Just like your car or home, the loan you have to finance your purchase is a big investment and it's important to protect it. We offer several solutions that may help cover your loan payment should something unexpected happen. To add protection to your loan, just give us a call at 800.588.6928 or stop by any LSCU location.
DPW covers the depreciation of the vehicle. It is a debt cancellation product that in the event of a total loss provides a benefit equal to the difference between NADA Retail value of the vehicle at the time of coverage enrollment and the loan balance at the time of the total loss. The waiver benefit will not exceed the maximum benefit selected or the outstanding loan balance, whichever is less.
Depreciation Protection is ideal for those who:
View the depreciation protection brochure.
Member Credit Protection is a product that allows you to pay a one-time fee, and have the comfort of knowing that your assets are protected in a time of loss.
MCP forgives your outstanding Lone Star CU auto loan if one of two events occur:
Some of the benefits include:
Credit life insurance is designed to pay off your eligible loan balance, up to the policy maximum, should an unexpected life event occur. You decide which payments you want to protect and the monthly premium may be added to your loan. Coverage can include co-borrowers, it is totally voluntary, it won’t affect your loan approval, and it’s simple to apply.
Credit disability insurance may make your loan payment, up to the policy maximum, if you become totally disabled due to a covered sickness or accident. Coverage is totally voluntary, it won’t affect your loan approval, it’s simple to apply and is only available for the primary borrower.
Automotive Protection insurance covers nationwide mechanical breakdown of your new or pre-owned vehicle.
View our Mechanical Breakdown Protection information.
GAP is a non insurance product that covers the ‘gap’ between the vehicle’s value and the amount you still owe if your vehicle is ‘totaled’ or lost to theft. Buy yourself some peace of mind for a low flat rate of only $495.
View our Guaranteed Asset Protection information.