Vehicle Loan - RMCU

Make RMCU your first choice for a low rate vehicle loan!

Mechanical Repair Coverage (More Details Below) - Our MRC will save you money over most extended warranties.
Guaranteed Asset Protection (More Details Below)
- Our GAP will save you money if your vehicle were to be deemed a total loss or stolen.

  • New and Used Cars, Pickups, Vans, and Sports Utility Vehicles
  • Motor Homes, and Travel Trailers
  • All-Terrain Vehicles and Snowmobiles
  • Boats
  • Motorcycles

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Mechanical Repair Coverage

The miles can add up but the repair costs don’t have to.

MEMBER’S CHOICE® Mechanical Repair Coverage can help deflect some risk of costly repairs keeping your vehicle running extra miles and extra years. With different coverage levels and deductibles to choose, there’s a plan to fit your family’s budget.

Whether you depend on your vehicle for work or getting your family to school and activities, you need transportation that’s safe and reliable. The older your vehicle, the more it takes to keep it in good working order. Not making small repairs can lead to even more expensive repairs and ignoring other repairs can be dangerous.

Benefits of the program*:

  • Good at any authorized repair facility in the U.S. or Canada
  • Rental reimbursement: up to $35 per day for 5 days (or 10 days for a parts delay) from day one.
  • 24-hour emergency roadside assistance: up to $100 per occurrence. Includes towing, battery jump start, fluid delivery, flat tire assistance, and lock-out service.
  • Travel expense reimbursement: up to $500 for lodging, food and rental expense when a covered breakdown occurs more than 100 miles from home.
  • Transferable: if you sell your vehicle privately, the coverage can be transferred for a fee, adding resale value and appeal.
  • Cancelable: receive a full refund within the first 60 days or a pro-rated refund thereafter less an administrative fee.
  • No out of pocket expense at the time of mechanical repair: (except for any deductible and any repairs not covered by the policy)–the covered repair is paid directly to the authorized repair facility by the plan.
  • Ask about deductible options

*Program details may vary by state. Ask a Member Services Representative for details or receive a quote by calling.

MEMBER’S CHOICE® Mechanical Repair Coverage is administered by Consumer Program Administrators, Inc. in all states except AK and CA, where coverage is administered by Virginia Surety Company, Inc., in WA, where coverage is administered by Automotive Warranty Services, Inc., in FL, LA , OK and WI, where coverage is administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023) and in AZ, where the Obligor and Administrator is Consumer Program Administrators, Inc., all located at 175 West Jackson Blvd., Chicago Illinois 60604, 1-800-752-6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In those states where MEMBER’S CHOICE® Mechanical Repair Coverage is offered as insurance (form MCCU-001-MBI) it is underwritten by Virginia Surety Company, Inc.

MRC-896721.1-0414-0516 © CUNA Mutual Group 2014, All Rights Reserved.

Guaranteed Asset Protection

If you have car insurance without GAP, a wrecked vehicle could wreck your finances. You don’t expect your car to be totaled by an accident or stolen---but you get car insurance just in case. You probably don’t expect that your insurance settlement could suddenly leave you thousands of dollars in debt because you owe more on your car loan than your car is worth. You’ll be glad to know there is a way to make sure a car wreck doesn’t wreck your finances: GAP, or Guaranteed Asset Protection for your vehicle loans.

If your vehicle is totaled, you could end up owing more on your loan than your vehicle is worth. This is known as being “upside down” on your loan. As vehicles become more expensive and people take out more loans for longer periods of time, their risk of being “upside down” has increased. Americans have signed up for a record amount of vehicle loan debt for a record length of time. Almost one out of every four car buyers took out a 6 to 7-year loan---which has extended their risk of being upside down to around five and a half years.

The reason for this problem is that most car insurance companies will reimburse you only for “fair market value.” Fair market value is the common resale value for a specific car (based on make, model, age, mileage, condition, demand, etc.) in a specific market. In some ways, the fair market value doesn’t seem fair if your car is totaled, because you could end up owing more on your loan than the insurance company says your vehicle is worth.

The greatest gap between your loan value and the fair market value usually occurs in the first years of your loan. The second you drive your new car off the lot, it drops in value and keeps dropping. Value often drops 78% in one year, and 46% in 5 years. But your loan value doesn’t decrease as fast, creating a gap. It may no longer be enough to protect your car, you may want to consider optional loan protection as well.

Fortunately, you can now fill this gap and protect your loan and your finances with GAP. GAP is like an airbag for your vehicle loan. It can help fill the gap between what your vehicle insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses if your vehicle is totaled.

As a credit union member, you can sign up for GAP anytime. The best time is when you’re signing your loan paperwork. You can include it with your monthly payments or pay separately by cash, check, charge, or electronic transfer.

Disclosure: Your purchase of MEMBER’S CHOICE(TM) Guaranteed Asset Protection (GAP) 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 GAP Waiver Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product. State-chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP 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 calculated by the actuarial method. State-chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method.

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