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Frequently Asked Questions about Auto Loans at Denver Community Credit Union

I did my financing with Denver Community at the dealership. When can I expect to receive my account information?

If your loan was closed at the dealership, and you were not previously a member of the credit union at the time of financing, you will receive a welcome packet with your account information within 3-4 weeks.

How do I make a payment to my auto loan?

For your convenience, we offer multiple ways to make a payment.  Our most popular option is through our online and mobile banking platform.  To make a payment online, you will need an online/mobile banking account.  Click here to view online banking enrollment instructions.  With an online banking account, you will be able to view details of your loan, make payments, and even sign-up for e-Statements.  


If you would like to set up automatic payments from another institution, you may contact the institution you would like the payment drawn from and provide them with your account information.  


If you are already a member of Denver Community Credit Union, and would like to set up automatic payments from a Denver Community account, follow these instructions:

  • Log into mobile or online banking
  • Under the Transactions menu, click Funds Transfer
  • Select the account you wish to pay the loan from
  • Select the auto loan you wish to pay
  • Enter the payment amount
  • Click the box "Make this a recurring transaction"
  • Select the payment frequency
  • Select the Start and End Date of your automatic payment
  • Click Transfer Funds


You may also make a payment by visiting any of our branch locations or by calling 303-573-1170.

How do I make a payment on my auto lease?

To make a payment on your lease, please contact our partner, Pivot Servicing Group at 303-952-1070.

How much insurance do I need for my auto loan?

Denver Community Credit Union requires all vehicles financed to carry auto insurance coverage with a $1,000 deductible or less where Denver Community Credit Union is named as the lienholder. Insurance coverage is routinely checked. If it is indicated that your insurance has lapsed or your coverage has dropped from the acceptable level, the credit union has the right to place Collateral Protection Insurance (CPI) on your vehicle.  This is an added monthly fee that is charged until proof of insurance, loss payable and deductible are provided to the credit union.

What is Collateral Protection Insurance (CPI) and why does Denver Community use it?

Collateral Protection Insurance is coverage that protects against physical damage and protects the credit union's interest in your vehicle (your loan's collateral). 


Your signed loan documents give Denver Community Credit Union the right to force-place CPI on your vehicle when coverage has lapsed.  To avoid CPI, it is important to inform your insurance provider to name Denver Community Credit Union as the "Loss Payee/Lienholder" on your policy.  To mail insurance verification, please use the following address:


Denver Community Credit Union
1075 Acoma St.
Denver, CO 80204


You may also fax a copy of your policy/declarations page to our CPI partner, SWBC, at 913-268-3178.  You may also contact SWBC by phone at 800-476-7330.


CPI is not a substitute for finding your own insurance.  It is often much more expensive than auto insurance you would find from typical providers.  CPI does not provide protection for third-party bodily harm or injury, or to other property.  CPI only protects the vehicle as the collateral of the loan. If you are in need of insurance, or would like to shop around for a better deal, check out Trustage to get a free quote.

How can I find my own auto insurance?

To find auto insurance, we recommend shopping around to find the best coverage for the best price.  Click here to learn more about auto insurance.

Are there services that can help with future vehicle repair costs?

Yes!  Major Mechanical Protection (MMP) from Denver Community Credit Union can help protect against the expense of future costly repairs.  The total cost of MMP is often far less than the cost of a single repair!  Pay for this protection once, and in most cases, you will not have to pay anything more than a small deductible should a breakdown occur.


To learn more about MMP, call Denver Community Credit Union today at 303-573-1170.

What is GAP and why do I need it?

GAP is Guaranteed Asset Protection and is often added or sold at the time of loan closing.  It covers the difference between what insurance covers and the amount you owe on your loan should your vehicle be totaled.  Even the best insurance may not cover the entire amount you owe on an auto loan.  In fact, if the average new car owner has his or her vehicle stolen or damaged beyond repair, they could still owe thousands of dollars after the insurance settlement. GAP will help fill the remaining balance of your loan and what insurance pays.  Plus with Denver Community's GAP Advantage, you'll get back on the road more quickly with a $1,000 allowance to finance a replacement vehicle with us.


To learn more about GAP Advantage, call 303-573-1170 or use our contact form.


*Guaranteed Asset Protection is considered insurance coverage in some states.

Your purchase of GAP is optional.  Whether or not you purchase GAP will not affect your application for credit or the terms of any existing credit agreement you have with the financial institution.  There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under GAP.  You should carefully read the contract for a full explanation of the terms.

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