Have you received a CPI notice? Here’s why.
Collateral Protection Insurance is used by lenders to protect their collateral in case of an accident. CPI will be applied to your loan if we haven’t received verification that you have obtained adequate comprehensive and collision insurance coverage on your vehicle.
Collateral Protection Insurance (CPI) is insurance the credit union has purchased due to a lack of insurance or inadequate coverage in the current insurance.
The Retail Installment Sale Contract (RISC) that was signed, authorizes the credit union to purchase insurance to protect its security interest in the collateral.
CPI is only designed to protect the credit union’s interest in the collateral and may not meet minimum state-specific insurance requirements.
The current CPI program premium is $95 + any applicable interest, which is added to your monthly payments.
Yes, when CPI is added it increases your monthly payments by $95 plus any applicable interest.
A refund can be requested by submitting acceptable proof of insurance for the duration of the lapse in coverage through the Add your info link above. If your vehicle did not have acceptable insurance coverage for the entire month, a refund cannot be issued, and the CPI premium must be paid. Refunds are processed and paid, if approved, within 7 to 10 business days.
If a document that contains all Insurance Requirements (see list above) is provided, it should take 7 to 10 business days for the account to update.
You are about to visit a third-party website not operated by Alaska USA Federal Credit Union
Alaska USA Federal Credit Union is not responsible for the product, service, or website content on any external third-party sites and does not represent either you or the website operator if you enter into a transaction. Alaska USA Federal Credit Union’s privacy and security policies do not apply to the linked site.