America's Christian CU
America's Christian Credit Union

Loan Protection Services

Debt Protection

Take a minute and think about the people in your life that are closest to you. What if something were to happen to you OR you became disabled through a sudden illness or accident? These are not pleasant things to think about, but we all know that it can happen. America’s Christian Credit Union offers you the opportunity to protect yourself and your family through debt protection.

What is Debt Protection?

It’s an agreement between you and your credit union where the borrower pays a fee to the lender to cancel or postpone the principal and interest (or interest only) portion of your loan payment, up to the agreement maximum, if you become involuntarily unemployed or disabled due to sickness or injury. It can also repay your loan, up to the agreement maximum, in the event of loss of life.

I see debt can either be cancelled or postponed. What’s the difference?

Balance Cancellation pays off a debt, up to the agreement maximum, if you die. Payment Cancellation cancels the principal and interest portions of your loan payment, up to the agreement maximum, if you become disabled or fall victim to some other protected event such as involuntary unemployment. The amount is cancelled from your loan balance the same as if the payment had been made. Interest Cancellation defers the principal portion of the payment and cancels the interest portion, up to the agreement limit. With deferral, the loan balance does not decline. Program fees may or may not be waived under Interest cancellation. Payment Postponement (sometimes referred to as Skip Payment) defers the entire payment, along with any program fees, but interest continues to accumulate and the outstanding balance increases.

Why Should I Consider Debt Protection?
  • Helps protect you and your family against financial hardship should the unexpected occur.
  • Helps protect your good credit rating and loan collateral.
  • Reduces the financial burden on your family should you die, become disabled, or lose your job.
Other Loan Protection Services

Mechanical Breakdown Insurance

This extended coverage protects against high repair bills if a mechanical breakdown occurs on your vehicle. The service will pay directly to any licensed mechanic for all covered components and assemblies. The work must be preauthorized before any work is done.

Guaranteed Asset Protection (GAP)

Guaranteed Asset Protection Advantage, or GAP Advantage, is a voluntary, non-insurance program offered as protection on your financed vehicle to enhance, rather than replace, your standard insurance coverage. It waives the difference between your primary insurance company’s settlement and the payoff of your loan balance up to a certain loan to value maximum, less exclusions or limitations that may apply. The loan to value maximum is determined by comparing the total amount originally financed to the vehicle’s value at the start of the loan. Included in this waiver is your insurance deductible, up to $1,000.1 GAP Advantage also provides you with a $1,000 credit towards the financing of a replacement vehicle financed or leased with our financial institution!2


1 – Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.

2 – GAP Advantage is available in most, but not all states. Replacement vehicle must be financed within a limited time from the date of loss. Please consult your financing representative for the availability and details of this benefit.

Guaranteed Asset Protection Advantage: Your purchase of GAP Advantage is optional. Whether or not you purchase GAP Advantage will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP Advantage. Carefully read the contract for a full explanation of the terms.

Eligibility requirements, interest rates and repayment terms vary depending upon the type of loan you request.