Insurance

Unless you pay cash for your new car, or make a substantial down payment, there is a possibility your vehicle loan could be “upside down” the minute you drive off the dealer’s lot. An “upside down” loan means the amount borrowed exceeds the value of the asset itself. The value of a vehicle at any point in its life is predetermined by a depreciation schedule that takes into account make, model, year, equipment, and mileage.

Often, borrowers find themselves “upside down” through a combination of factors, including:

• Taking out a loan with an extended term - A longer loan term not only means lower payments, it means you build equity in the vehicle much more slowly.
• Depreciation – All vehicles depreciate, but some lose value much more quickly than others do. According to some estimates, certain vehicles lose as much as 30% of their value within the first three months.
• Putting little or no money down – If you finance all or nearly all the price of a vehicle, because of depreciation, you could be upside down as soon as you drive home.
• Borrowing more than the purchase price – Borrowers who finance the tax, license, and registration, or extras such as service plans and extended warranties, could find themselves upside down before leaving the lot.

GAP Protection can be purchased within 18 months of the conception of your loan.

To be eligible to apply for GAP Insurance coverage through Rogue you will need:

• A Rogue Credit Union loan contract on your vehicle
• Comprehensive insurance for the vehicle

There are several events that will cause coverage to be terminated:

• Upon termination of the financial agreement
• Upon expiration of the maximum term limit in the wavier contract
• Upon cancellation of the GAP waiver contract
• Upon early payoff of the financial agreement by member
• Upon any claim/deficiency being paid
• If the vehicle is repossessed

There is no cancellation fee for you to cancel coverage within the first 60 days. You will also receive a full refund. After 60 days you may cancel your GAP insurance but will not receive a refund and will continue to be responsible for the entire purchase price.

Visit any Rogue Credit Union branch and a Member Service Representative will assist you in filling out the necessary paperwork to file a claim.

GAP Claims must be submitted within 365 days from the date of total loss.

Disability plans through the employer typically only pay a percentage of the gross monthly income and are designed to help cover the bare bone expenses. These work plans may not be sufficient to also help you make loan payments.

Many sick leave plans are for a limited period of time – often just 30 days. This means that credit disability insurance would begin just when you need it most.

You have made a sound financial decision to purchase insurance to replace your income and protect your family from specific risks. With this new debit obligation that you may not have previously planned for, Member's Choice Credit Life insurance is designed to pay your insured loan balance in the event of your death.

Your family’s current standard of living is based on two incomes. If one income is reduced or stopped, what impact would that have on your standard of living? Could there be financial difficulties if one income is stopped or reduced? Member's Choice Credit Disability Insurance helps supplement your reduced or lost income.

It’s great to be healthy today, however we can’t predict the future. Have you ever considered or planned for what you would do in the event of an illness or injury that may prevent you from working for a period of time? It’s better to have credit disability insurance on your loans and not have to use it versus not having coverage and wishing you had it.

Member's Choice Credit Disability and Credit Insurance is designed specifically to cover your debt obligations and keep it current. This allows your other insurance to be used to cover other needs and expenses.

Without Member's Choice Credit Life Insurance on your loan, how long will you be able to afford to make these loan payments in the event you become sick or injured and are unable to work for a period of time? Please contact your Member Service Representative for details.

These employer benefits may not be sufficient enough to meet all of your financial obligations. Member's Choice Credit Disability and Credit Life Insurance is designed specifically to help you meet your debt obligations to the credit union and may help supplement your coverage through work.

As a service to our members, we have tried to simplify the process for you by making this group coverage available. There is no need for you to go to another company to enroll for this coverage. We will handle these matters for you. We have also simplified the process by making it a part of the loan processing, in order to make this coverage simple and quick to obtain.