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Thursday, August 28, 2014

Do you have a Vehicle Loan at BFCU?

If you have a vehicle financed at Border Federal Credit Union, you are required to provide proof that you have current and adequate auto insurance.  If you fail to obtain or maintain your own insurance, BFCU may purchase insurance to protect our interest in your vehicle; this insurance is referred to as Collateral Protection Insurance or CPI.  The cost of the CPI will cause your monthly loan payment to increase and/or extend the term of your vehicle loan.  CPI is more expensive than a personal comprehensive and collision coverage and it does not satisfy your state‐mandated liability insurance requirements.

If you have recently added coverage or have changed insurance companies, you may update your records by faxing your proof of insurance coverage toll free to 1‐(866) 927 9683 or to (830) 774‐0548, Attn. CPI Insurance Department, bringing it to any BFCU location, or updating your information at   www.imcovered.com/borderfcu.

It is required that BFCU be listed as a loss payee or Lien-holder as follows:
 
Border Federal Credit Union P.O. Box 420728 Del Rio, TX 78842