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What Is the Capital CU Auto Loan Auto Deductible Reimbursement Option?

Want to get moving on your vehicle purchase and ensure you’re protected in case the unexpected happens? Capital Credit Union is your answer. Not only do Capital CU auto loans have great rates, but they also come with the option for auto deductible reimbursement. 

Read on to learn what auto deductible reimbursement is and more. We’ll explain everything you need to know and show you why Capital CU auto loans are the best choice you can make when it comes to financing your new vehicle. 

How Auto Deductible Reimbursement Works 

Making a vehicle purchase can feel exciting and rewarding. That new car smell, a new set of wheels to ride around town. Of course, you’ll want to protect your investment by purchasing auto insurance. 

But even with insurance, car accidents can be expensive. Most insurance companies require you to pay a deductible. That amount can vary. But according to , the average car insurance deductible is $500. That can add up quickly if you’re involved in multiple accidents. For instance, if you’re involved in a hit-and-run crash through no fault of your own, you’re on the hook for the deductible amount. That’s money you typically lose and will never see again. 

But that’s not the case when you borrow with Capital Credit Union. Capital CU auto loans come with our Auto Advantage Program, which includes auto deductible reimbursement. That means we’ll reimburse you for any auto deductible you pay up front. You’ll be responsible for insuring your vehicle, but we’ll be responsible for offering you the added protection of deductible reimbursement. 

Why would we do that, you ask? It’s simple, really. We like helping our members save money. It’s yet another way we prioritize your interests and help you stay ahead of the game when it comes to your personal finances. 

When you close on your loan with us, you’ll always be in the driver’s seat. But we’ll help you navigate the path toward financial freedom by working to overcome any roadblocks that may pop up along the way. 

When the unexpected happens, it’s easy to submit a claim. You have up to 90 days from the date of the loss to contact a Claims Administrator. You then have up to 180 days to sign and return the completed claim form, along with all other required documents. 

What Is and Isn’t Covered

If you opt in to the Auto Advantage Program, we’ll reimburse you up to $500 for the deductible payment on any loss covered by your auto insurance company on a vehicle you own or lease. This coverage is effective on the date of enrollment and lasts three years. There’s no limit on the number of losses you can claim, so you’ll have peace of mind knowing your deductible is completely covered for the first several years you own your vehicle. 

There are a few restrictions that apply. For instance, you must have an auto insurance policy in effect at the time of the loss, and you must be listed on the policy as the insured party. Your auto insurance company has to approve your claim, and the damages need to exceed the amount of the deductible in order for you to qualify. If your auto insurance company waives the deductible for any reason or if damages do not exceed the deductible amount, you won’t be eligible for reimbursement. 

Keep in mind that the auto deductible reimbursement only applies to automobiles. It does not apply to recreational vehicles, boats, or other types of watercraft, motor homes, trailers, ATVs, and motorcycles. It also doesn’t apply to commercial vehicles or vehicles used for commercial purposes. 

The good news is that the auto deductible reimbursement applies to every vehicle you own, so long as the vehicle is registered in your name and you are the insured party. So, if you own multiple vehicles and get in an accident with more than one, you will be reimbursed for each loss. That could save you hundreds, if not thousands, of dollars over time. 

Benefits of Auto Deductible Reimbursement 

Why spend money on an auto deductible payment? After an auto accident, there are more important uses for your money. Auto deductible reimbursement gives you peace of mind and keeps more money in your pocket. That’s money that can be put toward additional repairs, medical expenses, or even just taking time off to recover. 

Not every lender will offer auto deductible reimbursement, though. It’s a benefit you get from becoming a member of Capital Credit Union and opting into the Auto Advantage Program. We enjoy rewarding our members with all sorts of benefits—from low interest rates on auto loans to high yields on checking accounts

So, just as you shop around for the most competitive interest rate, shop around for the best perks. A low interest rate isn’t the only way to save money on your auto loan. You can also save through auto deductible reimbursement and other benefits offered only through your local community credit union. 

For instance, our Auto Advantage Program comes with more than just auto deductible reimbursement. It also includes Personal ID Restoration Consulting in case you’re the victim of identity theft and our Warranty Vault, which provides a convenient solution for keeping track of your warranties on consumer products. No more digging through paperwork piled up in your desk drawer. Capital Credit Union is all about making your life easier by offering the best financial solutions and more. 

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Want to set yourself up for success by making a smart financial move? Become a member of Capital Credit Union and start saving today. You’ll gain access to Capital CU auto loans, membership benefits, and so much more. Capital Credit Union will make your financial journey a road well worth traveling. 

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