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If your vehicle is totaled or stolen, the amount you receive from your insurance company may be significantly less than the outstanding balance on your loan. This may create a deficit balance or a "GAP" resulting in serious financial hardship for you. Guaranteed Asset Protection or "GAP" protection is designed to pay the deficit, or the difference between what your insurance company determines what your vehicle is worth and the outstanding balance on your loan. The GAP Protection offered through Parsons Federal Credit Union will not only pay the deficit on your loan balance if your covered vehicle is totaled or stolen, it may also pay your insurance deductible up to $1,000 and will pay up to an additional $1,000 towards the purchase price of your new vehicle if you finance it through Parsons Federal Credit Union. This protection is available for new and pre owned vehicles, and may be purchased at anytime during the term of your vehicle loan with Parsons Federal Credit Union.
In the event that the primary borrower listed on the GAP Waiver becomes involuntarily unemployed, the IU Suspension Benefit allows the credit union to suspend up to three loan payments and defer the payments to the end of the loan. The IU benefit reimburses the lender for the interest accrued during the suspended payment period.
Some of the coverage offered varies by state, so talk to a PFCU loan officer for more information on this valuable insurance today!
Accidental Death and Dismemberment Insurance is periodically offered by the credit union to our members through Affinion Benefits Group. You may have received a letter offering $1000 coverage free, paid for by the credit union with the option to purchase more coverage. If you did elect to purchase more coverage, you will be charged quarterly with an automatic deduction to your account. If you have any questions, please call the Plan Administrator toll free at 1-877-309-6576, Monday – Friday, 7:00 am – 8:00 pm and Saturdays, 8:30 am – 5:00 pm CST.
If you would like your family to be better protected we would like to help.
Together with our partner LifeHelp, we want to make it as easy as possible for you to shop for the life insurance you need to protect your loved ones.
You might be surprised how easily and affordably you can arrange for coverage to:
To learn more, click here.