Northwest Georgia Credit Union offers affordable options to protect members with loans. For further details about applying these products to a specific NWGACU loan, contact a Financial Services Officer at 706.291.9290.

Guaranteed Automobile Protection (GAP)

In the first few years of owning a new car, your loan balance will probably be higher than the value of your vehicle, especially if you put little or no money down. As your vehicle’s value declines, your loan balance may decline more slowly, resulting in a financial gap. If your vehicle were totaled in an accident, or if your vehicle were stolen, you would be liable to pay the difference between your insurance settlement and your outstanding loan balance. Take a look at how GAP works:

Loan Balance After One Year………..…$15,000
Your Vehicle’s Actual Cash Value….…$11,000
Your Auto Insurance Deductible………$1,000
Your Auto Insurance Settlement……..$10,000

Your Liability/Financial GAP …….……….$5,000
Guaranteed Auto Protection Pays…….$5,000

Northwest Georgia Credit Union members can purchase nonrefundable and refundable GAP when they finance new or used vehicles at the credit union. Nonrefundable GAP is a one-time cost of $195.00. Refundable GAP is a one-time cost of $290.00, but it allows the member to apply for a refund on the unearned premium in the event of cancellation or early loan payoff. Members have the option to pay for GAP upfront, or they may include it as one of the items that are financed. If you are interested in financing a vehicle at the credit union, apply online or contact a Financial Services Officer.

Payment Protection

Have you ever thought about who will make your loan payments if you can’t? With Payment Protection, you can avoid that concern. Payment Protection is a credit insurance product that safeguards your loan by reducing or paying off your loan in the event that you die or become disabled due to illness or accident. Payment Protection is paid out in addition to any other insurance or company protection you may already have. No physical exam is necessary to qualify, though a few simple health questions may be required. The premium for your Payment Protection is included in your monthly loan payment, so there are no additional bills to pay. For details about coverage and costs, contact a Financial Services Officer.