At SPCO Credit Union, we take pride in helping our members reach their financial goals so we offer a variety of optional loan protection packages, to help protect your financial investment. We are proud to offer some of the best, most affordable protection programs to help keep your investments secure.

Credit Disability Protection

No one expects to have an injury or illness but you can take steps now to make sure your family is protected, and your loan payments are made if something unexpected happens to you. Credit Disability Protection is designed to help you make your loan payments in the event you are ever disabled by a covered sickness or accident. After the waiting period, the protection helps make your loan payments for you, so you can focus on your recovery. The premium can be included with your loan financing so you won’t have any out-of-pocket expenses for this protection.

Credit Life Protection

Again, we don’t like to think of worst-case scenarios but it’s best to be prepared. Credit Life Protection is designed to pay off a borrower’s debt in the event of their unexpected death. The affordable premium can be included with your monthly loan payment but will definitely ease the worry of your family or estate, if you don’t live to pay off the loan balance.

Guaranteed Asset Protection (GAP)

Unfortunately, new cars depreciate the moment you drive off the dealership lot! The rate of depreciation varies depending on the car’s age, make and model but on average, a new vehicle depreciates 19% just in the first year!

If you are putting little or no money down on your new vehicle, Guaranteed Asset Protection or GAP is valuable coverage to consider. GAP pays the difference between the actual cash value (ACV) from a protection settlement and the eligible loan balance, in the event the vehicle is stolen or damaged beyond repair. Again, the cost of this coverage can be included with your loan financing but will give you added peace of mind, knowing you have the protection.

Extended Warranty

When you get an auto loan at SPCO Credit Union, you have the opportunity to purchase an extended warranty for certain vehicles. Our extended warranties come at a fraction of the price of a dealership extended warranty but provide comprehensive coverage for almost every part in your vehicle. Benefits include:

  • $0 deductible plans available
  • Competitive rates
  • Transferability
  • Emergency roadside service
  • Rental car allowance
  • Trip interruption assistance

Protect yourself, your family and your investments, with these great packages!

Contact us for details or talk to your loan officer.

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