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Protection Plans
Life/Credit Disability Coverage
If you become disabled or pass away, your family will have a lot to deal with. Wouldn't it be nice if paying off your loans wasn't one of those problems. By electing Disability Coverage on your loan(s) your monthly payment(s) (up to $700.00 per month per loan) will be covered after a 30 day waiting period, retroactive the first day of disability. If you elect Credit Life Coverage, your loan will be paid in full up to $40,000.00. After your loan is approved, the loan officer preparing your loan papers, will provide you with an estimate of your payments both with and without protection. For just a few dollars per month, you'll have peace of mind knowing that your credit union loan(s) will be paid if you should become disabled something happens to you. If you already have a loan with us and would like to add Credit Life and / or Disability Coverage please call 520-745-6488.
Guaranteed Asset Protection
Guaranteed Asset Protection (GAP) offers protection against financial liability in the event that your new or used vehicle is totaled, or stolen and not recovered. Although you maintain proper insurance liability limits, your comprehensive coverage may not be sufficient to cover your vehicle in the event of a total loss. An example: A one year old vehicle has a current value of $20,000.00, but has been totaled, or stolen and not recovered. Your insurance company, after subtracting your $1,000.00 deductible, pays a settlement of $19,000.00. Unfortunately, after one year your loan balance is $24,000.00, leaving you responsible for the difference of $5,000.00. GAP coverage pays the $5,000.00 difference, as well as providing you $1,000.00 towards a down-payment on another vehicle when financed with Desert Energy Credit Union.
GAP protects you against unexpected financial liability and helps maintain your credit rating, all for a very reasonable cost that can be added to your loan balance. Don’t let your auto insurance give you a false sense of security, please inquire about GAP when looking into your new or used Desert Energy CU auto loan.
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