Loan Protection Products
Delta Community Payment Protection1 is a voluntary loan-payment protection product that helps you preserve your family's standard of living. It provides relief from the financial burden of delinquency, default or repossession if a protected life event unexpectedly happens to you, including:
- Involuntary unemployment
- Loss of life
Taking out a loan without payment protection can be a financial gamble. You're betting you can pay back your loan without leaving your family responsible for your loan balance in the event of involuntary unemployment, disability or loss of life.
Delta Community's Payment Protection
If you have a loan with Delta Community or if you're thinking about taking out a loan, Delta Community Payment Protection can help ease financial stress by protecting your payments. Whether taking out a personal loan or buying a vehicle, it's nice to know you don't have to worry should you become disabled, involuntarily unemployed or pass away.
If a covered life event happens to you (and you're a protected borrower or co-borrower), Delta Community Credit Union will cancel or reduce the repayment of your loan debt up to the maximum coverage limit—helping to lessen your worries about paying loans and household bills during a time when your income may be reduced or lost.
Features and Benefits:
- Simple eligibility requirements ease the enrollment process
- Choice of single or joint protection on all consumer loans
- Automatic single and joint protection (Visa® only)
- No maximum monthly payment limitation
- Can pay multiple times over the duration of the loan for non-life events
- Enrollment requires a minimum of only 25 hours a work week (involuntary unemployment and disability)
- Acts of war for death and disability are protected
Consumer Loan Protection Options:
- Option 1: Loss of life, disability and involuntary unemployment
- Option 2: Loss of life and disability
- Option 3: Loss of life
Choice of single or joint protection with all options.
Visa Loan Protection:
- Protection includes loss of life, disability and involuntary unemployment
- Automatically covers primary and joint.
The value of new and used cars depreciates at a much faster rate than people often realize. That's why we offer Guaranteed Asset Protection (GAP) coverage to help protect the part of your investment that may not be covered by your auto insurance.2
Since most insurance companies only cover the actual cash value of a vehicle, Delta Community offers GAP on your Vehicle Loan. This type of protection covers the "gap" by paying the difference between your loan balance and the amount your insurance company would pay to replace your vehicle in the event of a total loss or unrecovered theft. Unlike most GAP agreements, Delta Community's GAP covers your insurance deductible up to $1,000. This protection can only be purchased at the time of financing with Delta Community. When you're in the market for a car loan, call us at 800-544-3328 to learn more about GAP.
Features and Benefits:
- Covers up to $1,000 of your auto insurance deductible in the settlement
- Covers total loss and unrecovered theft
- Two low-cost options (refundable and non-refundable)
Mechanical Breakdown Protection
Mechanical Breakdown Protection (MBP) or Extended Warranty is an automobile protection that extends beyond the manufacturer’s factory warranty and covers repairs of unexpected mechanical or electrical failures. MBP will give you the peace of mind that your car is covered in the event of a breakdown.
As vehicles have become increasingly more complex, the associated repair costs have risen dramatically. Automobiles today contain high-tech sensors, electronics and computers that frequently suffer unexpected failure and need to be replaced. Delta Community Credit Union offers low-cost MBP to help keep you from incurring these added costs.
Features and Benefits:
- Three levels of coverage: Ultimate Guard, Preferred Guard and Classic Guard
- Key Guard (key replacement, including key fobs) up to $800 per year (Ultimate coverage only)
- Luxury Electronics coverage (Ultimate and Preferred only)
- All packages include:
- Emergency Roadside Assistance
- Rental Car Reimbursement
- Travel Expense Reimbursement
- Windshield Repair
- Paintless Dent Repair
Don’t let expensive repair bills leave you stranded financially, ask us about our low-price Mechanical Breakdown Protection coverage today.
1Delta Community Payment Protection is a debt protection product offered by Delta Community Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a Delta Community Loan Officer for additional information on benefit maximums, eligibility, limitations and a copy of your contract.
2Guaranteed Asset Protection, or GAP, is collateral value protection coverage offered by Delta Community Credit Union. Enrollment in this collateral value protection coverage is voluntary and not required to obtain the loan. A single pay feature may be available. Additional disclosures will be provided describing terms, conditions, refunds and cancellations prior to premium payment. Please contact a Delta Community Loan Officer for additional information on benefit maximums, eligibility, limitations and a copy of your contract.