Payment Protection

Auto Loans


Be prepared for all of life’s twists and turns

We all know for certain that life is full of uncertainties. What if you are injured in an accident? Or lost your job? How will you keep up your loan payments? With MHV's affordable payment protection options, there is no need to worry.

MEMBER’S CHOICE™ Borrower Security*

Member's Choice Borrower Security is an optional loan-payment protection add-on that helps preserve your family’s standard of living and gives you relief from financial burdens if a protected life event such as disability, loss of life, or involuntary unemployment happens to you. To calculate how much it would cost to add payment protection to your auto loan click here.


Guaranteed Auto Protection (GAP)

GAP insurance provides protection in the event that your vehicle is totaled, or stolen and never recovered. Most vehicles depreciate by thousands of dollars as soon as they are purchased. Unfortunately, if a your vehicle is stolen, accidentally damaged beyond repair, or otherwise declared as a total loss, you are still liable to pay the difference, or the "GAP," between the primary insurer's settlement and the credit union loan balance.

GAP is a debt protection add-on that cancels or reduces the potentially high-cost difference between the protected member’s insurance settlement and the loan balance on items directly related to the purchase of the vehicle.

The cost is just $150, which can be included in your loan or paid for upfront. When compared to the total amount financed and the potential for what you could be liable for, $150 is a small amount for peace of mind over the life of your loan.


Get the protection you need before it's too late

Call us at 845.336.4444 or visit any MHV branch to speak with a Member Service Representative.

 

 

*MEMBER’S CHOICE™ Borrower Security is a debt protection product offered by Mid-Hudson Valley Federal Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact us for additional information on benefit maximums, eligibility, and limitations. DPGAP-0709-45A3