When you finance your vehicle with us, SUMA Federal Credit Union, must be explicitly named as the Lienholder / Loss Payee to protect our financial stake in your car (for as long as you have a loan).
To list SUMA FCU as a lienholder on your insurance policy, contact your insurance company or agent and provide them:
a) SUMA's exact name [SUMA Federal Credit Union]
b) Your vehicle information: Year/Make/Model/VIN #
c) SUMA's mailing address for loss payees [125 Corporate Blvd. Yonkers, NY 10701]
Request an updated declarations page from your insurer to confirm SUMA's information is listed correctly. You can then share this document with us or the dealership as proof of coverage.
Note: If you change your insurance carrier during the life of your loan, you will need to, once again, declare SUMA FCU as the lienholder and provide the new insurance document to SUMA for our records.
Below are two examples of where the lienholder information could be found:
Example #1:
Example #2:
As always, if you have any questions, please reach out to our loan department by calling/texting 914-220-4900 or emailing us at loan@sumafcu.org