309.661.1166
Mortgage Loans
as low as
3.00% APR
 
New/Used Auto
as low as
2.04% APR
 
Personal Loan
as low as
6.99% APR
 
VISA Credit Cards
as low as
8.99% APR
 
Share Certificates
as much as
1.92% APY
 

Advertised loan rates are our lowest available and are for well-qualified borrowers. Your rate will be determined by individual credit qualifications and may be higher.

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GAP Insurance

Guaranteed Asset Protection (GAP)
is like an airbag for your vehicle loan.


If your vehicle is totaled or stolen, GAP could help fill the gap between what your car insurance will pay and what you owe on your loan, to cushion you against sudden out-of-pocket expenses. These expenses could cost you thousands of dollars.

If your vehicle is totaled, you could end up owing more on your loan than your vehicle is worth. This is known as being “upside down” on your loan. As vehicles become more expensive and people take out more loans for longer periods of time, their risk of being “upside down” has increased. Americans have signed up for a record amount of vehicle loan debt for a record length of time. Almost one out of every four car buyers took out a 6 to 7 year loan---which has extended their risk of being upside down to around five and half years.1

Fair market value doesn’t seem fair if your car is totaled, because you could end up owing more on your loan than the insurance company says your vehicle is worth. Don’t let a wrecked car wreck your finances!

Call the Mid-Illini Credit Union loan department at 309.661.1166 and get GAP today.


Disclosure:
1 Experian Study, 1st quarter 2014, from Daily Finance Financial Literacy, “Auto Buyers Set New Records, Load Up On Longer Loans”, http://www.dailyfinance.com/2014/06/02/auto-buyers-longer-loans-more-debt/ June 2, 2014.
 
Your purchase of MEMBER’S CHOICETM 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 GAP Waiver 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. 
 
State chartered credit unions in FL, GA, IA, RI, UT, VT, WI may choose GAP with or without a refund provision. Prices of the refundable and non-refundable products are likely to differ. If you choose a refundable product, you may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method. 
 
State chartered credit unions in CO and SC may cancel at any time during the loan and receive a refund of the unearned fee calculated by the actuarial method. 
 
GAP-1162557.1-0415-0517
 

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Membership is open to anyone who lives or works in McLean County, is related to a current MICU member, or would like to join the Mid-Illinois Dollars for Scholars Foundation.

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Mid-Illini Credit Union, 1811 Eastland Dr., Bloomington IL 61704
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