Loan Protection

When you make a large purchase with credit, you are committing to repay that amount of money. Loan Protection lets you rest easy, knowing that if something unforeseen happens, you will still be able to meet your obligation.

Loan Protection

When you make a large purchase with credit, you are committing to repay that amount of money. Loan Protection lets you rest easy, knowing that if something unforeseen happens, you will still be able to meet your obligation.

Protect Your Finances with Loan Protection

Loan Protection covers you and your finances, when the unforeseen happens. When you take out a loan, a loan protection plan covers you in case there is a difference between how much you owe and the value of the asset the loan is for.

We provide several loan protection products, including: Vehicle Protection Plan, Guaranteed Asset Protection and Payment Protection. Our knowledgeable experts will help find the right plan to protect you from whatever may come your way. 

Guaranteed Asset Protection (GAP)

In the unfortunate event that your car is stolen or totaled, your primary auto insurance policy will generally cover the cash value of the vehicle only, even if you owe more than that to your lender. This difference, or gap, could cost you thousands of dollars in out-of-pocket expenses.

Mountain America Insurance offers Guaranteed Asset Protection (GAP) that covers the difference between the market value of your vehicle and the loan balance (less refundable service warranty contracts and other insurance-related charges, may cover up to [1] each of delinquent payments and/or late charges). GAP may even cover your insurance deductible.

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Vehicle Protection Plans (VPP)

Vehicle Protection Plans, or VPP, can protect you from auto repair costs that are not covered by the original auto manufacturer's warranty. VPP coverage can save you from out-of-pocket costs outside of your deductible.

For a minimal cost, VPP shields you from the high costs of mechanical or electrical repairs on your vehicle even after your basic manufacturer’s warranty has expired. In addition, VPP also provides comprehensive roadside assistance, nationwide coverage, and the flexibility to choose a repair facility of your choice. Before you commit to any other program, compare it to our major mechanical protection plans.

Because we understand that your coverage needs are unique, we offer three levels of protection, allowing you to find a coverage and price that work for you:
  • Easy Street
  • Main Street
  • First Street
Vehicle Protection Plans do not require a loan and can be purchased at any time. The cost of VPP can be financed into a new or existing auto loan with Mountain America Credit Union.

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Payment Protection

With Payment Protection coverage from Mountain America, you will feel secure knowing that your loan and family are protected in the event of unexpected illness, job loss, injury or death. Payment Protection is designed to make sure that your debt doesn’t become a burden in the event of a disability, death or job loss. There are three types of payment protection coverage: life, disability, and involuntary unemployment.

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For more information about Loan Protection, contact one of our knowledgeable experts at 1-800-748-4302.
 

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