What happens if my car is totaled or stolen while I am financing it?
We're sorry to hear your car was totaled or stolen, but we're glad to see that you're ok! When it comes to accidents or theft of your vehicle, you'll want to report the information to your insurance company as soon as it is safe to do so. It's best to do it immediately, but your safety should come first.
Once your insurance company has deemed your vehicle a total loss, they will request a Letter of Guarantee from the credit union. A Letter of Guarantee states that regardless of the settlement amount, the credit union will release our lien on the vehicle and/or provide the title to the insurance company.
A request for a Letter of Guarantee can be submitted via email to [email protected]
or faxed to (516) 714-2831. The request must include the following information:
- The vehicle's VIN (vehicle identification number)
- Insurance company’s claim number
- Payout amount for the vehicle
Once the request is received, we will forward the Letter of Guarantee within 2 business days. It’s important that you continue to make your scheduled payments until we receive payment from your insurance company. This will ensure that your credit is not adversely affected.
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