Lending Insurance

Borrow with peace of mind

Lending insurance builds an extra layer of security into your loan, which helps you and your family avoid financial hardship no matter what life sends your way.

Member Value Protection (MVP)

In the case of death, disability, or involuntary unemployment, MVP Debt Insurance means that your monthly loan payments will be cancelled without penalty, additional interest, or negative impact to your credit score.

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Personalized Options

You can choose from several flexible coverage options. Each option has specific eligibility requirements and a different range of benefits. Like many insurance plans, there are conditions and exclusions. Be sure to carefully read your MVP contract for a full explanation of the terms and conditions. And of course, our loan experts are always here to answer your questions.

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You’re not required to purchase MVP

MVP is totally optional. Your decision to purchase—or not purchase—MVP will never affect your application for credit or the terms of any existing credit agreement you have with us. You will be provided with a copy of the contract containing the terms and conditions of MVP before paying for this coverage.

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Cancel any time

If you change your mind about carrying MVP, you can cancel at any time. If you do so within the first 30 days, we'll be sure to refund any fees you've already paid.

Guaranteed Auto Protection (GAP) Vehicle Insurance

If your car is totaled before you've paid off your loan, GAP Insurance helps cover the difference between the amount you owe on your vehicle and your vehicle's actual value.

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How does it work?

If your vehicle is totaled or stolen, your auto insurance settlement may be significantly less than your outstanding loan balance. This can create a deficient balance—or a "gap"—leaving you to pay the difference. GAP Vehicle Insurance is designed to cover the remainder of the loan balance that your primary insurance carrier does not pay.

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What does GAP cover?

GAP covers the difference between your outstanding loan balance and the actual cash value of the vehicle, minus any deductions or exclusions. GAP also covers up to $1,000 of your deductible if there is a gap after the primary insurance settlement is paid.

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GAP Advantage Benefits

You may be eligible to receive an additional $1,000 benefit. This $1,000 is used toward the purchase of a replacement vehicle when financed through Members 1st. To receive the $1,000 advantage benefit, the vehicle must be deemed a total loss, and a new loan must be made for the replacement vehicle at Members 1st within 90 days of when the vehicle was determined to be a total loss.

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Auto Advantage

The GAP package also includes Auto Deductible Reimbursement (ADR) coverage. This coverage pays up to $500 per loss when a loss is filed and paid by the auto insurance company. This applied to any covered auto you own or lease, as evidenced by the title or registration and insures under an auto insurance policy designating you as the Named Insured. Plus, you also receive Personal ID Restoration Consulting and Warranty Registration Service.

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With GAP, you get:
  • 60-day free look period (this works just like a money-back guarantee)
  • Zero out-of-pocket expenses for the remaining loan balance after loss settlement
  • No deficiency balance on your loan for your replacement vehicle
  • Additional $1,000 to help with new vehicle purchase
  • Protection for your credit rating
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Ready to get started?

If you'd like to add lending insurance to your loan, talk to one of our loan experts.

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