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LOAN PROTECTION PRODUCTS

At Downeast Credit Union, we create opportunities through loans and other accessible products that help to enhance our members financial wellness and allowing them to live life to the fullest. By offering additional products for your loans, we give our members the ability to protect your families, your credit, and your assets. Not to mention, you’ll have peace of mind knowing that when one of life’s unforeseen circumstances arises, you don’t have to worry about late payments, costly auto repairs, etc.

Products available to our members:

graph illustrating GAP coverage

Now you can protect your vehicle investment with Guaranteed Asset Protection (GAP). GAP offers protection in the event that your vehicle is stolen or damaged beyond repair (deemed a Total Loss) and is available for borrowers that finance their vehicle(s) with a loan from DECU.

Here’s how GAP works. Let’s say after one year, the vehicle you purchased for $25,000 is now valued at just $16,000, but you still owe $20,000 when it is involved in an accident and your insurance carrier deems it a Total Loss. Most insurance policies will only reimburse you for the “Actual Cash Value (ACV)” of your vehicle, $16,000 in this case, leaving you with a large loan balance and no vehicle.

Our GAP is available for most types of collateral like new and used cars, trucks and motorcycles. GAP is also available on RVs, boats, and travel trailers, but the fee is determined by the Amount Financed and loan term. This is a small price to pay for real peace of mind!

GAP…For Affordable Peace of Mind**.

For more information regarding our GAP protection program:

Contact Us

**This is general information only. Please refer to your actual GAP Waiver Addendum (GAP) for terms, conditions, coverage, limitations, and restrictions. GAP is not an insurance policy and does not replace or eliminate the need for vehicle insurance coverage. GAP is designed to “help” reduce the difference between your primary carrier insurance settlement and the loan balance at the date of loss. However, there are exclusions and limitations for items like delinquent payments, late charges, refundable items and financing more than the allowable Loan to Value (LTV%) limit that could leave you responsible for a loan balance after the GAP benefit is applied to your loan. You may cancel GAP during the first 60 Days and receive a full refund of any fee paid. GAP is non-refundable in most states after the first 60 Days.

CU Certified Automotive LogoDowneast Credit Union has partnered with CU Certified to offer our members first-class Vehicle Service Contract options for purchase. Cover your vehicle and eliminate the cost of future repairs…just think of the savings!

CU Certified Vehicle Service Contract

CU Certified provides Best in Class automobile mechanical breakdown coverage. CU Certified pays for the replacement of covered part(s) and the labor to install the failed covered part(s). We like to call CU Certified the “Real $0 Deductible Contract” as our program pays for diagnostics, taxes, fluids, and filters in conjunction with covered repairs. National acceptance, trip interruption, wrap coverage, and 24-hour roadside assistance are some of the ancillary benefits of coverage. Is your ride CU Certified?
View Vehicle Service Contract brochure

CU Certified Road Hazard Tire & Wheel

Protects members against the rough road ahead as an available surcharge to the CU Certified vehicle service contract. This enhancement covers the member for up to $1000 per incident with a $4000 coverage aggregate claims limit on their tires and/or wheels with a $0 deductible. Potholes, nails, broken glass, and road debris no longer need to be a costly out of pocket repair for credit union members.
View Tire and Wheel Protection Agreement

CU Certified GAP

Pays the potential deficiency balance between the contract holders loan balance and insurance company’s actual cash value assessment of the contract holders vehicle if the vehicle is totaled or stolen an unrecovered for thirty days. Covers the contract holder’s insurance deductible up to $1000.

CU Certified Powersports

Best in class powersports mechanical breakdown coverage for the member. CU Certified pays for the replacement of covered part(s) and the labor to install the failed covered part(s) on members powersports units. ATVs, UTVs, personal watercraft, motorcycles, and snowmobiles…we have you covered!
View Powersports Service Agreement
View Motorcycle Service Agreement Brochure

*The Credit Union has contracted with Century Automotive Service Corporation and CU Certified to make these service available as a convenience to our Members. Century Automotive Service Corporation, CU Certified and any manufacturer’s warranties are not services of the Credit Union; and are not obligations of or guaranteed by the Credit Union. Credit Union makes no representations as to the services of any provider or any vehicles purchased. Programs may vary by dealer/lender/state. Please refer to your GAP Addendum or VSC for details of the terms, conditions, limitations, and exclusions that apply to this program. Maximum eligibility limits apply.

Life is unpredictable but your finances don’t have to be.

Protecting your loan payments in the event of unplanned events such as death, disability or involuntary unemployment, our debt protection program may cancel your loan balance or monthly loan payments* if you experience a protected life event.

Types of protection available to you:

  • Loss of Life
  • Disability
  • Involuntary Unemployment
  • Accidental Death
  • Hospitalization

Download Claim Forms

*Debt protection could cancel your loan balance or payments up the contract maximums. See a loan officer for eligibility requirements and programs details. Insurance and warranty products are not products of the Credit Union; and are not obligations of or guaranteed by the Credit Union. Insurance or warranties may be purchased from an agent or an insurance company of the Member’s choice; and Credit Union makes no representations as to the services of any provider.

Chances are, your home may be your single greatest investment.

Stop worrying about having the funds available to help pay off or reduce your mortgage in the event of your death — apply for Mortgage Life Insurance today.
Learn more about Mortgage Life Insurance.

Mortgage Disability Insurance is a monthly pay disability plan for mortgage related loans designed for today’s homeowners. This protection is created to provide benefits if you are unable to earn a living due to a covered sickness or injury. Benefits are applied directly to your mortgage payments and are subject to the coverage amount chosen and policy limits.
Learn more about Mortgage Disability Insurance.

Insurance and warranty products are not products of the Credit Union; and are not obligations of or guaranteed by the Credit Union. Insurance or warranties may be purchased from an agent or an insurance company of the Member’s choice; and Credit Union makes no representations as to the services of any provider.

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Routing Number: 211288996