Burbank City offers Guaranteed Asset Protection (GAP) which can help ease the burden of unexpected expenses.
GAP helps cover the difference between your primary insurer's settlement and the balance of your vehicle loan - potentially saving you from a high residual balance the insurance company did not cover.
(Approximate cost $479. See Credit Union for details.)
Whether you're taking out a loan to make home improvements or buy a vehicle, it can be a financial gamble because things happen. Life events can cause financial hardship, making bill-paying difficult. You don't want delinquent payments and defaulted loans to cause you to lose your assets, negatively impact your credit rating, or cause financial distress for your family.
Protection that matters.
If a protected life event happens to you (and you're a protected borrower or co-borrower on the loan), Debt Protection will cancel or reduce repayment of your loan debt-helping to lessen your worries about paying loans when your income may be reduced or lost.
Protected events include:
Help play it safe.
Debt Protection* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. And, simple eligibility requirements ease the enrollment process.
For more information call us at (818) 846-1710.
*Debt Protection is a product offered by Burbank City Federal Credit Union. Enrollment in this debt protection product is voluntary and not required to obtain a loan. Please contact a Burbank City loan officer for additional information on benefit maximums, eligibility, limitations, and a copy of your contract.
* APR = Annual Percentage Rate. Rates are subject to change without prior notice. See Credit Union for details.