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Vehicle Loan Billing Information

Can I travel outside the US with my vehicle?

If you have an auto loan with Bay Federal you may not take your vehicle out of the United States without the written consent of Bay Federal. Bay Federal may allow vehicles to be taken out of the United States for a limited period of time if all of the following conditions are met:

The expected length of travel will be less than sixty days;
The loan is not past due and the member is in good standing with the credit union;
The auto is adequately insured (not lender placed) and covers travel to other countries (member’s may have to purchase separate or extended insurance plans);
You must have made at least three on-time monthly payments prior to requesting authority to take the vehicle outside of the United States;
The auto registration must be current and show Bay Federal Credit Union as the lienholder.

You must complete the Request to Take Vehicle Outside of the US form and you may bring it in to any branch or mail it to Bay Federal Credit Union, Attention: Loan Servicing, 3333 Clares Street, Capitola, CA 95010.

I have an auto loan with fixed monthly payments and wish to change my due date. Can I do that?

You may be eligible to change your loan due date by completing the Due Date Change Request Form. Eligibility is based on the following factors: your account may not be past due, you may not have any unpaid charges, and you must have made at least one regularly scheduled payment. The requested payment due date must be in the same month as the existing payment due date. Due date changes will not be approved more than once per year. Changes to the due date may change your loans scheduled payoff date and increase the total interest paid over the loan period.

I have received a check for repairs to my vehicle from my insurance company and it is made out to Bay Federal Credit Union? What do I need to do?

If you receive an insurance check made payable to Bay Federal and yourself you must submit it to Bay Federal for review and endorsement. If the total amount is less than $10,000 and your account is not past due then you should bring your insurance documents and check to any branch for endorsement. Repairs of $10,000 or more need verification. Please bring your check and insurance documents to any branch for review. The repairs must be completed by a licensed and qualified repair shop. If your loan is past due then you will be required to bring the account current before any funds will be released to you for repairs.

What is the Skip Pay program and how do I qualify?

If you are a member in good standing and want a little extra cash, you may be eligible to skip a month’s auto payment by taking advantage of Bay Federal’s Skip Pay Program. For only $30, you can use the cash you would normally pay to your auto loan and use it for another purpose. Decisions are made promptly and there is no impact to your credit report when you take advantage of the Skip Pay Program. To qualify you must be a member in good standing with the Credit Union and your account may not be past due. Learn more!

How do I get temporary assistance on my auto loan if I'm facing financial difficulty?

If you are experiencing temporary financial difficulties, you may qualify for a reduced auto loan payment through Bay Federal’s Consumer Preservation Program. To qualify for a hardship assistance you must have made a minimum of twelve payments to the Credit Union on your auto loan and have sufficient income to qualify for relief. All borrowers and co-borrowers must sign the Auto Loan Preservation Program Application and submit supporting income and hardship documentation.

What is Bay Federal Credit Union's auto insurance policy?

If you have an automobile, motorcycle, or RV loan, you must maintain insurance providing coverage for all risks of sudden and accidental loss or damage to your vehicle. Insurance policies must include:

A maximum deductible of $1,000 for collision and comprehensive coverage
Bay Federal Credit Union listed as lien-holder/loss payee

You may submit a copy of your insurance declaration page (insurance cards are not acceptable proof of insurance) to any Bay Federal branch, or you may fax it to 831.465.1787 or 1.877.308.6102. You may mail your insurance declaration page to Bay Federal Credit Union, P.O. Box 790628, San Antonio, Texas 78279-0628, or you can upload a copy of your policy to https://www.imcovered.com/bayfed (please have your auto loan number and loan date available). If you have already received a notice from Bay Federal’s Insurance Processing Center please have your unique identifier code available.

If you fail to provide the required proof of insurance, Bay Federal may purchase insurance on your behalf. Lender purchased insurance may cover only the lesser of the lender’s interest in the collateral (the loan balance), or the value of the collateral and may not provide any public liability or property damage indemnification. In addition, the amount of any lender placed policy will increase your overall loan balance, total interest charged, and could cause monthly payment increases.

How do I purchase or cancel GAP coverage from Bay Federal?

You may be able to purchase a GAP waiver after receiving your auto loan if you meet the GAP waiver's requirements. If you purchased a GAP waiver from Bay Federal and wish to cancel your coverage and receive a refund of your GAP fee, you must do so within sixty (60) days from the time your loan was made. Please note that canceling the GAP waiver will not lower your monthly auto payment and if you refinance your loan, your GAP coverage terminates. To cancel or purchase a GAP policy, please call Bay Federal at 831.479.6000 or 888.4BAYFED (888.422.9333).

How do I cancel my debt protection?

You may be eligible to cancel your debt protection. Please call us at 479-6000 to discuss debt protection cancellation with one of our Financial Service Representatives.. If you wish to cancel your coverage and receive a refund of fees previously charged, you must do so within sixty (60) days from the effective date of the debt protection. Cancellation after sixty (60) days will end coverage, but previously charged fees will not be refunded. Please note that canceling debt protection will not lower your monthly auto payment and the payoff schedule of the loan may accelerate. Once debt protection is cancelled, it cannot be reinstated.

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