Loan Protection Products

Safeguard your finances and gain peace of mind with SUN Credit Union’s comprehensive loan protection options. 

From protecting your vehicle to securing your family’s financial future, we offer solutions designed to fit your needs and provide added value to your loans.

Vehicle Extended Warranty (Mechanical Breakdown Protection)

Avoid expensive vehicle repair costs and enjoy worry-free driving with our Mechanical Breakdown Protection. This affordable option helps reduce unexpected out-of-pocket expenses and comes with added benefits for your SUN Credit Union auto loan.

Features and Benefits:

  • No Deductible
  • Nationwide Coverage
  • 24/7/365 Emergency Roadside Service
  • 60 Day Money-Back Guarantee
  • Transferable
  • Total Loss Refund

Vehicle GAP Coverage (Guaranteed Asset Protection)

Protect your investment with Guaranteed Asset Protection (GAP). If your vehicle is stolen or totaled, GAP covers the difference between your vehicle’s value and the remaining loan balance. This coverage is available for almost any type of vehicle, from cars and motorcycles to RVs and jet skis.

Features and Benefits:

  • Covers “the gap” in a total loss situation
  • Designed for financed, leased, new, or used vehicles
  • Includes cars, trucks, motorcycles, boats, RVs, golf carts, and jet skis


BONUS: Receive up to a 0.25% APR* discount when you purchase Extended Warranty and GAP coverage.

Vehicle Protection Plan (VPP)

Keep your vehicle in top shape and avoid unexpected repair costs with our Vehicle Protection Plan (VPP). This comprehensive service covers various aspects of vehicle maintenance and repair, ensuring you stay worry-free on the road.

Features and Benefits:

  • Key/Remote Replacement: Get coverage for lost or damaged keys and remotes.
  • Tire & Wheel Road Hazard Protection: Protect against unexpected tire and wheel damage caused by road hazards.
  • Cosmetic Wheel Repair: Keep your wheels looking pristine with cosmetic repairs.
  • Paintless Dent Repair: Fix minor dents without affecting your vehicle’s original paint.
  • Windshield Repair: Cover minor windshield damage and cracks.
  • 24-Hour Emergency Roadside Assistance: Stay protected on the road with around-the-clock roadside support.

 

Depreciation Protection (DPW)

Protect your investment and avoid financial stress with Depreciation Protection (DPW). This service waives the difference between your vehicle’s value at the time of purchase and your loan balance at the time of loss, ensuring you’re covered in case of the unexpected.

What is Depreciation Protection?

DPW is a debt cancellation product designed to cover the depreciation of your vehicle. In the event of a total loss or unrecovered theft, it provides a benefit equal to the difference between the MSRP or J.D. Power Retail value of the vehicle at the time of coverage enrollment and the loan balance at the time of the total loss. The waiver benefit will not exceed the maximum benefit selected or the outstanding loan balance, whichever is less.

Ideal for:

  • Members who finance 90% or less of their vehicle’s value and want additional protection
  • Those who have established equity in their vehicles with a down payment, rebate, and/or trade-in value

 

Features and Benefits:

  • Can be purchased at any time
  • Includes a 60-day free look period
  • No mileage or year restrictions
  • Provides additional fee income
  • Cancels up to $1,000 of loan balance in the event of accidental death

Payment Protection Credit Insurance

Ensure your family’s financial security with Payment Protection Credit Insurance. This coverage takes over loan payments in the event of disability or death, providing peace of mind during challenging times.

Options Include:

  • Credit Disability Insurance: Covers loan payments (up to the contract limit) if you become ill or disabled and cannot work.
  • Credit Life Insurance: Reduces or pays off the insured balance on your loan in the event of your death, relieving your family of financial responsibility.

 

Why Choose Payment Protection?

  • No additional steps: Enrollment is completed during your loan application.
  • Convenience: Monthly premiums are included in your loan payment.

 

To learn more, contact our Lending Department at 954.967.4441 or loans@suncu.org.

*APR = Annual Percentage Rate. Subject to credit union lending guidelines. Must meet credit union eligibility requirements.

Why SUN Credit Union Loan Protection?

Our loan protection services are designed to give you:

  • Financial security
  • Peace of mind
  • Exclusive discounts for SUN Credit Union members

Protect your investment, your vehicle, and your family’s future with our affordable and comprehensive loan protection options.