Consumer Loan & VISA Credit Card Protections

Protections, such as Insurance and Warranties, are an important aspect to remember when applying for a loan. Different protections provide different benefits, knowing your options on each protection will help you determine what you need to keep you covered.

Contact one of our loan officers to find out if you and your loan qualify to add these protections!


Guaranteed Asset Protection Advantage

When accidents happen, its GAP Advantage to the rescue. If your vehicle is totaled in an accident or is stolen (and not recovered) GAP Advantage is designed, with limitations, to waive your remaining loan balance not covered by your primary insurance. It will also give you a $1000 credit towards the financing of a replacement vehicle when borrowed through Tri Boro FCU within 90 days!

As an added bonus, Tri Boro FCU members who purchase GAP Advantage are automatically enrolled in our Auto Deductible Reimbursement (ADR) Program. ADR reimburses your deductible up to $500 per loss when filed and paid for by your insurance company, putting your money back into your pocket. It could even cover the other vehicles in your household!    

Car insurance will cover the cost of damages and a stolen car but your auto loan could be higher than the cash value of your car. Guaranteed Asset Protection (GAP) can help you cover the difference between what the insurance company pays out and what you still owe on the loan.      


Loan Balance


Insurance  Settlement


GAP covers



Your one-year-old financed vehicle is totaled beyond repair…

Your loan balance is                                            $15,000

Your insurance company settlement is                 $10,000

Based on your vehicle’s market value       $11,000

Less your insurance deductible                  $1,000

Total amount you owe without GAP Advantage    $5,000

Total amount you owe with GAP Advantage                $0

PLUS $1,000 credit towards the financing

of your replacement vehicle!

*GAP is subject to limitations and exclusions, including but not limited to a loan to value (LTV) maximum. Deductible waiver is available in most, but not all states. Please consult your financing representative for the availability of this benefit.

GAP Advantage is available in most, but not all states. Replacement vehicle must be financed with in a limited time from the date of loss. Please consult your financing representative for the availability and details of this benefit

GAP Advantage with ADR is available for Vehicle Loans

GAP Brochure                      ADR Brochure


Mechanical Breakdown Protection (MBP)

Breakdowns can be expensive, but with Mechanical Breakdown Protection you are protecting yourself from out-of-pocket repair bills. Tri Boro FCU offers several coverage levels allowing you to purchase just what you need.

MBP Brochure

Insurance Claims Process

After you have filed a claim with your insurance company and received your check, you will need to deposit that check into your Share Savings Account. A hold will be placed on these funds until Tri Boro FCU has copies of the following documents: repair shop estimate and Insurance Claim, and a verification repairs has been completed (i.e. bring your repaired vehicle to our office). Please call ahead when bringing a vehicle in for verification.


Credit Insurance

Credit Disability and Credit Life Insurance may make your loan payments when unexpected and covered life events happen. Worry less by adding credit insurance at loan origination. Credit Life is available for Vehicle and Personal Loans and VISA Credit Cards, while Credit Disability is only available for Vehicle Loans.

Credit Life Insurance

Total Benefit Maximum: $40,000
Maximum Issue Age: 70
Termination Age: 99

Credit Disability Insurance

Plan Type: 14-day/Non-retro
Maximum Monthly Benefit: $600
Total Benefit Maximum: Unlimited
Maximum Issue Age: 66
Termination Age: 99

Credit Insurance Brochure

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