GAP & Vehicle Protection from SunWest Federal Credit Union (Phoenix, AZ)

GAP & Vehicle Protection

Buying a car can be equal parts exciting and frustrating. Not only do you have to think about the initial investment, but also about the long-term protection of your new vehicle. Unfortunately, a commonly cited statistic says that a new car immediately depreciates by about 11% when you drive it off the lot, and loses 20% of its value by the end of the first year. While that’s something we can’t change, we can help protect you if the unthinkable happens to your vehicle.

Guaranteed Auto Protection

Guaranteed Auto Protection, or GAP, will pay you the difference between the outstanding balance of your loan and any insurance settlement if your vehicle is stolen and never recovered or totaled in an accident.

Are you still looking for more auto protection? We've got you covered. Now you can feel at ease with the new Auto Deductible Reimbursement. This Auto Deductible Reimbursement includes:

  • Deductible reimbursement up to $500, twice a year, for the first two years of your loan.
  • Coverage for any auto owned and insured by the primary member listed on the GAP waiver.
  • GAP also covers up to 90 days of delinquent or skipped payments per loan term.
  • $1,000** to use when purchasing your replacement vehicle as long as that vehicle is financed through SunWest. This will be made available in the form of a $1,000 credit against the principle of the new loan and will not affect your monthly payment.

For a one-time payment, your new vehicle can be covered with Guaranteed Auto Protection from SunWest and Allied Solutions.

Mechanical Breakdown Protection

Our mechanical breakdown plan protects you against costly, unexpected repairs to your vehicle wherever you are in the country. They also include 24-hour roadside assistance, road hazard protection for your tires, vehicle rental assistance, as well as trip interruption benefits.

When you purchase both Mechanical Breakdown Protection and Guaranteed Auto Protection (GAP), you save money long-term and make life a little more hassle-free. Learn more about how you can save with this discount here from SunWest and Allied Solutions.

**New vehicle must be purchased within 90 days of your original GAP claim. Your vehicle GAP claim must be paid out on eligible loans if your vehicle is totaled or stolen and not recovered. See policy for complete details.

Debt Protection

We’ve designed our Debt Protection program to fit the times we live in today. More than ever, we 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.

What is Debt Protection?

Debt protection is a type of plan(s) available to you or a loved one that helps relieve one’s financial pressure in the event of a death, disability, or involuntary unemployment. Your loan balance or monthly payment will be canceled without penalty or added interest to give you peace of mind knowing your credit rating is protected (limitations and restrictions apply). As a member of the SunWest family, we work with you to customize every detail to ensure your financial security.

Debt Protection Plans

Choose from the three plans listed below:

Plan Details Plan 1Plan 2Plan 3
Death X X X
Disability X X --
Involuntary Unemployment X -- --
Rate per $1,000 of loan balance - Single $1.93 $1.34 $0.65
Rate per $1,000 of loan balance - Joint $3.55 $2.39 $1.05

Availability

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

Eligibility

There are eligibility requirements, conditions, and exclusions that apply to this program. Please contact us for additional details about the Debt Protection program.

Definitions of Coverage

Death - Give your family time to get back on their feet financially. Plans 1, 2, and 3 - 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). Plans 1 and 2 - 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. Plan 1 - cancels up to four payments per occurrence with a maximum monthly cancellation of $1,000 and a maximum aggregate benefit of $15,000 over the term of the loan per borrower.

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