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LOAN RATES (All loan except Share Secured Loans are subject to Four-Tier Standards)
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SHARE SECURED LOANS
(Rates for all tier levels)
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|
Type
|
Description
|
Term
|
Rate (APR*)
|
|
P
|
$1,000.00 minimum, fully secured by shares
|
1 to 60 mos.
|
6.00%
|
|
O
|
Less than $1,000.00, fully secured by shares
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1 to 12 mos.
|
7.00%
|
*APR=Annual Percentage Rate
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USED CARS, BOATS, RVs and MOTORCYCLES
|
| Loan Information: |
|
Type
|
Classification
|
Year***
|
Term
|
|
B
|
Used Cars
|
2005-2007**
|
60 months maximum
|
|
2001-2004
|
48 months maximum
|
|
D
|
Used Boats
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2005-2007
|
72 months maximum
|
|
2001-2004
|
48 months maximum
|
|
F
|
Used RVs
|
2003-2007
|
72 months maximum
|
|
2000-2002
|
60 months maximum
|
|
H
|
Used Motorcycles
|
2005-2007
|
48 months maximum
|
|
2003-2004
|
36 months maximum
|
| Rates: |
|
Term
|
Criteria
|
Rate (APR*)
|
|
1-48 months
|
Kelly Blue Book Trade-In or
85% of NADA Trade-In
|
9.25%
|
|
Kelly Blue Book Private Party or
Nada Trade-In
|
9.75%
|
|
Kelly Blue Book Private Party Plus Signature Limit or NADA Trade-In plus Signature Limit
|
10.25%
|
|
49-60 months
|
Kelly Blue Book Trade-In or
85% of NADA Trade-In
|
9.40%
|
|
Kelly Blue Book Private Party or
Nada Trade-In
|
9.90%
|
|
Kelly Blue Book Private Party Plus Signature Limit or NADA Trade-In plus Signature Limit
|
10.40%
|
|
61-72 months
|
Kelly Blue Book Trade-In or
85% of NADA Trade-In
|
9.60%
|
|
Kelly Blue Book Private Party or
Nada Trade-In
|
10.10%
|
|
Kelly Blue Book Private Party Plus Signature Limit or NADA Trade-In plus Signature Limit
|
10.60%
|
*APR=Annual Percentage Rate
**0.5% APR discount if mileage is average or less
***All vehicles are considered to be one year older on January 1 each year.
INTEREST RATE MATCHING STANDARDS
- National Risk Score on the Credit Report must be 50 or less
- The interest rate cannot be less than 5.50% Annual Percentage Rate
- The competitor's interest rate must be verified before this policy can be acted upon
LOAN DISCOUNT INCENTIVES
All loans can be discounted by 0.25% APR if member has an active MasterCard account with monthly activity on the account. This discount can be given if member requests and is approved for a MasterCard when the loan is made. If the member discontinues the products or services which made them eligible for the discount, their rate may be increased to the normal rate.
VEHICLE LOAN TERMS
New vehicle loan term cannot exceed 72 months from the Vehicle In-Service Date. The maximum loan term, not to exceed 72 months, is reserved to the judgment of the acting loan officer based on the type of vehicle and the credit-worthiness of the applicant.
