FOR ALL CATEGORIES: If the loan request is for new monies in any category below (unsecured, new auto, or used auto), then all rates are applicable as stated.
a.) If the refinanced loan is an e-level, the current rates are effective.
b.) If the current loan was executed within the past 60 days (February 1, 2009) then it will be OK to re-write the loan to the current rates.
For UNSECURED LOANS: c.) If the loan is to refinance a credit union higher rate loan that was executed prior to 2/1/09, then there has to be at lease $1,000 in new monies for the new rate to be applicable.
For NEW AUTO LOANS: c.) If the loan is to refinance a credit union higher rate loan that was executed prior to 2/1/09, then there has to be at lease $3,000 in new monies for the new rate to be applicable. The book value must be within 10% (+-) of the new loan amount to be refinanced. That means the balance can exceed 100% of book value.
For USED AUTO LOANS: c.) If the loan is to refinance a credit union higher rate loan that was executed prior to 2/1/09, then there has to be at lease $2,000 in new monies for the new rate to be applicable. The book value must be within 10% (+-) of the new loan amount to be refinanced. That means the balance can exceed 100% of book value.
Loans
Sub Account Description
Annual Percentage Rate
Daily Periodic Rate
Notes
Minimum Payment Schedule
Signature Loan
6.49% - 17.99%
0.000177 - 0.000493
(a) (b) (e) (f)
$21.49/$1000 - $90.25/$1000
New Auto Loan
4.00% - 13.75%
0.000109 - 0.000376
(a) (c) (g) (h)
$16.10/$1000 - $32.62/$1000
Used Auto Loan
6.00% - 14.75%
0.000164 - 0.000404
(a) (c) (g) (h)
$17.05/$1000 - $33.10/$1000
Share/Certificate Loan
3.30% - 9.00%
0.000090 - 0.000247
(a) (d)
(i)
Real Estate Loans
Sub Account Description
Current Rate
HOME EQUITY LINE OF CREDIT (HELOC) Adjustable Rate
(Call CU Office)
HOME EQUITY LOAN (HEL) Fixed Rate
(Call CU Office)
The ANNUAL PERCENTAGE RATE you receive for the above subaccounts will be within the range disclosed above and is based on credit-worthiness criteria AND Term of the loan. Contact the Credit Union for the rate your qualifying rate and monthly payment.
The MINIMUM PAYMENT is based on the ANNUAL PERCENTAGE RATE and the TERM OF THE LOAN.
TERMS: The ANNUAL PERCENTAGE RATES quoted above are for 36, 48, 60 and 72 month terms only.
COLLECTION COSTS: You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney fees.
FILING FEES: If you give a security interest in certain types of property, we may charge you a filing fee to perfect our interest in the property. If so the amount of the fee will be disclosed to you at the time you obtain an advance.
LATE PAYMENT FEE: A fee of $20.00 will be charged to your loan balance for every payment that is more than 10 business days late.
NOTES TO ADDENDUM
a.
Repayment schedule based on outstanding balance
b.
Maximum amount of signature sub account is $10,000
c.
Maximum amount of new and used auto subaccount is $100,000 (not including share & certificate)
d.
Maximum amount of share or certificate sub account is 100% of the balance in the respective share account/s. The share and certificate accounts will continue to earn dividends
e.
Minimum of each advance is $1,000.
f.
Minimum monthly payment is $50.
g.
Minimum advance of the new and used auto sub account is $2,500.
h.
Minimum monthly dollar payment of the new and used auto sub account is $100.
i.
Minimum monthly payment for share secured loan at 3.30% is $8.40/$1000 for 144 months. Certificate minimum payment is dependent on the CD rate and loan term. 144 month term is only an example of the a payment amount. A maximum term exceeding 144 months may be requested by the borrower.
j.
The Daily Periodic Rates and Minimum Payment Schedule ranges for the NEW and USED AUTO subaccounts, are based on 36,48, 60 and 72 month terms.
