- GAP Protection
- What is GAP?
If you have an auto that is totaled or stolen, there may be a difference between the monies owed and what your insurance company will pay. Guaranteed Asset Protection is not auto insurance. It is a definciency waiver. It will cover the "gap" by paying the difference between your primary carrier's insurance settlement and your loan balance. The GAP payment covers the insurance deductible up to $500 but does not pay for delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Note: GAP cannot provide protection beyond two (2) additional payments of the original repayment schedule of the loan. Ex: If you have taken 4 payment holidays, GAP will only cover the monthly payment amounts of 2 of those payment holidays.
When can I purchase GAP?
It can be purchased on any automobile, truck, or motorcycle regardless of the age or mileage on the vehicle, at the time of a new loan or refinance with Delta Community CU, regardless of whether you had GAP previously. The maximum term for GAP is 84 months. If you are refinancing your vehicle to add additional funds to the loan, you must repurchase the GAP agreement. The original agreement becomes null and void when you add additional monies to the loan.
If I have GAP and I refinance an auto loan currently with Delta Community CU, do I have to purchase GAP again?
Any time a Delta Community CU car loan is refinanced that has existing GAP, you must purchase the GAP again for this loan to be covered.
If you are refinancing a car loan that is currently financed with Delta Community CU that does NOT have existing GAP, purchasing GAP is not an available option.
What is the cost of GAP and is it refundable?
GAP is available in two primary options; either 'Non-Refundable' GAP at $280.00 or 'Refundable' GAP at a cost of $495.00. For motorcycles, GAP is available at $300.00 for non-refundable and $515.00 for refundable policies. All options offer a 30 day trial period.
What is the time frame for receiving a refund from the GAP if I cancel under the new terms and conditions?
Please allow 4-6 weeks for a refund. For loans that still exist, the refund will be applied to the loan. If the loan is paid off, the refund will be deposited to your Savings Account.
If I have purchased GAP, will it interfere with CPI?
GAP is a product that covers the difference between your primary carrier insurance settlement and the loan or lease balance on a new or used auto or other collateral loan. It will not interfere with CPI.
- How to apply for a loan
- How do I apply for a loan or to refinance a loan from a different lender?
To be eligible to apply for a loan, you must be a primary member of the credit union. Joint owners must obtain their own account before applying for a loan. Membership can be applied for online.
The fastest way to apply for a loan is online. Log into your Online Banking account choose Apply for a loan in the Tools & Services section on the MyCU page. You may be preapproved within seconds.
You can also speak to a representative at 1-800-544-3328 or apply at any Delta Community CU branch office.
- Personal Loans
What are personal loans?
Personal loans are loans that are approved without collateral based on credit worthiness. This loan allows you to borrow money on your signature although youre Personal Loan may be subject to cross-collateralization. Examples: Personal Loan, Personal Line of Credit, etc. Click here to view the current interest rates. There is no minimum loan amount required for a personal loan.
- Payment Holiday and Eligible Loans
What is a Payment Holiday and what loans are eligible?
A Payment Holiday is an option to skip your consumer loan payment on loans that have been opened for more than 6 months. You can request a maximum of two holidays per year, but they cannot be two consecutive months. Interest will continue to accrue and the original term of the loan will be extended.
To request a Payment Holiday, the request must be made at least 32 days before the loan due date:
- Log in into your Online Banking account and choose Payment Holiday under the Tools and Services box
IMPORTANT - ELIGIBILITY: 1st and 2nd Mortgage, Home Equity, Single Pay and Visa* loans are not eligible for Payment Holidays. Consumer loans must be current and opened for 6 months (and liens perfected) to be eligible. When you take a Payment Holiday, ALL of your eligible loans will be included automatically. Finance charges will continue to accrue as explained in the LoanLiner Credit Agreement and the loan maturity date will be extended.
*Visa Payment Holidays are designated by the credit union and when offered, members must meet eligibility requirements. For more information on Visa Payment Holidays, click here.
For more information on payment holidays, click here.
- Adding on to an existing loan
- If I want to add on to an existing loan, do I need to enter the total amount of the loan or just the amount I want to add on to that loan?
If you are applying for a limit increase for a personal line of credit or credit card, enter the total requested credit limit (including any existing current limit you are refinancing) and enter your current limit at "what is your present limit".
If you have an existing personal loan or vehicle loan with Delta Community CU and you would like to apply for additional funds, you will need to enter the Amount Requested as the dollar amount you need to borrow. A new loan will be created and your existing loan will be paid and closed. To request cash out on a vehicle, you must have equity in the vehicle and will be required to take a minimum of $500.