When you buy a new or used vehicle, there’s no way to know if it will be stolen or totaled in an accident. It’s also hard to anticipate when a vehicle will need repairs and maintenance. NW Preferred is pleased to now offer members MEMBER’S CHOICE™ Guaranteed Asset Protection Plus and MEMBER’S CHOICE® Mechanical Repair Coverage to help you protect you.

With MEMBER’S CHOICE™ Guaranteed Asset Protection Plus, you’re helping protect your investment and yourself against possible financial loss. MEMBER’S CHOICE® Mechanical Repair Coverage will help pay for repairs on your vehicle, and give you the control to keep your car on the road where it should be.

What is MEMBER’S CHOICE™ Guaranteed Asset Protection Plus?

It’s a way to help protect your vehicle loan. Many times 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 MEMBER’S CHOICE™ Guaranteed Asset Protection Plus (GAP Plus), you’re protecting your vehicle investment against a possible financial loss.

How does it work?

The fee for MEMBER’S CHOICE™ Guaranteed Asset Protection Plus can be included with your monthly payments or made 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, GAP Plus will help pay the difference based on the terms of your member agreement. By taking a few simple steps while signing your loan paperwork, you’re helping take responsibility for your financial future. Your loan officer can show you how. You can cancel within 90 days for a full refund. If you have questions, simply contact your credit union.

Why is it valuable?

New and used vehicles often depreciate rapidly 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 MEMBER’S CHOICE™ GAP Plus can kick in. GAP Plus will help cancel 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 will cancel $1,000 of your next loan with your credit union when you purchase a replacement vehicle within 60 days of your primary insurance settlement. MEMBER’S CHOICE Guaranteed Asset Protection Plus helps you prepare for the unexpected.

Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection Plus is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of MEMBER’S CHOICE™ Guaranteed Asset Protection Plus.

If you choose GAP Plus, adding the product fee to your loan amount will increase the cost of GAP Plus. State chartered credit unions FL, GA, IA, RI, UT, VT: You may choose MEMBER’S CHOICE™ Guaranteed Asset Protection Plus with or without a refund provision. State chartered credit unions CO, SC: Only a refund provision is available. Prices of the refundable and non-refundable products are likely to differ. If you choose either product and cancel within the first 90 days, you will receive a full refund. If you choose a refundable product, you may cancel at anytime during the loan and receive a refund of the unearned fee calculated by the actuarial method. You will receive additional information before you are required to pay the fee for this product.

WHAT IS MEMBER’S CHOICE® MECHANICAL REPAIR COVERAGE?

It’s hard to anticipate vehicle repairs and maintenance. Budgeting for this can be difficult and can tie up funds earmarked for other needs. MEMBER’S CHOICE® Mechanical Repair Coverage (MRC) will help pay for repairs on your vehicle,* and give you the control to keep your car on the road where it should be.

How does it work?

If your vehicle breaks down, MEMBER’S CHOICE® Mechanical Repair Coverage will pay for the cost of covered repairs, less any deductible, at any authorized repair facility in the U.S. or Canada. By taking a few simple steps, while signing your loan paperwork, you’re taking responsibility for your financial future. Your loan officer can show you how.

You can cancel within 30 days for a full refund. Or anytime after that. If at any time you have questions, simply contact your credit union.

Why is it valuable?

Typically, as the age of your vehicle increases so does the average cost of repairs. That’s why MEMBER’S CHOICE® Mechanical Repair Coverage is so valuable. Additionally, MRC provides rental reimbursement, 24-hour emergency roadside assistance and travel expense reimbursement. And if you sell your vehicle privately, the coverage can be transferred.

* Up to your policy maximum per terms of your contract agreement.

Be sure to read the contract which will explain the exact terms, conditions, and exclusions of this voluntary product. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as an insurance product, it is underwritten by Virginia Surety Company, Inc., Glenview, Illinois. The Mechanical Repair program is administered by Consumer Program Administrator, Inc., and Automotive Warranty Services of Florida, Inc., Florida License #60023.