DIVIDEND AND EARNED-INTEREST RATES
|
DIVIDENDS AND INTEREST RATES
|
| Share and Share Club Account Dividends*** -- Paid Quarterly |
|
Average Daily Balance
|
APR*
|
APY**
|
|
$0.00 through $99.99
|
0.00%
|
0.000%
|
|
$100.00 through $2,999.99
|
0.00%
|
0.00%
|
|
$3,000.00 through $9,999.99
|
0.00%
|
0.00%
|
|
$10,000.00 and over
|
0.00%
|
0.00%
|
| Share Vacation Account Dividends*** -- Paid Quarterly |
|
Average Daily Balance
|
APR*
|
APY**
|
|
$0.00 through $99.99
|
0.00%
|
0.000%
|
|
$100.00 through $2,999.99
|
0.00%
|
0.00%
|
|
$3,000.00 through $9,999.99
|
0.00%
|
0.00%
|
|
$10,000.00 and over
|
0.00%
|
0.00%
|
| Share Draft Account Dividends (Checking)*** -- Paid Monthly |
|
Average Daily Balance
|
APR*
|
APY**
|
|
$0.00 through $99.99
|
0.00%
|
0.000%
|
|
$100.00 through $499.99
|
0.00%
|
0.000%
|
|
$500.00 through $9,999.99
|
0.15%
|
0.150%
|
|
$10,000.00 and over
|
0.25%
|
0.250%
|
|
Share Certificates $1,000.00 through $9,999.99
IRA Certificates $100.00 through $9,999.99
|
|
Term of Certificate
|
APR*
|
APY**
|
|
3-Month Certificate
|
.86%
|
.863%
|
|
6-Month Certificate
|
.91%
|
.914%
|
|
12-Month Certificate
|
1.05%
|
1.055%
|
|
18-Month Certificate
|
1.10%
|
1.105%
|
|
24-Month Certificate
|
1.15%
|
1.156%
|
| Share & IRA Certificates $10,000.00 through $49,999.99 |
|
Term of Certificate
|
APR*
|
APY**
|
|
3-Month Certificate
|
.95%
|
.954%
|
|
6-Month Certificate
|
1.00%
|
1.004%
|
|
12-Month Certificate
|
1.15%
|
1.156%
|
|
18-Month Certificate
|
1.20%
|
1.206%
|
|
24-Month Certificate
|
1.25%
|
1.257%
|
| Share & IRA Certificates $50,000.00 through $94,999.99 |
|
Term of Certificate
|
APR*
|
APY**
|
|
12-Month Certificate
|
1.25%
|
1.257%
|
|
24-Month Certificate
|
1.35%
|
1.358%
|
|
Share & IRA Certificates $95,000.00 and Over
|
|
Term of Certificate
|
APR*
|
APY**
|
|
12-Month Certificate
|
1.35%
|
1.358%
|
|
24-Month Certificate
|
1.44%
|
1.449%
|
*APR=Annual Percentage Rate
**APY=Annual Percentage Yield
***Rates used 10/01/2005; Dividend rates determined by Board of Directors prior to the end of each month and quarter.
|
OLDER USED CARS, BOATS, RVs and MOTORCYCLES
|
| Loan Information: |
|
Type
|
Classification
|
Year**
|
Term
|
|
B & D
|
Used Cars and Boats
|
2000 & older
|
36 months maximum
|
|
F
|
Used RVs
|
1999 & older
|
48 months maximum
|
|
H
|
Used Motorcycles
|
2002 & older
|
24 months maximum
|
| Rates: |
|
Term
|
Criteria
|
Rate (APR*)
|
|
1-36 months
|
Kelly Blue Book Trade-In or
85% of NADA Trade-In
|
10.50%
|
|
Kelly Blue Book Private Party or
Nada Trade-In
|
11.00%
|
|
Kelly Blue Book Private Party Plus Signature Limit or NADA Trade-In plus Signature Limit
|
11.50%
|
|
37-48 months
|
Kelly Blue Book Trade-In or
85% of NADA Trade-In
|
10.65%
|
|
Kelly Blue Book Private Party or
Nada Trade-In
|
11.15%
|
|
Kelly Blue Book Private Party Plus Signature Limit or NADA Trade-In plus Signature Limit
