Used
Vehicle
Loans |
On used vehicles, the amount of money the credit union will lend
is based on the latest NADA Official Used Car Guide
averaged "Trade-In" value. The following minimum requirements
must be met:
- LOANLINER Application on file (no more than 3 years old).
- LOANLINER Credit Agreement on file (no more than 3 years old).
- LOANLINER Advance Request Voucher and Security Agreement
per each disbursement (long form).
- Payback term not to exceed the following terms:
- Vehicle model years 2011-2007 - maximum loan term: 72 months
if vehicle has up to 15,000 miles.
- Vehicle model years 2011-2007 - maximum loan term: 60 months
if vehicle has 15,000 miles or more.
- Vehicle model years 2006-2003 - maximum loan term: 60 months.
- Vehicle model years 2002 and older - maximum loan term: 36 months.
- Current credit report that is acceptable.
- Debt-to-income ratio not to exceed 50%.
- Borrower must have proven stability of employment. EPB
employees’ income can be verified by phone; non-EPB employee
borrowers must have income verified in writing.
- Any automobile used as collateral shall have proper and
adequate insurance to protect the credit union's interest
and the borrower must maintain this insurance throughout the
term of the note and have the credit union listed as
"loss payee" on the policy. If the member fails to provide
proper insurance, such coverage will be obtained through the
CMCI Collateral Protection Program.
- Antique automobiles shall be considered provided the loan
meets certain criteria, such as updated bonafide appraisal,
proper insurance coverage, and title recording. This type of
loan will be subject to the approval of the loan committee.
- Used vehicles shall be inspected by a member of the credit
union staff and documented with a proper signature in the
member's file.
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