Loan Protection

Peace of mind from the right protection

You're paying off your CommonWealth One loans on a timely basis. But what happens if you can't? These options offer valuable debt protection for your Vehicle Loans, Credit Cards, Consumer Loans and Home Equity Loans.

ProtectOne

With ProtectOne, you can purchase protection that cancels your loan balance or reduces repayment due to loss of life, disability or involuntary unemployment. Various protection packages are available for Credit Cards, Consumer Loans and Home Equity products.

Guaranteed Asset Protection (GAP)

GAP activates when your vehicle is stolen or damaged beyond repair. It covers the difference between what you owe on your loan and what you receive from your insurance company. Without GAP, you could be stuck paying a large amount of money.

This coverage is available for $499 and can be financed into your loan balance.

Mechanical Repair Coverage

This high-quality, comprehensive coverage pays for the cost of parts and labor for any covered repair, which is helpful if your warranty has expired. Choose from Platinum, Gold, and Silver packages based on how long you plan to own your vehicle and how many miles you drive annually.

CommonWealth One Federal Credit Union is a full-service credit union with branches in Virginia and Washington, D.C.

Disclosures

*Your purchase of MEMBER’S CHOICE™ Guaranteed Asset Protection (GAP), is optional and will not affect your application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You will receive the contract before you are required to pay for GAP. You should carefully read the contract for a full explanation of the terms. If you choose GAP, adding the GAP fee to your loan amount will increase the cost of GAP. You may cancel GAP at any time. If you cancel GAP within 90 days you will receive a full refund of any fee paid. GAP purchased from state chartered credit unions in FL, GA, IA, RI, UT, VT, and WI, may be with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in CO, MO, or SC may be canceled at any time during the loan and receive a refund of the unearned fee. GAP purchased from state chartered credit unions in IN may be with or without a refund provision. If the credit union offers a refund provision, you may cancel at any time during the loan and receive a refund of the unearned fee.

Your purchase of ProtectONE 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 a loan representative, or refer to the Member Agreement for a full explanation of the terms of ProtectONE. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid. You should carefully read the contract for a full explanation of the terms.

Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA , and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago, Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Replacement parts may be used or remanufactured. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product.

Mechanical Repair Coverage (MRC) offers a quality, comprehensive coverage that pays for the cost of parts and labor for covered vehicle mechanical repairs and offers various terms and levels of coverage. Some restrictions may apply.