Loan Protection

Your financial well-being is important to us. SECNY FCU is proud to provide a wide variety of Insurance Products to help you protect your most valuable assets.

Mechanical Breakdown Protection (MBP)

Drive with the peace of mind knowing that with Mechanical Breakdown Protection (MBP) you have protection against the increasingly high cost of repairs and associated labor costs for mechanical and electrical vehicle failures.
In addition to repairing your vehicle, MBP provides services such as rental car allowance, tire protection, roadside assistance, and 24/7 towing. MBP is available for both new and used vehicles. This coverage will protect your vehicle after your warranty has expired. Ask us how you can drive with the proper protection against costly repairs!  

BENEFITS OF MBP:
• Roadside Assistance & 24/7 Towing
• Rental Car Allowance
• Consequential Damage Coverage

Contact us to learn more about Mechanical Breakdown Protection!

Guaranteed Asset Protection with ADR (GAP)

What is Guaranteed Asset Protection?
Guaranteed Asset Protection (GAP) helps borrowers and lenders avoid financial loss by waiving all or a portion of the deficiency between a borrower's payoff amount on their auto loan and the determined actual cash value of a vehicle in the event that a vehicle is totaled or stolen, up to a
certain LTV maximum, less exclusions or limitations that may apply. This is a voluntary, noninsurance product.

How does GAP work?
The actual cash value of your vehicle as determined by your primary insurance carrier could be less than the actual balance you owe on your loan. In the event of a total loss or theft, GAP waives the difference between your outstanding loan balance and the actual cash value (ACV) of the vehicle up to the maximum LTV %. GAP may also cover up to $1,000 of your deductible if there is a “gap” after the primary insurance settlement is paid. The deductible is covered as part of the deficiency balance
settlement.*

REAL-WORLD EXAMPLE:

GAP is subject to limitations and exclusions, including but not limited to a loan-to-value (LTV) maximum.

Did you know? 
Our GAP program includes Auto Advantage (ADR)!
When you purchase GAP from SECNY FCU, the primary borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.
The covered borrower may be reimbursed their deductible for any loss covered by the borrower’s auto insurance policy for all their non-commercial passenger cars, trucks, or vans.

ADR Requirements are Simple:

• All vehicles are covered that are owned (according to title, registration, or loan documents) and insured by the primary borrower.
• Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
• A claim can be filed if the paid claim exceeds the borrower’s deductible and has been approved and paid by the borrower’s primary auto insurance. This includes comprehensive and collision claims and requires repairs to be made.

GAP Program

Depreciation Protection (DPW) with Auto Deductible Reimbursement (ADR)

PROTECT THE EQUITY OF YOUR VEHICLE
What is Depreciation Protection?
Depreciation Protection (DPW)¹ provides protection on your vehicle equity and hedges against depreciation over the life of the loan. In the event of a total loss, DPW provides a waiver benefit equal to the difference between the vehicle value at the time of purchase, less the loan balance at the time of loss up to a maximum waiver benefit of $10,000, or the outstanding loan balance.

How it Works

Did you know?

Our DPW program includes Auto Advantage!

When you purchase DPW from SECNY, the primary borrower also receives Auto Advantage, which includes Auto Deductible Reimbursement (ADR) at no additional cost.

The covered borrower may be reimbursed their deductible for any loss covered by the borrower’s auto insurance policy for all their non-commercial passenger cars, trucks, or vans.

ADR Benefit Requirements are Simple:

• All vehicles are covered that are owned (title, registration, or loan documents) and insured by the primary borrower.
• Only four-wheel, non-commercial passenger vehicles (cars, trucks, vans) are covered. ADR does not cover motorcycles, boats, and RVs.
• A claim can be filed if the paid claim exceeds the borrower’s deductible and has been approved and paid by the borrower’s primary auto insurance. This includes comprehensive and collision
  claims and requires repairs to be made

^{1 Disclosure: Maximum Waiver Benefit can vary depending on level of protection selected and/or offered. 
Please reference the waiver addendum for specifics regarding maximum waiver amounts.
 *$10,000 Waiver Benefit applies here because waiver amount will not exceed the lesser of 
the maximum amount listed in the waiver addendum or outstanding loan balance at total loss. 
Loan amortization used in example: 2.99% APR, 72-month.}