Loan Protection Options
Guaranteed Asset Protection also known as GAP
Have peace of mind by purchasing Guaranteed Asset Protection (GAP) with your auto loan. Adding GAP to your line of loan protection programs can help you rest easy, knowing you can be protected from a deficiency balance or depreciation after your insurance payout if your vehicle is totaled or stolen and not recovered.
GAP Advantage with PowerBuy®
Even the best insurance may not cover the entire amount owed on an auto loan, so get the best in GAP coverage with GAP Advantage with PowerBuy. Not only does it deliver benefits throughout the entire term of the loan, offer coverage addressing both outstanding loan balance and depreciation loss, but it also gives additional funds to finance their next vehicle in the event of a loss.
You can purchase this coverage with a depreciation benefit of $2,500; $5,000; or $6,000. If your vehicle is declared a total loss after an accident or theft, you will receive the balance on the remainder of their loan or the reimbursement of the depreciation on their vehicle, whichever is greater. Then, as an added benefit, you will receive a $2,500 allowance to finance a replacement vehicle, if financed through Coloramo.
Major Mechanical Protection
Each year, vehicles become more advanced with computerized functionality, built-in applications, high- performing engines, and luxury features that, if damaged, could cost hundreds of dollars to repair. By adding warranty protection, you could protect yourself from costly repairs. Major Mechanical Protection (MMP) makes it affordable for you to keep and enjoy their vehicles longer. You pay for the warranty once, and in most cases, will not have to pay for anything more than a small standard deductible should a breakdown occur. And best of all, the total cost of MMP is often far less than the cost of a single repair.
PROTECT YOURSELF FROM COMMON VEHICLE REPAIRS
Key Fob Coverage
Tire and Wheel
Trip Interruption Coverage
Credit Life and Disability / Unemployment
Coloramo offers credit life, credit disability, and credit involuntary unemployment insurance (IUI). When unexpected circumstances like job loss, disability, or even death occur, your loan premiums will be covered for a specified amount of time and/or be paid off in full depending on their coverage.