How Member Credit Protection Works

To receive this convenient, economical service, all you need to do is let us know you’d like to add Member Credit Protection (MCP) to your loan. You’ll enjoy the added protection, as well as a discount to your rate.

In the event your vehicle is stolen or totaled, MCP will pay any difference between your current outstanding loan balance and the payout from your insurance company. Effective January 1, 2017, United Texas will pay an additional $1,000, to assist you in replacing your vehicle.

In the event that you die during the term of your auto loan, your MCP coverage will allow United Texas to cancel the outstanding loan balance and your estate receives the title, free of any liens or encumbrances from the credit union.

MCP gives you the comfort of knowing that your assets are protected in a time of loss.

No, it does not. MCP supplements, but does not replace, your primary auto insurance coverage.

This is equal to the value of the vehicle minus the loan balance. If your vehicle value is less than the balance on your loan, you are in a shortfall position and will need to pay the difference to us to pay off your loan.

MCP protects you from this situation by paying any shortfall balance if you total the vehicle in an accident or the borrower passes away during the term of the loan. Effective January 1, 2017, MCP will pay you an additional $1,000 to help you purchase another vehicle.

If you elected MCP coverage for your auto loan, you will still receive a $1,000 payment if you do not have a deficit loan balance at the time of your loss.

Unfortunately, no. You must have insurance on your vehicle (not CPI) to be eligible for MCP benefits in the event of a loss.