Life is unpredictable. There is a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. With Liberty Bay’s loan protection options, you can rest a little easier.
In the event of death, disability, or unemployment, you wouldn’t want your family to worry about making your loan payments. With Debt Protection, you may cancel your loan balance (up to the contract limits) or monthly loan payment without penalty or added interest due to an unexpected event. You can select the optional plan that will support your family’s financial protection needs.
Contact Member Services to learn more about debt protection and how you can enroll.
In the event of death, it cancels the remaining loan balance up to a maximum in the contract.
If you become disabled, it cancels up to a maximum number of loan payments based on the contract.
If you are involuntarily unemployed, it cancels up to a maximum number of loan payments based on the contract.
Guaranteed Asset Protection (GAP)
By accepting Guaranteed Asset Protection (GAP) with your Liberty Bay auto loan, you are protecting your wallet and your credit.
In the event your vehicle is totaled or stolen and not recovered, your primary insurance company settlement can be significantly less than your outstanding loan or lease balance. This may create a deficiency balance or a “gap” resulting in serious financial hardship for you. Not only do you need to finance a loan for a replacement vehicle, but you also have to pay off the deficiency balance left on your current loan. GAP waives all or part of the loan balance that your primary insurance carrier did not cover, subject to limitations and exclusions including a loan to value maximum.
Contact Member Services to learn more about GAP and how you can enroll.