Products & Services
Lending Policy on New and Used Vehicles
REVISED APRIL 15th 2015
2015 and 2016 and up NEW AUTO LOANS ARE NOW 3.50% FOR 60 MONTHS WITH TAX AND TITLE FEES AS DOWN PAYMENT. MUST HAVE A 720 CREDIT SCORE OR HIGHER WITH TRANS-UNION TO QUALIFY. IF A VEHICLE IS TITLED AS USED IT WOULD NOT QUALIFY FOR THE 3.50%.
Tax and title fees needed as down payment to receive the lower rate. (a trade can be used toward the down payment.)
All new model vehicles will be financed at purchase price. (provided the price is not inflated to make up the down payment).
|With Tax and Title fees as down payment With out tax and title fees
2016 Model 60 months (4.50%) 2016 Model 60 months (5.50%)
2015 Model 60 months (4.50%) 2015 Model 60 months (5.50%)
2014 Model 60 months (4.50%) 2014 Model 60 months (5.50%)
2013 Model 60 months (4.50%) 2013 Model 60 months (5.50%)
2012 Model 60 months (4.99%) 2012 Model 60 months (5.99%)
2011 Model 60 months (4.99%) 2011 Model 60 months (5.99%)
2010 Model 60 months (4.99%) 2010 Model 60 months (5.99%)
2009-2008 Model 54 months (5.99%) 2009-2008 Model 54 months (6.99%)
FINANCING FOR 72 MONTHS ON 2015 AND 2016 MODEL VEHICLES WILL BE CHARGED AN ADDITIONAL 1%
MEMBERS WITH A 720 CREDIT SCORE WITH TRANS-UNION WILL RECEIVE A 1% RATE REDUCTION ON ALL VEHICLE LOANS
|Negative equity loans can be financed up to 125% of the value of the vehicle with the purchase of the gap insurance. Not to exceed the 125% of the value. Cost of Gap Insurance is $250.00 for the term of the loan.
Any member that wants to refinance a loan for a vehicle that is financed at the credit union, that vehicle will be refinanced at wholesale values, per red book.
Existing loan must be paid down by 20% before refinancing.
Inflated prices on any new or used vehicle used to obtain the down payment will be denied.
Purchase price on the title will be checked according to the price on the title before the check will be issued.
The credit union will not accept salvage or a rebuilt title for collateral on a loan.
There will be no changing of collateral on a loan. A new loan would have to be approved to change collateral.
Proof of insurance is required on all collateral loans before the loan will be processed.
Paying off a bank loan
When a member wants to payoff a loan for a vehicle that they have financed at a bank or other financial institution, and refinance the loan through the credit union, the credit union will use the average retail price for that vehicle. The red book is used by the credit union to determine the value.
(mileage and options can be added to the price to determine the average retail price.
Vehicles not listed in the red book will not be financed.
No refinancing existing loans to receive a lower rate