Loan Protection


Warranties

As your vehicle gets older, the risk and cost of repairs will increase. That’s when you need protection the most! SCU’s Route 66 Extended Warranty pays for the cost of parts and labor for any uncovered repair. 

Depending on the age and mileage of your vehicle, our protection plan offers three different types of coverage, all providing exclusive benefits such as:

  • No Deductible

  • Nationwide Coverage

  • 24/7/365 Emergency Roadside Service

  • 30 Day Money-Back Guarantee

  • Transferable Direct Claim Payments Via Visa/MasterCard

Complete terms and provisions are contained within each service agreement. Ask your credit union representative for more details.


GAP Insurance

If your vehicle is lost due to theft or accident, your auto insurance will cover the replacement value. BUT, vehicles can depreciate upwards of 20% to 40% in the first years of ownership. This means that the money your insurance company pays might not be enough to repay your auto loan and you may have the extra burden of financing yet another vehicle to replace the one that was lost!  GAP Insurance is an affordable way to fill the gap.

This is a insurance product available at Shipbuilders Credit Union that in the event your vehicle is stolen or totaled, we pay the gap between your auto insurance settlement and the balance on your auto loan. Plus, GAP Insurance will also pay your auto insurance deductible up to the GAP policy maximum. Ask about GAP Insurance when you’re inquiring about a Shipbuilders Credit Union vehicle loan.

SCU also offers (ADR) Auto Deductible Reimbursement! If you suffer a loss during the coverage period which is covered by your auto policy, you may be entitled to reimbursement of the covered auto deductible. Reimbursement will be equal to the covered auto deductible on the auto policy, up to $500 per loss (limit of two losses per year). This is a 3-year benefit. Not only does it provide this benefit on the vehicle for which the GAP was purchased, but also any other insured and registered vehicle in the member’s name, within the same household. This can be a significant added-value benefit to those of you with more than one vehicle in the household!

For more details on GAP Insurance and this new benefit, please contact a Member Services Representative at the credit union.


Debt Cancellation

Taking out a loan means one of your dreams is about to come true. For example, a new car, boat, or home improvement. But what happens to your dream when the unexpected occurs like a disability, job loss, or even death? How can you make sure your family doesn’t shoulder the financial burden of making loan payments when you can’t? 

Debt Cancellation Protection, a voluntary payment protection program, that, depending on the package selected, can cancel the principal and interest portion of your monthly loan payment, up to the agreement maximum, if you become involuntarily unemployed, sick or injured. It can also reduce or cancel, your outstanding loan balance, up to the agreement maximum, in the event of loss of life. Contact a SCU loan representative for more details on our entire Debt Cancellation Protection program.