Loan Protection
Life is full of surprises—some wonderful, others more challenging and loan protection can help. When the unexpected happens, the last thing you want is financial stress adding to an already difficult time. We provide a variety of loan protection options to ensure you’re prepared for unexpected events.
Value of Loan Protection
It's Easy to Add
It's Budget Friendly
It's Voluntary
It Gives You Peace of Mind
GAP Coverage
Protect your finances with Guaranteed Asset Protection (GAP) for total vehicle loss on your auto loan. Call or chat with us to learn more.
Payment Protection
Payment Protection can help manage your protected loans in the event of unforeseen circumstances, potentially reducing financial stress on your family. Coverage options include life, disability, and involuntary unemployment. Call or chat with us to learn more.
Loss Payee / Mortgagee Clause
Vehicle and Home Equity Line of CreditUnitus Community Credit Union PO Box 429 Portland, OR 97207 |
MortgageUnitus Community Credit Union, ISAOA, ATIMA C/O Central Loan Administration and Reporting PO Box 202028 Florence, SC 29502-2028 |
Loan Protection FAQs
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GAP Coverage helps you avoid the situation where your car is totaled or stolen, and your insurance coverage doesn’t cover the full cost.
In this situation, many insurance companies only pay the ‘Actual Cash Value’ of the vehicle. In most cases, this doesn’t equate to the loan balance, and you the borrower are left paying the difference.
To protect members from this unpleasant situation, we’ve partnered with Allied Solutions to offer an inexpensive solution. Called Guaranteed Asset Protection (GAP) Insurance, our GAP program waives the difference between your primary insurance company’s settlement and your Unitus auto loan balance. That helps you avoid delinquent payments and fees, refundable service warranty contracts and other insurance-related charges.
GAP is offered to members for a low one-time fee and is good for the life of your loan. If for any reason you are unsatisfied with this coverage, you can cancel the protection and receive a full refund any time during the first 60 days.
To support you financially, we offer several payment options. You can add the premium to your auto loan (which will increase the payment accordingly), write us a check, or transfer the full amount from your Unitus savings or checking account.
For a quick quote or to learn more about our program contact us at 503-423-8770.
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If you have a vehicle loan with Unitus, you are required to maintain full coverage insurance at all times, with a maximum deductible of $1,250. CPI, or Collateral Protection Insurance, is added by Unitus only if you are not able to provide this proof of insurance.
CPI is more costly than regular vehicle insurance, doesn’t cover your liability, and only protects the Credit Union’s interest in the vehicle. If you are billed for CPI, we strongly encourage you to obtain vehicle insurance and then contact the Credit Union.
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Agreement to Provide Insurance
Yes. As the lien holder on your vehicle, we depend on Comprehensive and Collision Insurance to protect Unitus Community Credit Union from uninsured loss. The terms of your loan contract require this coverage for the life of the loan. Still, sometimes this coverage may lapse.
When this happens, a Collateral Insurance Policy is applied to the loan and the cost is added to the monthly payments. Collateral Protection Insurance protects Unitus Community Credit Union, but does not cover the borrower, and is no substitute for traditional insurance. The effective date of coverage is the later of the date your prior coverage lapsed or 30 days after the date of your loan. You can avoid the added cost of Collateral Protection Insurance by keeping your insurance policy up to date.
Should you receive a letter from Unitus, asking for proof of insurance, we encourage you to respond as soon as possible to avoid any inconvenience. For questions about Collateral Protection Insurance, please call us at 503-227-5571 or 1-800-452-0900.
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