Did you know that on average it takes almost three years of a five-year auto loan to bring the loan balance down to the actual cash value of the vehicle? That means that if your vehicle is stolen or damaged beyond repair, you're still liable for the difference. Guaranteed Asset Protection (GAP) covers the difference between the cash value of your car (what your primary auto insurance will reimburse) and your outstanding loan balance. You can include GAP coverage on your next Altra loan for a new or used private passenger vehicle less than 10 years old, motorcycle, ATV, snowmobile, boat, jet ski, motor home, or travel trailer. For a one time payment of only $248 for a private passenger vehicle, you won't have to continue making payments on a stolen or totaled vehicle.

There’s nothing more exciting than driving your new car home. And there’s nothing more discouraging than the first dent or major repair. The good news is, you can do something besides worry about exorbitant repair bills ruining your budget.

If you’re purchasing a new or used vehicle, you can purchase Altra's top-of-the-line Major Mechanical Protection (MMP) – usually for much less than extended warranties available through a dealer. To make it even more affordable, you can spread the cost over the life of your loan. There are two levels of coverage to choose from, and the cost is surprisingly affordable – many members recover the entire cost of coverage after just one major repair. MMP is transferable if you sell or trade your vehicle, which increases your vehicle's value.

If you have an existing Altra auto loan, we may be able to add MMP without increasing your payment.

Who will make your loan payments if you’re not able to? Payment Protection has been the answer for thousands of Altra members and their families. That’s why we’re pleased to introduce expanded Personal Choice Payment Protection that offers new combinations of coverage. Members can choose individual or joint coverage for Life or Disability, Life and Disability, Life and Involuntary Unemployment, Disability and Involuntary Unemployment, or a premium package with all three types of coverage.

Our new Personal Choice Payment Protection is more economical than our previous program, and offers the new benefit of Involuntary Unemployment coverage. If you have an existing auto loan, personal loan, line of credit, home equity loan, or Home Equity Line of Credit with life and disability coverage, you can refinance that loan and add additional coverage with minimal paperwork. If you’re taking out a new loan, consider adding Payment Protection. For more details, stop in or call 800-755-0055.