Payment Protection Plan
Protect yourself and your family when you borrow. There are two types of credit insurance available to you when you take out a loan at PCMCU. Please contact us for details, as some restrictions apply.
Credit Life Insurance
- Protects your family and estate by paying your loan balance if you or a co-borrower dies.
- Premium amount based on loan size and term.
- Insurance amount based on outstanding loan balance.
Credit Disability Insurance
- Makes your loan payments if you are unable to earn a regular wage because of an accident or illness.
- Protects your credit rating.
- Protects you against repossession.
Optional Coverages for Vehicle Loans
Extended Warranty
Extends vehicle warranty coverage to protect you from unexpected vehicle repairs. There are three protection plans available, with each containing nationwide protection. Protection is available on both new and pre-owned vehicles. Coverage is transferable if you sell the vehicle before the agreement expires.
Guaranteed Asset Protection (GAP)
A non-insurance product that covers the “gap” between the vehicle’s value and the amount you still owe, in an event your vehicle is involved in a major accident or is stolen. This could essentially help pay off most or all of your loan balance if your insurance company doesn’t pay the full claim. It will also pay up to $500 toward your deductible in the event of a claim on your auto insurance. It will cover any auto titled in your name. It will cover unlimited claims per year. Certain restrictions may apply.
Depreciation Protection Waiver (DPW)
Depreciation Protection kicks in if your vehicle is ever totaled or stolen and not recovered at anytime over the life of the loan. It waives some or all of your loan balance in the event of the total loss of your vehicle. The waiver benefit is equal to the difference between your vehicle’s MSRP or retail value at the time of DPW purchase, less the amount of your loan balance at the time of total loss. (The benefit cannot exceed the DPW addendum limit or your outstanding loan balance at the time of total loss.)
DPW is Ideal for Those Who:
- Put money down or have equity in the vehicle
- Make accelerated loan payments
- Desire protection from vehicle depreciation
- Desire peace of mind knowing the money invested in a vehicle could be protected
Contact PCMCU for more information.
Bi-Weekly Payments
Example: $20,000 at 6.24% monthly payment of $333.73. Paying $166.87 bi-weekly will save $417 interest + pays off the loan 6 months early.
Loan Campaign Rules:
Bi-weekly payment samples used in marketing materials are estimates. See rates and disclosures at pcmcu.org or contact us at (920) 593-2203 for exact terms and options. Bi-weekly payments are not available on 1st mortgage loans with escrows.
Down Payment Plus
If you want to buy a home and have a proven ability to make payments, PCM Credit Union and the Federal Home Loan Bank of Chicago can help.
Through the Downpayment Plus® Program*, up to $10,000 may be available to eligible homebuyers each year to use toward down payment and closing costs. Ask one of our loan officers today about the Downpayment Plus Program to see if you are eligible.
Homebuyers must meet income eligibility requirements and:
- Contribute at least $1,000 to the purchase of the home
- Participate in pre-purchase homebuyer counseling
- Live in the home as your primary residence
PCM Credit Union is committed to helping our neighbors. We can help lower your borrowing costs if you qualify for the Downpayment Plus Program.
Give our loan officers a call today.
Green Bay members: (920) 593-3400
Marinette members: (715) 732-4001
Federal Home Loan Bank of Chicago is a U.S. Government sponsored bank which provides services to financial institutions, including credit unions. As a partner of this unique entity, PCM Credit Union is able to share this program with you, the member-owners of PCMCU.
Funds for the program are limited and will be awarded on a first come-first serve basis until all funds have been used for the calendar year.
* Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago