CPI Insurance

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 $140 plus any applicable interest, which is added to your monthly payments.

Yes, when the CPI premium is added, it increases your monthly payments by $140 plus any applicable interest.

Yes, when the CPI premium is added, it increases the principal balance by $140.

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.

Please have your agent forward a copy of your policy to Global Federal Credit Union in one of the following ways:

Email to: globalcu@myloaninsurance.com

Fax to: 877-574-6249

Mail to:
Global Federal Credit Union
Insurance Services Department
P.O. Box 924430 Ft. Worth, TX 76124

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.