For most of us, having our own car gives us a sense of freedom. It allows us to go where we want, when we want. Having a car, however, can also be costly – especially if you have mechanical issues, lose your source of income but still have car payments, and/or if your car is stolen or totaled in an accident.
That’s when Payment Protection, Mechanical Repair Coverage (MRC) and Guaranteed Asset Protection (GAP) come in handy and can help protect your independence.
And the great news is that credit unions, like Wheelhouse, offer these products at a very low-cost compared to dealers. Here’s how they work:
Payment Protection*
Payment Protection provides relief from the financial burden of delinquency, default, or foreclosure if death, disability or involuntary unemployment should unexpectedly happen to you. Payment Protection will pay your loan payments, relieving you and your family’s worries about paying loans during a time of reduced income.
Guaranteed Asset Protection*
Guaranteed Asset Protection (GAP) protects your vehicle loan, should your car get stolen or totaled in an accident, GAP will help pay the difference between what you owe and the value of your vehicle.
Mechanical Repair Coverage*
Mechanical Repair Coverage (MRC) can help deflect the risk of costly repairs. With different coverage levels and deductibles to choose from, you can find the plan that best fits your budget. MRC can come with rental reimbursement, emergency roadside assistance, and more.
What’s also great is that these products can be applied to other types of consumer loans, including credit cards, recreational vehicle and motorcycle loans, to name a few. Add protection to your loan when you apply through Wheelhouse today.
