Collateral Protection Letter (CPI)

A Collateral Protection Letter, or CPI letter, is mailed to members who aren’t following the terms of their loan agreement by failing to maintain acceptable physical damage insurance on their automobile (or other collateral). The letter is usually the result of the insurance provider expiring, cancelling or removing JAXFCU as lien holder of the vehicle.

The quickest way to respond to a CPI letter, should you receive one, is to renew or replace the insurance that has been removed. If such insurance is active, simply have proof of insurance faxed by your insurance company to CUNA Mutual, the company who mails CPI letters on JAXFCU’s behalf, at (866) 869-0153 or (336) 662-0016 24 hours a day. You may also contact CUNA Mutual online at www.cunamutual.com/verifyinsurance.

You can also have an insurance representative call the numbers provided on the CPI letter or verify insurance using the online channels covered in the letter. CUNA Mutual will contact your insurance company/agent if additional information is needed.

Prompt handling of insurance matters are important, both to avoid default on your loan and to protect your personal property.