Additional Auto Loan Information
Member-owners benefit from competitive low rates and even more ways save money with these services.
Credit Protector eases the strain of loan payments, protects your family, and safeguards your credit rating. Your loan payments can be canceled without penalty, without added interest, and without being reported as delinquent to credit bureaus if you suffer specific extreme hardship.
Guaranteed Auto Protection (GAP) Insurance is particularly valuable in the early months of your auto loan. In the event of the total loss of your vehicle through collision or theft, GAP Insurance covers the difference between the cash value of the vehicle and your outstanding loan balance. Call or visit your local credit union branch about adding this coverage to your loan.
Mechanical breakdown protection at your credit union is a better value than extended warranties sold at dealerships. It is competitively priced and offers these advantages:
- Available on new or used vehicles (up to 10 years old) from dealerships or private sellers
- First-day coverage
- Low deductibles: $0 and $50
- No claim forms to fill out — you can make claims by phone, toll-free
- Repairs can be made at any licensed repair facility in the U.S. or Canada
- Rental car reimbursement up to $250
- Uber and Lyft ride reimbursement up to $250
- Key fob replacement coverage
- No limit to the number of claims
- Coverage is transferable, adding extra value to your vehicle if you sell it
Speak with a Financial Consultant about adding this coverage to your auto loan.
Proof of Insurance
With any vehicle loan from your credit union, you must provide proof that you have insurance within 30 days of your vehicle purchase. Otherwise, the credit union is legally required to purchase insurance for the vehicle for you and the premium will be added to your monthly payment. Verify your proof of insurance securely online or call us at 505-889-7755 (800-347-2838 outside the Albuquerque area).