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Why does Unitus have to be added as the loss payee on the insurance policy for my auto loan with the Credit Union?

April 26, 2017added auto loan Credit Union insurance policy loss payee unitus

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Why does Unitus have to be added as the loss payee on the insurance policy for my auto loan with the Credit Union?

1 Answer

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Unitus is the lien holder on your vehicle. In the event your vehicle is totaled or stolen, the insurance company will need to send the claim check directly to Unitus to be applied against your loan balance.