Loan Protection

  • Overview

Payment Protection Get a Quote

Prepare for the unexpected with this voluntary loan-payment protection product that eases financial stress for you and your family if something happens to you.

  • Avoid delinquency, default or foreclosure
  • Cancel or reduces repayment of your loan debt
  • Protected events include involuntary unemployment and loss of life or disability, including those caused by acts of war

Get peace of mind for you and your family by going through our easy enrollment process. Please call Redwood Credit Union at
1 (800) 479-7928.

Guaranteed Asset Protection

If an accident or theft leads to a total loss of your vehicle, GAP covers the difference between what you owe on the loan and what your insurance policy covers. This coverage can save you thousands of dollars.

  • Protects new and used vehicles valued up to $100,000
  • One-time cost of $299 for autos, slightly higher for motorcycles, boats and RVs
  • Can cover up to two skipped payments
  • Waives losses up to $50,000
  • Receive a $1,000 loan credit when you finance your replacement vehicle through RCU
How GAP Works
Loan amount: $25,000
Term: 60 months
Loss date: 36 months
Loan payoff: $15,000
Insurance settlement: $12,000
GAP (deficiency): ($3,000)
GAP payment to Credit Union: $3,000
Out-of-pocket expense: $0

For more information or to purchase GAP coverage, please call 1 (800) 479-7928, send a message using our contact form, or visit your nearest Redwood Credit Union branch. To purchase GAP coverage, you may also print out and complete the GAP Acceptance Form and bring it to any branch or fax to (707) 522-6851.

GAP Acceptance Form

Collateral Protection Insurance (CPI)

This force-placed insurance covers the collateral of a loan at a lending institution, usually an automobile. This insurance does not protect motorists and therefore, does not meet California’s legal requirements for motorists.

You can avoid the need for Collateral Protection being placed on your loan by providing RCU with a copy of your insurance coverage information for your home, auto, motorcycle, RV, trailer or boat.

Please take a moment to provide us with your policy declarations page. As a reminder, our loan agreement requires that your collateral is continuously insured against physical damage losses during the entire term of your loan. You can provide your insurance by mail, fax, or Internet. Please note we are unable to accept an insurance ID card as it does not contain all the required information. To help us process your insurance in a timely manner please refer to the following primary insurance requirements:

  • Continuous insurance coverage with no lapses
  • Lender named as lien holder or loss payee
  • Comprehensive and collision coverage (or physical damage) with deductibles not greater than $1,000.
  • No excluded drivers

If we do not receive acceptable proof of the required insurance, it may become necessary to protect our interest by purchasing a Collateral Protection Insurance (CPI) certificate at your expense. Please be aware that CPI is not a substitute for standard insurance and generally carries higher premiums than insurance you can purchase on your own. CPI is designed to protect only our interest in your collateral for claims filed by us as the creditor for physical damage or loss caused by covered collision and comprehensive casualties, and therefore may not pay for claims you make. Even more importantly, it does not provide any liability coverage for claims made against you and does not satisfy any mandatory liability insurance or financial responsibility laws of this or any other state. For these reasons we encourage you to provide your own insurance.

Vehicle Loans
Redwood Credit Union
PO Box 6104
Santa Rosa, CA 95406
Fax: 1 (877) 716-4692

Second Mortgages
Redwood Credit Union
Its Successors And/Or Assigns
PO Box 6104
Santa Rosa, CA 95406
Fax: 1 (877) 716-4692

Mortgagee Clause for 1st Mortgage Loans:
Redwood Credit Union, It's Successors and/or Assigns
PO Box 961292
Fort Worth, TX 76161-0292
Loan #
Fax number: 1 (855) 640-4865

Lien Holder Verification Form

Please verify that we received a copy of your insurance policy by calling 1 (866) 877-3373 (for vehicle loans and second mortgages/home equity loans) or 1 (866) 669-8615 (for first mortgages).

Related Links

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If you’ve forgotten your RCU Online banking Username, password, or other login information, follow the directions below to get help now.

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Still need help?

Contact our Member Service Center at 1 (800) 479-7928, Monday through Friday from 7am to 8pm or Saturday from 8am to 5pm PST.

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To discuss coverage, please call us at:
1 (800) 479-7928

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Redwood Credit Union serves anyone living, working or owning a business in California’s Northern Bay Area, which includes the counties of Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano. We look forward to serving you!