We offer both GAP (Guaranteed Asset Protection) and Debt Protection for our loan products. Have a look at these offerings and contact us to learn more about how to insure your loans with FCCU.
GAP (Guaranteed Asset Protection)
Don’t let a wrecked vehicle wreck your finances.
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after the first year you own it, half of which occurs the minute you drive it off the lot.* This leaves a gap between what you owe on your loan and the value of your vehicle if it’s deemed a total loss due to an accident or theft. Our GAP program may reduce or eliminate the gap between what your vehicle insurance will pay and what you owe on your loan.
Contact us today to learn more about adding GAP to your vehicle loan so you can worry less about tomorrow.
*Car Depreciation: How Much Value Will a New Car Lose? CARFAX, Nov 9, 2018.
Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP-2453288.1-0319-0421 © CUNA Mutual Group, 2019. All Rights Reserved.
Debt Protection is a low-cost, optional feature of FCCU loans that kicks in when you’re unable to work, whether disabled or involuntarily unemployed. Members also value the relief that Debt Protection provides in the event of death. In these unfortunate circumstances, Debt Protection can help make a loan payment or even pay off the loan.
If you receive a letter from us asking about insurance on an item you have financed at FCCU:
You can update your insurance information with us using one of the following convenient options:
- Go to MyLoanInsurance and enter the Web ID and Ref ID referenced in the top right hand side of your letter. Then submit your updated insurance information.
- Call us at (866) 866-3879 to provide your updated insurance information or fax it to (877) 879-2230.
- Mail your updated insurance policy to:
Fort Community Credit Union
P.O. Box 924405
Fort Worth, TX 76124
Please provide your insurance information as soon as possible. Our loan agreement requires you to maintain adequate insurance coverage with items financed with FCCU.
Storing your vehicle, motorcycle, camper, or boat for the winter?
Please contact your local loan officer so that they can waive full coverage insurance for you.