Loans

Loan Protection

GAP Advantage (Guaranteed Auto Protection)

GAP Advantage offers protection against financial liability for individuals financing a new or used vehicle with SunWest. GAP Advantage protects against financial loss in the event that your vehicle is damaged beyond repair (totaled), or stolen and never recovered.

In today's vehicle market, during the first few years that you own your vehicle, your loan balance can be higher than the actual cash value of your vehicle as a result of depreciation. As your vehicle's value declines, your loan balance can be significantly higher. Should your vehicle be stolen and never recovered, or totaled in an accident, you are responsible for paying the difference between any insurance settlement and the outstanding balance on your loan.

As an example: Your one-year old vehicle has a current value of $11,000, but has been stolen and not recovered, or has been totaled. Your insurance company, after subtracting your $1,000 deductible, awards you a settlement of $10,000. Your loan balance of $15,000 has to be paid, resulting in an out-of- pocket expense to you of $5,000, if no GAP coverage had been elected. If GAP had been purchased at the time of your loan application and approval, it would cover the $5,000 difference and you would incur no additional expense.

Beginning, January 1, 2008, when you file a GAP Advantage claim on a vehicle financed at SunWest Federal Credit Union, you may receive $1,000 toward your next vehicle loan when financed at SunWest Federal Credit Union within 90 days of your original GAP Advantage claim.” The $1,000 credit will be applied to your loan principle and will not affect your monthly payment schedule.

The GAP Advantage coverage is available from SunWest for a nominal one-time fee which can be added to your loan at closing or paid for out-of-pocket. GAP insurance provides you with the security and comfort of planning for the unexpected.

*Your vehicle GAP claim must be paid out on eligible loans if your vehicle is totaled or stolen and not recovered. Prior GAP purchases, on or before December 31, 2007, do not qualify for the benefit.

Visit our consumer web site today for an easy quote

Mechanical Breakdown Protection (Extended Warranty)

SunWest now offers an extended warranty for your new or used auto. Open enrollment is available contact your branch representative for eligibility details. The following are a few of the features and benefits:

• Money Back Guarantee*
• Worry-free Protection Against Unexpected Repairs
• Zero or Minimal Deductibles
• Comprehensive Coverage
• 24-hour Roadside Assistance
• Tire Road Hazard Protection
• Rental Vehicle Assistance
• Trip Interruption Benefits
• Nationwide Coverage

Visit our consumer web site today for an easy quote

Debt Protection

Life is unpredictable.
Do you worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills?

Debt Protection can help relieve financial pressure in the event of death, disability or involuntary unemployment. With Debt Protection, your loan balance or monthly loan payments will be cancelled without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected.

Availability
Debt Protection is available for closed-end consumer loans of 120 months or less, credit cards, and closed-end home equity loans with terms of 120 months or less.

Definitions of coverage

Death – Give your family time to get back on their feet financially. Cancel loan balance as of date of death up to a maximum of $75,000.
Disability – Help avoid bills piling up as you try to regain your health and earning capacity. Use this benefit as a supplement to any disability coverage you may have at work (which usually only covers 60 percent of pay). Cancel up to six payments per occurrence with maximum monthly cancellation of $1,000 and a maximum aggregate benefit of $15,000 over the term of the loan per borrower.
Involuntary Unemployment – Ensure that one of your major monthly expenses will be taken care of as you search for new employment. Cancels up to four payments per occurrence with a a maximum monthly cancellation of $1,000 and a maximum aggregate benefit of $15,000 over the term of the loan per borrower

A benefit for you
We’ve designed our Debt Protection program to fit the times we live in today. More than ever, we all worry about things that might happen tomorrow. Debt Protection provides an important sense of financial security – knowing your loan will not become a burden to you in times of hardship. Please consult with one of our representatives to discuss our Debt Protection program in more detail.