Collateral Protection Insurance
Have you received a Collateral Protection Insurance (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.
Adequate proof of insurance includes:
• Insurance declaration page
• Policy Period (fixed expiration or continuous policy)
• Policy Number
• First American Credit Union listed as lienholder
• Comprehensive and Collision Coverage
• Comprehensive and Collision deductible $1,000 or less
• Collateral Description and VIN