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Guaranteed Asset Protection (GAP) protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered.
GAP eliminates or reduces “out of pocket” expenses for the remaining loan balance after loss settlement. Without GAP you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance.
A one-time fee of $199 will provide GAP coverage for the life of your Farm Bureau Bank vehicle loan.
When you elect to have Debt Cancellation on your Farm Bureau Bank vehicle loan, should you ever experience an eligible hardship, this benefit will kick in and pay your monthly payment for a period of time.
Debt Cancellation is designed to help people through uncertain times – namely when you lose your job unexpectedly or are unable to work due to an accident. These unfortunate events happen to people every day without warning. And they can turn into financial emergencies for those who are not prepared.
Debt Cancellation is available at the time you close your vehicle loan with Farm Bureau Bank. Various plans and options are available.
Plan A Applicant Coverage
Loss of Life & Terminal Medical Condition. |
Plan A Applicant Coverage with Co-Applicant Coverage
Co-Applicant Coverage (Plan A) covers only Loss of Life & Terminal Medical Condition. |
Applicant Only Fees: $0.75 per $1,000 of monthly Outstanding Loan Balance
Applicant & Co-Applicant Fees: $1.12 per $1,000 of monthly Outstanding Loan Balance
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Plan B Applicant Coverage
Loss of Life, Terminal Medical Condition, Critical Period Disability & Critical Period Hospitalization. |
Plan B Applicant Coverage with Plan A Co-Applicant Coverage
Co-Applicant Coverage (Plan A) covers only Loss of Life & Terminal Medical Condition. |
Applicant Only Fees: $1.75 per $1,000 of monthly Outstanding Loan Balance
Applicant & Co-Applicant Fees: $2.12 per $1,000 of monthly Outstanding Loan Balance
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Plan C Applicant Coverage
Loss of Life, Terminal Medical Condition, Critical Period Disability, Critical Period Hospitalization & Critical Period Involuntary Job Loss. |
Plan C Applicant Coverage with Plan A Co-Applicant Coverage
Co-Applicant Coverage (Plan A) covers only Loss of Life & Terminal Medical Condition. |
Applicant Only Fees: $3.85 per $1,000 of monthly Outstanding Loan Balance
Applicant & Co-Applicant Fees: $4.22 per $1,000 of monthly Outstanding Loan Balance
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Equal Housing Lender. Farm Bureau Bank is an Equal Opportunity Employer.