What is Debt Protection?
Debt Protection gives you piece of mind that you and your family will be financially protected when life takes an unexpected turn. Whether its involuntary unemployment, disability or death, debt protection can ensure that your loan balance or loan payments be cancelled for a period of time or permanently, based on the type of protection purchased and life event that occurs.
Types of Protection
|Plan||Loss of Life||Disability||Involuntary Unemployment||Rate per $100 of Monthly Loan Balance (single)|
|Life Plus, Disability||Yes||Yes||No||$0.35|
|Disability & Involuntary Unemployment||No||Yes||Yes||$0.35|
|Life Plus, Disability & Involuntary Unemployment||Yes||Yes||Yes||$0.40|
- Life Plus – Cancels 100% of loan balance up to $100,000.
- Disability – Cancels up to 12 payments, per occurrence, up to $12,000 in a 12 month period.
- Involuntary Unemployment – Cancels up to 6 payments, per occurrence, up to $3,000, in a 6 month period.
Guaranteed Asset Protection – GAP
Newly purchased vehicles depreciate as soon as they’re driven off the dealer’s lot. If your vehicle is totaled in an accident or stolen and not recovered, you may owe more than the vehicle is worth. GAP will pay the difference between your remaining loan balance and what the insurance company is willing to pay.
Whether you’re purchasing a new or used car, it’s always important to purchase “health insurance” for your vehicle, in the event it “gets sick”. Our ‘health insurance” is offered in the form of a warranty, so you don’t find yourself in a bind when your car gets sick, or needs a major repair. 61% of American’s don’t have enough money saved to pay for a $1,000 emergency, including a car repair, based on a CNBC survey, should something come up unexpectedly. AmeriChoice, by partnering with Route 66 Extended Warranty, can help you avoid the unknown by putting your mind at ease with 3 warranty options to fit your needs and budget.
- First Street – Drivetrain Plus Coverage
- Main Street – Deluxe Coverage
- Easy Street – Factory Type Coverage – Best Available Value
*for specific coverage details, contact a Financial Service Representative
Who Can Purchase a Warranty?
Anyone can purchase a warranty at any time, even if they don’t have a loan on their car.