit, if there is a total loss or unrecovered theft loss of the vehicle and you finance a replacement vehicle with us within 60 days of primary insurance company settlement, we will cancel the first $1000 under your new agreement. |
MEMBER'S CHOICE Credit Life Insurance
When you get a loan from Bay Area Credit Union, you not only get a loan rate that's a great value, but you can choose coverage that's a great value as well. MEMBER'S CHOICE Credit Life Insurance is a convenient way to reduce, or pay off, your covered loan in the event you were to pass away. The premiums can be added to your monthly loan payment.
MEMBER'S CHOICE Credit Disability Insurance
Credit Disability coverage helps provide reassurance that, should you become totally disabled from a covered event your loan payments will continue to be made - even when the paychecks stop. This coverage can be added at the time you apply for the loan, or it can be added anytime during the life of the loan. The premiums can be included in your monthly loan payment.
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Payment Protection solutions include debt protection products available through the credit union, MEMBER’S CHOICE® credit life and credit disability insurance products underwritten by CMFG Life Insurance Company and Mechanical Repair Coverage. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as an insurance product, it is underwritten by Virginia Surety Company, Inc., Chicago, Illinois. The Mechanical Repair service contract program is provided and administered by Consumer Program Administrators, Inc., and Automotive Warranty Services of Florida, Inc., Florida License #60023.
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