Street Bikes that are 9 years old or newer qualify for auto rates.

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For Private Sales, to confirm the seller actually owns the vehicle, we need to collect the Title or, if the title is held by a lienholder, a picture of the registration.

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For Owner Refinances from another Financial Institution, we need to collect the Title or a picture of the registration to verify the member owns the collateral.

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Lenders, within their approval authority, can adjust a member's risk score up to 15 points, but the member must have been with the Credit Union for a minimum of three years, with a membership in good standing. For collateral loans, lenders with approval authority do not need a second signature for bumping a member's score. Bumping a member with a FICO below 625 will ALWAYS require 2 signatures, per Loan Review.

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Don't forget the 2% add for:

• A credit file with less than 18 months credit history on at least 3 tradelines

• Bankruptcy discharged within last 3 years

• Vehicles 20 years and older

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Discounts can be allowed for:

• -.25% High Credit Discount for FICOs of 780+

• -.25% Equity Discount for LTV positions of 90% or less

• -1% I Have Connections Discount for existing members with checking account and direct deposit

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VALUES:  All JD Power (NADA) Values must be done by the Credit Union using the VIN and Mountain States.   

• New Purchase – Invoice Value per JD Power (NADA) or from Dealer (not MSRP) 

• 19 years old and Newer – High Book/Clean Retail Value per JD Power (NADA) (Used)

• 20 years and older– Lowest Book/Clean Trade per JD Power (NADA)

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LTV’s: The maximum LTV will be based on the member's FICO score outlined below.  The maximum Front End LTV will be inclusive of sales tax, title and dealer doc fees.  Backend Products such as inhouse GAP and MRC can be added above the qualified LTV.  

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15 years Old and Newer:

• A+ & A Borrowers (FICO’s 700+) can go up to 110%* LTV 

• B Borrowers (FICO’s 660-699) can go up to 105% LTV 

• C Borrowers (FICO’s 625-659) can go up to 90% LTV

• D Borrowers (FICO’s Lower than 625) can go up to 70% LTV 

  • *Collateral Loans over $50,000 will be limited to 105% Max LTV 

  • *Collateral Loans over $75,000 will be limited to 100% Max LTV

  • *Collateral Loans over $90,000 will be limited to   90% Max LTV & 700+ FICO

 

16 Years Older and Older:

• A+ & A Borrowers (FICO’s 700+) can go up to 90% LTV

• B Borrowers (FICO’s 660-699) can go up to 80% LTV

• C Borrowers (FICO’s 625-659) can go up to 70% LTV

• D Borrowers (FICO’s Lower than 625) can go up to 60% LTV

 

LOAN TERMS:

15 Years Old and Newer:

• Financed amounts under $  5,000 - Maximum Term of 36 months

• Financed amounts under $10,000 - Maximum Term of 60 months

• Financed amounts  over  $10,000 - Maximum Term of 72 months 

• Financed amounts  over $20,000 - Maximum Term of 84 months. (Except for FICOs below 625) 

  • Terms of 84 months may not be extended for Backend Products Sales or DP adds. 

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16 Years Old and Older:

• Financed amounts under $5,000 – 36 Months

• Financed amounts under $20,000 - 60 months

• Financed amounts over $20,000 - 72 months

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EXTENDING TERMS: Loans may be extended up to six months for members purchasing a Credit Union GAP Policy, Vehicle Service Contract, or adding Debt Protection. The term of the extension will be at the discretion of the Loan Officer, based on the cost of the add-ons, not to exceed six months. 

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Vehicles 20 years and older do not qualify for values outside of JD Power (NADA) Low Book/Clean Trade and 2% will be added to base rate.    

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Branded or Salvaged Titles will be valued at 1/2 book value. Exceptions to this must be approved by the CEO, CLO or Credit Manager.

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