Loan Insurance and Protection

Credit Life and/or Disability Insurance

For your protection, optional Credit Life and Credit Disability Insurance* underwritten by CMFG Life Insurance Company is available for MEFCU members. These products are voluntary and are not required to obtain credit.

Guaranteed Asset Protection (GAP)

In the first few years of ownership, your loan balance may be higher than the value of your vehicle, especially if you put down a minimal or no down payment.

If your vehicle is totaled in an accident or stolen and not recovered, the insurance settlement is based on the actual cash value, not the outstanding loan balance. This could create a loan "gap" - money you owe on the loan after the insurance company pays it's portion. GAP* may cover the difference between the outstanding loan amount and the actual cash value. This coverage is optional and is not required to obtain a vehicle loan.

Mechanical Repair Coverage (MRC)

Avoid costly repairs or costly coverage with Mechanical Repair Coverage (MRC). It's ideal if you want to reduce the risk of costly vehicle repairs. MRC* lets you create or extend a warranty for your car—at a price typically far less than what the auto dealers charge.

MRC Benefits:

  • The freedom to choose your own mechanic. MRC is accepted at all licensed repair facilities in the US and Canada
  • Get reimbursed for travel expenses and car rentals
  • 24 hour emergency roadside assistance, including towing
  • Extensive coverage. Get up to 15 model years or 150,000 miles of add-on protection for eligible vehicles
  • Transfer the plan to a private party if you sell your vehicle
  • Choose from three levels of coverage
  • Affordable coverage that can be included in your auto loan payments.

Review the brochure for more information. Ready to purchase MRC? Call a Loan Officer today at 276-782-9639 option 2.

*Certain exclusions may apply. These products are provided to members through other independent companies for the benefit of Mountain Empire Federal Credit Union members. These products are not federally insured, are not the obligations of the Credit Union and are not guaranteed by the Credit Union or any affiliated entity. Not available for mortgage loans.