Loan Protection

Debt Protection Coverage

Life is unpredictable, but your loan payments don’t have to be. If a protected life event occurs, Debt Protection Coverage can cancel or waive your loan payments - up to the contract maximums - helping to ease financial stress for you and your family. Protect what matters most.

Protected Life Event Examples

  • Loss of life, including those caused by acts of war

  • Disability, including those caused by acts of war

  • Family leave, Involuntary Unemployment

Your purchase of Serve Credit Union Debt Protection Coverage 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 Financial Services Officer, or refer to the Member Agreement for a full explanation of the terms of Serve Credit Union Debt Protection Coverage. 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.

 

Need to file a Debt Protection Claim?

Simply reach out to a Serve CU team member to guide you through the process by calling us at 515.243.2677, emailing us at loans@servecu.org, or stopping in to either branch location!

  • Serve Credit Union will connect you with a Claims Representative who will collect relevant information pertaining to your protected life event

Guaranteed Asset Protection (GAP)

Our GAP Program helps cover the remaining balance of your loan if you experience a total loss before it is paid off. Most insurance policies only cover the actual cash value of your asset. As a result, there can be a substantial “GAP” between your loan and the amount your insurance company pays to replace your vehicle.

Here’s an example of how GAP works

  • Loan Balance at Time of Loss: $23,000.00

  • Value of Vehicle at Time of Loss: $19,000.00

  • Less Insurance Deductible: -$1,000.00

  • Primary Insurance Settlement: $18,000.00

  • Difference Owed: $5,000.00

 

Enjoy $1,000 towards your next purchase! How?

If you file a GAP Claim and then finance your next purchase with us, you can be reimbursed $1,000 towards the new loan balance.**

 

Need to file a GAP Claim?

Simply reach out to a Serve CU team member to guide you through the process by calling us at 515.243.2677, emailing us at loans@servecu.org, or stopping in to either branch location!

You will need the following information to file a GAP Claim:

  • Copy of Insurance Company’s Settlement Check(s)

  • Copy of Insurance Settlement Breakdown, including Actual Cash Value, applicable taxes or tag fees, deductible amount and settlement figure. (This must equal the settlement check above).

  • Full Insurance Evaluation Report which must show how the Company determined the Actual Cash Value of the vehicle and includes mileage at the date of loss and any options on the vehicle.

  • Refund Amount of any cancellable item

  • Copy of the complete Police Report

**subject to the terms, conditions, limitations and exclusions set forth in your GAP Waiver Addendum.

Extended Warranty

The vast majority of costly mechanical and electrical failures occur after the factory warranty has expired. Avoid expensive repairs by protecting your vehicle with a Mechanical Breakdown Protection contract!

Explore Coverage Options

brochure of ASG mechanical breakdown protection options

Levels of Protection in order from most to least coverage:

  • Platinum

  • Gold

  • Silver

  • Copper

Included Coverage Benefits:

  • Roadside Assistance

  • Rental Vehicle Assistance

  • Tire Road Hazard

  • Trip Interruption

 

Need to File an Extended Warranty Claim?

Be sure to know your Vin # and your Contract # for verification and further assistance.