Loan Insurance & Protection
- DMPOCU Debt Protection Coverage
- GAP (Guaranteed Asset Protection)
- Mechanical Breakdown Protection (MBP)
You may also be interested in:
- Loan Skip-a-Pay Option
- Our partnership with Enterprise Car Sales
- Discounts available from Hilltop Tire Service
New and used vehicle loans are available at very competitive terms and rates. Our vehicle loans are available on any titled vehicle, including motorcycles, boats, campers, ATV’s and other titled collateral, however longer terms may be available if needed.
We offer Signature Loans (both a line-of-credit & fixed-rate loan), as well as Overdraft Loans. These types of loans are granted to qualifying members without collateral being required.
First Mortgage Loans
We offer a variety of First Mortgage Loan options at competitive rates with low closing costs. Rates vary daily. Please complete an online mortgage application with Premier Lending—our mortgage lending partner—or call or email us for details.
- FHA – Gift funds allowed
- Conventional 30, 25, 20, 15, 10 yr fixed terms
- VA – No down payment required
- Manufactured homes
- USDA – 100% financing
- First time homebuyers
- Jumbo financing
Home Equity Loans
Home Equity Line of Credit Loans, fixed-rate Home Equity Loans and Home Improvement Loans are available. Members can borrow up to 90% of the equity they have in their residence to finance just about any project or purpose. Repayment terms are available for up to ten years (120 months).
Savings Secured Loans
Share (savings) secured loans are available to members who wish to pledge their share balances as collateral. Dividends will continue to be paid to members on pledged balances.
DMPOCU Debt Protection Coverage
If a protected life event happens to you (and you’re a protected borrower or co-borrower on the loan), DMPOCU Debt Protection Coverage will cancel or waive your loan payments, up to the contract maximums—helping to lessen your worries, and your family’s worries, about paying loans during a time when your income may be reduced or lost and paying other household bills becomes challenging. We offer a number of options you could protect yourself against. These events could include:
- Loss of life, including those caused by acts of war
- Disability, including those caused by acts of war
- Family leave
Ask us about Debt Protection Coverage when you apply for your next
DMPOCU loan or credit card, or contact us
to ask about adding it to your current loan or credit card.
Your purchase of DMPOCU Debt Protection Coverage 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 Member Agreement for a full explanation of the terms of DMPOCU Debt Protection Coverage. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid.
DP-1202789.1-0515-0617 © CUNA Mutual Group 2015, All Rights Reserved
GAP (Guaranteed Asset Protection)
GAP coverage is an auto loan debt cancellation waiver that protects you financially if your vehicle is totaled or stolen, and you owe more on the vehicle than your insurance will pay. It’s affordable coverage for any member that ensures a misfortune with your vehicle doesn’t require a fortune out of your pocket.
- GAP coverage is available on new and some existing DMPOCU loans
- Coverage may be paid upfront, or rolled-in to your loan payment
- GAP will pay an additional $1,000 toward the purchase of a replacement vehicle when it’s financed at Des Moines Police Officers’ Credit Union
For more information, an instant quote, or to add GAP coverage to your existing DMPOCU loan, please visit our GAP Partner in protection.
>Auto Advantage Deductible Reimbursement Insurance is included with your GAP coverage!
Des Moines Police Officers’ Credit Union is proud to now offer our members an Auto Deductible Reimbursement Insurance that will help cover out-of-pocket expenses, such as your insurance deductible, when you have an accident or mishap with your vehicle.
Here are a few of the details:
- Pays up to $500 per loss when a claim is filed and paid with primary insurance carrier
- Loss means an event for which the auto insurance company has approved & paid a claim which exceeds the Covered Auto Deductible for a collision or comprehensive claim.
- Coverage is effective upon date of enrollment and will continue for three (3) years.
- Not only does this insurance cover deductibles for the vehicle you have a loan on but it will also reimburse you for insurance deductibles that you have to pay on all other vehicles, as long as those vehicles are titled in the same person’s name that is listed on the GAP policy.
For more information, call, stop in to our office, or email us.
Mechanical Breakdown Protection (MBP)
Mechanical Breakdown Protection (MBP) provides protection against mechanical breakdowns beyond your existing manufacturer’s warranty. For more information, or to get an instant quote, simply visit our MBP partner in protection.
Loan Skip-a-Pay Option
Qualified members may have the option to skip their loan payments for one month on one or all of their DMPOCU loans, excluding credit cards and mortgage loans. There is a small fee of $25 per loan for this service. To determine if you are eligible to skip your loan payments, contact us or login to “It’sMe247” Online Banking and look for the green “SP” button next to your loan on the Account Summary screen (see the example below).
NOTE: Members who have bi-weekly payments setup should contact us to take advantage of this option rather than using “It’sMe247.”