Ancillary Products

We also offer several payment protection products which protect your financial and credit position should any unforeseen events happen such as loss of job, a vehicle accident resulting in the inability to work or if your vehicle is totaled in an accident. Various ancillary products that Kitch Acceptance offers are as follows:

• Guaranteed Auto Protection (GAP) – If a vehicle is totaled or stolen, the borrower’s insurance company settlement is based on the vehicle’s actual cash value — an amount that could be significantly less than the outstanding loan/lease balance. The actual cash value of a vehicle typically depreciates faster than monthly loan payments reduce the outstanding loan balance. This creates a deficiency balance on the loan that can result in financial difficulty. With GAP, you can protect yourselves from just such a scenario because it pays the covered deficiency balance. Without GAP, you may end up simultaneously paying for a totaled vehicle and its replacement.
• Credit life insurance – Should you or another individual who is co-signed on the loan die, the insurance would pay the remaining loan balance off in full. This would ensure any collateral securing your loan would be free from liens for your loved ones.
• Disability insurance – In the unlikely event that you would be injured in an accident and unable to work, the remaining payments on the loan would be paid for in full by the insurance company so long as you are unable to work.
• Unemployment insurance – In today’s age of plant closures and corporate relocation this insurance provides assurance that if you become involuntarily unemployed, your loan payment will be made based on a time period determined by the original length of the loan giving you the valuable time needed to find a new job.