What is Vehicle Debt Protection?
Life is Unpredictable. There are a wide range of unexpected events that could leave you and your family scrambling to pay monthly bills. That’s why it is important you take action to safeguard your family against these types of events to ensure loan payments can be made on time. That’s where Debt Protection comes in. Under the Debt Protection program, your loan balance may be canceled. You benefit from the peace of mind knowing you and your credit rating are protected — and most importantly — that your family is protected.
Availability and Plan Information. Debt Protection is available for closed-end consumer loans if the loan has a term of 120 months or less. If you meet eligibility requirements and conditions, Debt Protection will provide death protection to help your family get back on their feet financially with the cancellation of your loan. This plan cancels the remaining loan balance as of date of death (up to $50,000).