|
|
 |
 |
We also offer several payment
protection products which protect
your financial and credit position
should any unforeseen events happen
such as loss of job, a vehicle
accident resulting in the inability
to work or if your vehicle is
totaled in an accident. Various
ancillary products that Kitch
Acceptance offers are as follows:
-
Guaranteed Auto Protection
(GAP) – If a vehicle is totaled
or stolen, the borrower's
insurance company settlement is
based on the vehicle's actual
cash value -- an amount that
could be significantly less than
the outstanding loan/lease
balance. The actual cash value
of a vehicle typically
depreciates faster than monthly
loan payments reduce the
outstanding loan balance. This
creates a deficiency balance on
the loan that can result in
financial difficulty. With GAP,
you can protect yourselves from
just such a scenario because it
pays the covered deficiency
balance. Without GAP, you may
end up simultaneously paying for
a totaled vehicle and its
replacement.
-
Credit life insurance
– Should you or another
individual who is co-signed on
the loan die, the insurance
would pay the remaining loan
balance off in full. This would
ensure any collateral securing
your loan would be free from
liens for your loved ones.
-
Disability insurance
– In the unlikely event that you
would be injured in an accident
and unable to work, the
remaining payments on the loan
would be paid for in full by the
insurance company so long as you
are unable to work.
-
Unemployment insurance
– In today’s age of plant
closures and corporate
relocation this insurance
provides assurance that if you
become involuntarily unemployed,
your loan payment will be made
based on a time period
determined by the original
length of the loan giving you
the valuable time needed to find
a new job.
|
|
|
|
|
|
|
|
|
|
|
