Mechanical Repair Coverage
As vehicles get older and miles add up, the likelihood for repairs increases. Mechanical Repair Coverage can help you limit out-of-pocket, costs for covered breakdowns.
To research, compare and buy Mechanical Repair Coverage, visit https://creditunion.forevercar.com/centralvirginiafcu or call (866) 631-9205, where you can take advantage of:
- Convenience - easy-to-use, 24/7 online shopping experience
- Customer service - expert service through a dedicated call center
- Monthly payments - through a convenient monthly payment plan that fits your budget
Mechanical Repair Coverage is provided and administered by Consumer Program Administrators, Inc. in all states except CA, where coverage is offered as insurance by Virginia Surety Company, Inc., in WA, where coverage is provided by National Product Care Company and administered by Consumer Program Administrators, Inc., in FL, LA and OK, where coverage is provided and administered by Automotive Warranty Services of Florida, Inc. (Florida License #60023 and Oklahoma License #44198051), all located at 175 West Jackson Blvd., Chicago Illinois 60604, 800.752.6265. This coverage is made available to you by CUNA Mutual Insurance Agency, Inc. In CA, where Mechanical Repair Coverage is offered as insurance (form MBIP 08/16), it is underwritten by Virginia Surety Company, Inc. Coverage varies by state. Be sure to read the Vehicle Service Contract or the Insurance Policy, which will explain the exact terms, conditions, and exclusions of this voluntary product. MRC-2341946.1-1218-0121 © CUNA Mutual Group 2018
Guaranteed Asset Protection
That’s where GAP (Guaranteed Asset Protection) can kick in. GAP coverage will help cancel the difference between the primary insurance settlement and what you may still owe.
To learn more, please contact your loan officer today at (434) 528-9016 or (800) 335-0069.
Your purchase of MEMBER’S CHOICE Guaranteed Asset Protection (GAP) is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of GAP. If you choose GAP, adding the product fee to your loan amount will increase the cost of GAP. You may cancel the protection at any time. If you cancel protection within 90 days you will receive a full refund of any fee paid. You will receive additional information before you are required to pay the fee for this product.
- Involuntary Unemployment, Disability and Loss of Life Coverage
- Disability and Loss of Life Coverage
- Loss of Life Coverage
Payment Protection* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. And simple eligibility requirements ease the enrollment process.
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), Payment Protection will cancel or reduce repayment of your loan debt—helping to reduce your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. See your loan officer for complete details.
*Your purchase of Payment Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Payment Protection. You may cancel the protection at any time. If you cancel protection within 30 days, you will receive a full refund of any fee paid. DPGAP-0313-230B
If you are a first time home buyer, take time to visit our Resources section for information to help you start the home buying process. Be sure to check out our calculators which will help guide you through some important calculations.
Am I Financially Prepared?Before you consider buying a home you must be financially ready. Some things you should consider:
- Have you saved for a down payment – at least 5% of the purchase price of the home?
- Is your credit record healthy?
- Can you afford the property taxes?
- Can you make the monthly mortgage payments?
- Do you have money set aside for home emergencies such as a new furnace or hot water heater?
Does it Make Sense to Buy?
- How settled am I?
- Is a job transfer likely?
- Would I like a change of scenery sometime in the near future?
If you’re not going to be in the same location for the next 3 to 7 years, you may not want to buy a house. After only a few years, you won’t make enough on the house sale to at least break even.
How Much “Home” Can I Afford?
So you’re ready to buy? What do you need for mortgage application?
When applying for a mortgage loan, lenders require several pieces of personal information and documents. To help speed up the process and ensure you are prepared, we have compiled a list of items you’ll need to review and make sure you have ready for your mortgage consultation.
Personal Information To Have Ready
- Property information including address, legal description of property and the year the residence was built
- Social Security number(s) of applicant(s)
- Employment information for the previous two years
- Income information – including salary, overtime, bonuses, commissions, dividends, interest, retirement and any other source of ongoing income
- Present rent or mortgage payment information – including payments, taxes, dues and insurance
- Liquid assets – including name of financial institution, account type and balance including retirement and investment statements
- Amount of cash deposit towards purchase
- Property owned – including current residence, retirement funds, businesses owned, automobiles and a value estimate of remaining personal property
- Liabilities for all open accounts – including account number, names, complete mailing addresses, balances and minimum monthly payments
- Child support or alimony funds
- Schedule of real estate owned
Documents We Will Need
- Most current pay stub and W-2 for the last year
- Statements for all non-CVFCU accounts for the previous two months
- If renting, the name, address and telephone number of any landlord(s) for the previous two years
- Purchase contract and copy of the canceled binder check if the earnest money deposit is over $1,000
- If retired, an annuity statement or awards letter
- Separation documents and divorce decree, if applicable
- If child support or alimony is used as income, the most recent twelve-month history of receipt is required
If you are self-employed:
- and file a Schedule C or receive income from rental property, bonuses or commissions, or own 25% of your company, you must provide the last two years’ tax returns with new original signatures and a current date- including all schedules, a current balance sheet and a current profit and loss statement
- and file partnership, S-corp. or corporate returns, you must provide the previous two calendar years’ business tax returns along with your personal returns and a profit and loss statement and balance sheet through the end of the last month