CU Plus News
- Shopping for a vehicle? Not sure about the best way to finance your purchase? DrivingSense™… a smart financing choice for you!
- Minimum Balance has been reduced to $10.00.
- Your checks will clear up to a negative $20.00 before you are charged an NSF fee.
Shopping for a vehicle? Not sure about the best way to finance your purchase? DrivingSense™… a smart financing choice for you!
How is DrivingSense™ different from conventional and lease financing?
DrivingSense™ vs. Conventional Financing:
- Lower monthly payments – up to 67% lower than conventional – with no money down!
- You get more value for your money – giving you the option to drive a better vehicle!
- Minimum cash investment – no money down required – even the taxes and registration can be included in payment plan
- Flexible loan terms from 2 to 6 years.
- Payments are based on actual use of vehicle (depreciation) with final balloon payment based on the projected resale value of the vehicle at loan maturity
- Member can take shorter loan terms and change vehicles more frequently.
- Eliminates negative equity risk factor associated with conventional financing by finally getting you out of the cycle of paying off a previous vehicle loss with your next vehicle loan.
DrivingSense™ vs. Lease Financing:
- Unlike leasing, you own the vehicle (titled in your name - not the leasing company’s.)
- Unlike leasing, you can finance a vehicle up to 3 years used with DrivingSense™.
- Unlike leasing, you can carry the level of personal vehicle insurance you choose versus the level of coverage stipulated by the leasing company in the lease contract.
- Unlike leasing, you can negotiate the vehicle purchase price like a cash purchase with the dealer. This gives you a stronger basis of price negotiation and can potentially save you thousands of dollars on your vehicle purchase.
- Unlike leasing, you are borrowing money from a source you know and trust (your Credit Union) and know all the details of your vehicle purchase (such as interest rate, total amount being financed, and cost of vehicle).
- Unlike leasing, the member is given a fair market residual value, not a potentially inflated amount which immediately puts you in a negative equity position “upside down” on your loan throughout its term. This also limits your flexibility to buy, sell or trade your vehicle during your loan term.
- Unlike leasing, the interest rate is a pure interest rate not a “money factor” which is a method to conceal the real interest rate you are being charged.
- DrivingSense™ financing requires no money down and has no hidden costs typically found in leasing (i.e. high money factor, up front capitalization cost, acquisition fees, security deposit, first and last payment, etc.).
- You can pay off your loan, sell or trade your vehicle anytime with no prepayment penalty.
- No vehicle turn-in or transport fee if you choose to surrender your vehicle at loan maturity* in lieu of making the final balloon payment.
- Lower excess mileage charge than most leasing programs of only $.10 per mile.
- Plenty of end of loan term options:
- Refinance remaining balance and keep the vehicle at loan maturity or anytime during the loan term
- Sell it at maturity or anytime during loan term.
- Trade it at maturity or anytime during loan term.
- Return the vehicle at loan maturity in lieu of making final balloon payment.
Click here for more information.
*Note: If the member does not surrender the vehicle to a mutually agreeable location by vehicle maturity, a charge may be applied.
Minimum Balance has been reduced to $10.00.
Our new software gives us more flexibility in how we do things. One of the changes we have made is in the minimum balance in your share account. You now only have to have $10.00 in your share account. This I am sure will make a lot of people happy!
Your checks will clear up to a negative $20.00 before you are charged an NSF fee.
As a courtesy, we will cover check withdrawals up to a negative $20.00 without charging an NSF fee. We know how discouraging it is to be charged $20.00 when you oops and are short just a few dollars to cover it. For most people this never happens, but when it does your Credit Union is there for you. We also have options for you so you shouldn’t ever have to go to a payday lender, lending on your next paycheck in advance. See any loan officer to get out of the cycle.
