Car Loans and Terms

1. Any member applying for an Auto loan the amount is subject to the Credit Committee approval. The maximum auto loan granted is sixty thousand dollars ($60,000.00). Any member applying for a sixty-thousand-dollar ($60,000.00) loan must meet all qualifications and the loan is subject to the Credit Committee’s Approval.
          A.  Auto loans up to 35,000.00 must secure 3 monthly payments.
          B.  Auto loans in the amount of $35,000.00 up to $60,000.00 secure 5 monthly payments.                                             C.  Excellent credit – no security required.

   2. All members must show proof of auto insurance before the Loan can be approved listing the Local 1233 Federal Credit Union, P.O. Box 4049, Newark, NJ 07112 as the Lien Holder.
   3. All members applying for an auto loan must have a Credit Report done to determine the APR (%). The cost of the Credit Report is $40.00.
   4. The Credit Union offers GAP Insurance with a cost of $425.00. This fee is a one-time fee and must be paid within 90 days of applying for an auto loan. This insurance is optional but recommended.
   5. All members of the Local 1233 Federal Credit Union that apply for a new, used, or refinanced auto loan will be responsible for all motor vehicle fees incurred. Local 1233 FCU should be listed as the Lien Holder on all titles. Any fees or charges incurred will be deducted from the member’s share account if necessary.