Did you receive a letter requesting auto insurance verification? As a requirement of the loan agreement, members must maintain insurance protection on property used as collateral on an auto loan. AAFCU automatically purchases collateral protection insurance (CPI) when a borrower’s vehicle insurance lapses. The cost of the collateral protection insurance is added to the borrower’s auto loan balance as stipulated in the security agreement.
Borrowers must maintain full coverage (collision and comprehensive) insurance on vehicles until the auto loan is paid in full.
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