Loan Services

Debt Protection

Life is unpredictable. You may worry about unexpected, real-life events that could leave you scrambling to pay your monthly bills. Member Debt Protection can help relieve financial pressure in the event of death, disability and/or involuntary unemployment.

With Member Debt Protection, your loan balance will be canceled or your monthly loan payments suspended without penalty or added interest. You benefit from the peace of mind knowing you and your credit rating are protected.

Choose from the six plans listed below:

Plan OptionsDeathDisabilityInvoluntary UnemploymentInvoluntary Unemployment
ConsumerSingleJoint
1XXX2.915.33
2XX1.763.14
3XX0.570.90

Availability

Member Debt Protection is available for:

Consumer -- Closed-end consumer loans if the loan has a term of 120 months or less; open-end consumer credit plans and unsecured lines of credit; credit cards.

Eligibility

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

Definitions of coverage

Death -- Give your family time to get back on their feet financially.

  • Consumer (Plans 1, 2 and 3) -- Cancels the remaining loan balance as of date of death (up to $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).

  • Consumer (Plans 1 and 2) -- Cancels up to six payments per occurrence (up to $1,000/month and a maximum aggregate benefit of $15,000/borrower).

Involuntary Unemployment -- Ensure that one of your major monthly expenses will be taken care of as you search for new employment.

  • Consumer (Plan 1) -- Cancels up to three payments (up to $1,000/month and a maximum aggregate benefit of $15,000/borrower).

No obligation for 30 days

When you apply for Member Debt Protection, you have 30 days to review your plan. If you are not satisfied with the program, or if your situation changes, you can cancel it at any time. Any fees paid will be refunded if you cancel within the first 30 days.

A benefit for you

We've designed our Member Debt Protection program to fit the times we live in today. More than ever, we all worry about things that might happen tomorrow. Member Debt Protection provides an important sense of financial security knowing your loan will not become a burden to you in times of hardship. Please consult with one of our representatives to discuss our Member Debt Protection program in more detail.

GAP Protection

Protect Your Vehicle Investments, Not Just It's Value

The GAP Advantage is an optional benefit that gives you further peace of mind. If the vehicle you are now purchasing ever becomes "totaled," or is stolen and not recovered, GAP Advantage provide you with an additional $1,000 toward the purchase or lease of a replacement vehicle. Not only will you receive the difference between the value of your vehicle and its unpaid loan or lease balance. You also get a head start on financing or leasing a new or used replacement vehicle when you finance or lease through Best Financial Credit Union.

GAP now also has an enhanced feature knows as Auto Deductible Reimbursement. You can get reimbursed up to $500 if you have to pay your insurance deductible for an accident or total loss.

The GAP Advantage

The following is a typical example of how GAP Advantage comes through for you:

  • Original purchase price - $25,000
  • Loan balance after one year - $20,000
  • Insurance settlement covering vehicles current value - $16,000

Your lost investment without GAP:

  • Your remaining unpaid loan balance (the "gap") - $4,000 (Including your deductible, up to $1,000)
  • GAP waives the difference $4,000
  • GAP Advantage provides you with the following toward a replacement vehicle - $1,000

Total GAP Advantage Benefit - $5,000

Warranty

The Drivetrain Plus, Deluxe and Ultimate warranties have complete lines of coverage designed to keep your vehicle on the road. Even the most reliable vehicle can develop a mechanical problem.

  • Would reduce/eliminate cost to members for vehicle repairs
  • NO DEDUCTIBLE
  • Allows for Emergency Roadside Service
  • Towing
  • Flat tire assistance
  • Battery jump-start
  • Lock-out service
  • Safe and secure package
  • Minor adjustments
  • Can be used at any licensed garage (in state or out of state)
  • 3 different programs available based on year/mileage of vehicle
  • Easy Street- factory warranty type, best coverage
  • Main Street- deluxe coverage
  • First Street- drive train plus
  • Has Total Loss Refund
  • If vehicle is totaled, get premium back
  • Transferable to a new owner
  • Can be financed into the loan
  • The vehicle does not have to be financed with Best Financial Credit Union to purchase an extended warranty
  • Each vehicle is entered to system with mileage to determine exact cost

Come in today for more information.