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Payment Protection

Protect yourself and your investment with one or more of these important options.

Payment Protection/Credit Life and Credit Disability 

Life can change in the blink of an eye! If something unfortunate happens to you, your loan obligations could place a burden on your family. To protect your assets and your family’s financial well-being, consider Credit Life and Credit Disability Insurance for your next loan.

It can pay off your credit balances in case of death (Credit Life) or a serious illness or injury (Credit Disability).

This insurance can be obtained at time of closing by signing the form. If a you choose to add it on a later date, a health questionnaire will need to be completed and subject to an approval process.

Guaranteed Asset Protection (GAP)

If your vehicle is stolen or totaled in an accident, your insurance settlement may not be sufficient to pay off your auto loan. Don't let this happen to you! LOC can help you fill in the gap between the insured value of your car and the outstanding balance of your loan with Guaranteed Asset Protection.

A low, flat, one-time fee of $300 will offset the difference and provide $1,000 toward a replacement vehicle financed through LOC. You can opt in by accepting the insurance at the time of closing and the fee will be rolled in to your loan balance. You can also add GAP insurance to your loan at any point after closing; however, the fee will have to be paid in full.

If you have any additional questions about our auto protection options, please do not hesitate to contact us at 800.837.4562

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