Lending     |    Loan applications    |    Rates MEMBER PROFILE - Jessee Frey-Cochrane GAP coverage: "It pays for itself." People say good things come in threes, but Jessee Frey-Cochrane found out that bad luck can come in twos.  In the span of one year, Jessee had to use American 1’s Guaranteed Asset Protection (GAP - see below) twice on different vehicles. In August 2006, Jessee’s “summer vehicle,” a 1995 Pontiac Bonneville in great condition, suffered from a sunroof seal leak and was wrecked by mold damage.  Her insurance company ruled the damage as a total loss.  The next year, in April 2007, her 2004 Ford Freestar caught fire after an electronic harness defect, leading to another ruined vehicle. Thanks to her GAP coverage, the difference between what Jessee owed on her vehicles and what the insurance company offered her in settlement disappeared. “It really paid for itself,” Jessee, an American 1 member since 1998, says, “especially after I used the $1,000 GAP Advantage towards my next vehicle.” Jessee, a Grass Lake resident, knew about GAP coverage as a licensed insurance agent, and shopped around for the best deal.  She didn’t find it at a typical dealership, where the GAP price is based on the vehicle’s cost – and can be double or triple the price. “American 1’s GAP was a flat rate,” she says.  “So now I tell people to go to a local credit union – it’s cheaper than the dealership.” It could just be bad luck that two of her vehicles were totaled within a year.  American 1’s GAP coverage, however, helped Jessee balance the score. “I won’t purchase a vehicle without GAP ever,” she says. American 1 Loan Protection Products

A new or used vehicle is one of the most important purchases you can make.  That’s why protecting your investment is so important. American 1 offers several products that can help you safeguard your vehicle* — both from the wear and tear of driving and from unforeseen accidents that can happen at any time.

Mechanical Breakdown Protection Even a new car can face mechanical problems. Our Mechanical Breakdown Protection (MBP) features four levels of protection, 24-hour roadside assistance, tire road hazard protection, rental vehicle assistance, and direct payments to repair facilities. Think of it as your just-in-case protection. MBP is a smart investment for your new or used vehicle because it can save you from expensive repair costs, and can cover everything from the powertrain to the glovebox latch on your new or used vehicle.

Guaranteed Asset Protection Although the best mechanical protection can keep your vehicle in tip-top shape, it can’t protect it from being stolen or totaled. This is where our Guaranteed Asset Protection (GAP) comes in handy. If your vehicle is stolen or totaled, GAP will pay your loan balance minus the value of your vehicle. For instance, if you owe $20,000 on your vehicle loan, but the wrecked or stolen vehicle is valued at $15,000, your insurance policy will only pay the value of the vehicle, leaving you with a $5,000 balance on your loan. GAP may pay the entire remaining $5,000. We will also give you $1,000 toward the purchase of your next vehicle if you finance it through American 1. Now that’s a deal!

Credit life/disability insurance  If you are like many Americans, you may think that life and disability insurance on your auto loan, home equity loan, or Visa card is a costly, unnecessary expense.  Statistics, however, and the benefits of both types of insurance, may change your mind.  If you were injured or died in an automobile or other accident, how would you make your loan or credit card payment? American 1 offers credit life and disability insurance on all its loan products. In the event you are disabled by injury or sickness and can’t work, our credit disability insurance can help you make your loan payments up to $1,200 per month. And if you were to die, our credit life insurance will pay off your loan, giving your family peace of mind knowing they will not have to worry about the loan payments. American 1’s credit life and disability insurance is also very affordable, amounting to, at most, a few dollars per $1,000 loaned by the credit union.  For more information regarding how you can protect yourself and your family, plus details on the features of both insurances, stop in to any American 1 branch and talk with a member service representative.

> Auto / RV loans > Secure loan application  *Insurance products sold through or in the credit union are not insured by the National Credit Union Administration (NCUA) and are not issues, guaranteed, or underwritten by the credit union or the NCUA, or any other federal government agency.  There is no requirement or obligation to purchase insurance from the credit union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan, and a decision as to insurance agents will not affect the credit terms in any way.

American 1 FCU
718 E. Michigan Avenue
Jackson, Michigan 49201
888.213.2848
Fax: 517.787.3665
a1responseteam@a1fcu.org