We can help take stress out of unexpected events that might affect your finances.
Required Insurance
Auto Insurance Policy Requirements:
Your credit agreement with us requires you to have full coverage auto insurance on the collateral until you pay off your loan. This protects you and the collateral should an incident occur.
Important: When you switch insurance companies always add Vantage West Credit Union as Lien Holder and provide us with a copy of the Insurance Declaration Page. (Lienholder Address: Vantage West Credit Union PO Box 20011 Carmel, IN 46082)
Below are the requirements for full coverage auto insurance:
– No excluded drivers
– Continuous insurance coverage with no lapses
– Comprehensive and collision coverage (or physical damage) with deductibles not greater than $1000
-Lienholder listed as: Vantage West Credit Union PO Box 20011 Carmel, IN 46082
PLEASE NOTE: An insurance ID card is NOT adequate evidence of the required physical damage insurance. Please provide a copy of your Insurance Declaration Page.
How to Provide Your Insurance:
For your convenience, you or your agent may visit www.myinsuranceinfo.com to provide proof of insurance
You may also submit your insurance declarations to [email protected] in PDF or TIF format
Mail to:
Vantage West Credit Union
PO Box 20011
Carmel, IN 46082
Have a question? Call Insurance Tracking Center 800.998.0763 (24 Hour Automated Service)
Para obtener informacion en espanol, favor de llamarnos gratis al 800.998.0763
Debt Protection
This is a voluntary1 loan-payment protection product that may help you get relief from the financial burden of delinquency or default if a qualified protected life event unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.
If a qualified protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Debt Protection could cancel or reduce repayment of your loan debt — which could help lessen your worries, and your family’s worries about paying loans during a time when your income may be reduced or lost and paying other bills becomes challenging.
Qualified protected events include involuntary unemployment, disability and loss of life (including those caused by acts of war).
Guaranteed Asset Protection Advantage (GAP Advantage) with deductible assistance
What is GAP Advantage with deductible assistance?
It could be a way to help protect your vehicle loan. Sometimes, primary auto insurance settlements don’t pay off your loan balance. When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident. With GAP Advantage with deductible assistance2, you could be protecting your vehicle investment against a possible financial loss.
How does it work?
The GAP fee can be added to your loan or paid separately by cash, check, charge, or possibly electronic funds transfer. If there’s a difference between what you owe on your loan and the value of your vehicle determined by your primary insurance company, GAP Advantage with deductible assistance may reduce or eliminate the difference based on the terms of your member agreement. By taking a few simple steps while signing your loan paperwork, you could be helping take responsibility for your financial future. Your loan officer can show you how. You can cancel within 90 days for a full refund.
Why is it valuable?
New and used vehicles often depreciate faster than the loan balances and vehicle loans are typically getting longer in terms. There may be a point where you owe more than it’s worth. That’s where GAP Advantage with deductible assistance may kick in. GAP Advantage with deductible assistance may reduce or eliminate the difference between the primary insurance settlement and what you may still owe. In addition, if your vehicle is stolen or totaled in an accident, it may cancel $1,000 of your next loan with Vantage West when you purchase a replacement vehicle within 120 days of your primary insurance settlement. GAP Advantage with deductible assistance may help you prepare for the unexpected.
Depreciation Protection Waiver (DPW)
What is Depreciation Protection Waiver (DPW)?
Depreciation Protection kicks in if your vehicle is ever totaled or stolen and not recovered at anytime over the life of the loan. It waives some or all of your loan balance in the event of the total loss of your vehicle. The waiver benefit is equal to the difference between your vehicle’s MSRP or retail value at the time of DPW purchase, less the amount of your loan balance at the time of total loss. (The benefit cannot exceed the DPW addendum limit or your outstanding loan balance at the time of total loss.
Benefits of Protection
- Benefit triggered by collision or comprehensive total loss, including theft
- Life of loan protection
- No mileage, make or year restrictions
- Open enrollment
- 100% refundable for first 60-days
- Accidental Death protection included, which provides for cancellation of up to $1,000 of your outstanding loan balance if you die in an accident
Mechanical Breakdown Protection (MBP)
Mechanical Breakdown Protection coverage can help you limit the cost of covered vehicle breakdowns. For more information, call or visit any Vantage West location.