|
11.65%
|
*APR=Annual Percentage Rate
**All vehicles are considered to be one year older on January 1 each year.
|
NEW CARS, BOATS, RVs AND MOTORCYCLES
|
| Loan Information: |
|
Type
|
Classification
|
Term
|
|
A
|
New Car
|
72 months maximum
|
|
C
|
New Boat
|
120 months maximum
|
|
E
|
New RV
|
120 months maximum
|
|
G
|
New Motorcyle
|
60 months maximum
|
| Rates: |
|
Term
|
Classification
|
% Down
|
Rate (APR*)
|
|
1-36 months
|
Sub-Compact
|
10%
|
7.45%
|
|
5%
|
7.70%
|
|
0%
|
7.95%
|
|
37-48 months
|
Compact
|
10%
|
7.75%
|
|
5%
|
8.00%
|
|
0%
|
8.25%
|
|
49-60 months
|
Standard
|
10%
|
7.90%
|
|
5%
|
8.15%
|
|
0%
|
8.40%
|
|
61-72 months
|
Luxury
|
10%
|
8.10%
|
|
5%
|
8.35%
|
|
0%
|
8.60%
|
|
73-84 months
|
Loans above 72 months require
approval by Board of Directors
|
10%
|
8.30%
|
|
5%
|
8.55%
|
|
0%
|
8.80%
|
|
85-96 months
|
Loans above 72 months require
approval by Board of Directors
|
10%
|
8.40%
|
|
5%
|
8.65%
|
|
0%
|
8.90%
|
|
97-108 months
|
Loans above 72 months require
approval by Board of Directors
|
10%
|
8.55%
|
|
5%
|
8.80%
|
|
0%
|
9.05%
|
|
109-120 months
|
Loans above 72 months require
approval by Board of Directors
|
10%
|
8.85%
|
|
5%
|
9.10%
|
|
0%
|
9.35%
|
*APR=Annual Percentage Rate
|
OTHER LOANS
|
|
Type
|
Description
|
Term
|
Rate (APR*)
|
|
S
|
Signature Loan (Maximum of $2,000.00)**
|
1 to 24 mos.
|
12.55%
|
*APR=Annual Percentage Rate
**Risk Score Range is 1 through 450
NEW VEHICLE RECAPTURE AND QUALIFYING USED VEHICLES
New vehicle "0% Down" interest rates will apply to the following vehicles:
- Must be sold through a dealership or a loan recapture (already financed to the owner through another financial institution)
- Multi-passenger vehicles for road, freeway, and highways usage must
- Contain own power train
- Have four or more wheels/tires that make contact with the road surface
- Have individual vehicle safety restraining belts for each passenger (except for mobile home)
- Does not exceed thirty-six (36) months from the Vehicle In-Service Date (can be obtained or verified by dealer with VIN of vehicle)
- Does not exceed an average of one thousand two hundred fifty (1,250) miles per month from the Vehicle In-Service Date (current mileage of vehicle divided by the number of months since the Vehicle In-Service Date)
- Must be in excellent condition, verified by either the dealership selling the vehicle or by Credit Union Officer
- Wear not to exceed normal usage
- Paint must be glossy without peeling, fading, excessive scratches or chips
- Exterior & exterior trim must be undamaged with no missing parts
- Glass, lights and lenses must be free from chips and cracks
- No hail damage
- Interior must be free from smoke or mold odor
- Interior seats, carpet and head liner must be free of stains or tears
- Interior panels, dash and interment panel must be undamaged and free from fading or discoloration
- Must be in good mechanical condition with original power train.
FOUR-TIER STANDARDS FOR ALL LOANS
Note: No loans are to exceed 18% Annual Percentage Rate and Share Secured Interest Rates are fixed for all tiers.
Tier One (Low Risk)
- National Risk Score on Credit Report: 1 to 150
- Discount of 1.5% Annual Percentage Rate less than regular published rates
Tier Two (Average Risk)
- National Risk Score on Credit Report: 151 to 450
- Regular published rates
Tier Three (Moderate Risk)
- National Risk Score on Credit Report: 451 to 700
- Risk differential of 1.5% Annual Percentage Rate greater than regular published rates
Tier Four (High to Very High Risk)**
- National Risk Score on Credit Report: 701 and above
- Loans must be approved by the Board of Directors
- Signature Loans: Risk differential of 5% Annual Percentage Rate greater than regular published rates
- Collateralized Loans: Risk differential of 4% Annual Percentage Rate greater than regular published rates
** Tier Four has been discontinued by the Board of Directors
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