Secured
This is the standard service we use to determine the value of a used vehicle.
What is J.D. Power
This revolving loan product has a fixed interest rate of 16% and could also be used for overdraft protection
What is a Line of Credit
You must work at least this many hours per week to qualify for Loan Protection Plus
What is 25 hours
This should be the only website we refer members to for getting a free copy of their credit report.
What is AnnualCreditReport.com
Per Reg-B a borrower can give us permission to pull the credit for the co-borrower as long as they meet this criteria.
Are in the same household, share household expenses and have a spousal relationship.
This is how we determine the value of a brand spankin new vehicle
MSRP
You can extend this loan's term as far out as 10 years. but you need to borrow at least $7,500 to go that long.
What is a signature loan.
To get the clearest picture of a member's income, you should ask for this incremental amount. it's so basic.
Base Hourly Rate.
This alert could occur if a member was added as an authorized user on a credit card as a teen or if they have student loans.
Credit Established before Age 18
These are the three types of discrimination
Overt Discrimination, Disparate Treatment, Disparate Impact
ATVs, Jet Skis, Snowmobiles are all examples of collateral for this loan product. They may not be essential but they sure are fun!
Powersport/Small RV
This quick turn around loan doesn't even involve a credit check, however you should make sure the member qualifies for it, before you bring it up.
What is Lake Trust Easy Cash
If the member is still shopping around for a car. you should enter this into the VIN field on the collateral page.
Pre-Approval
This is how long a fraud alert resulting in a consumer statement on the credit bureau can remain on the credit report.
what is 7 years.
The Military Lending Act ensures that interest rates on NEW loans originated while on active duty do not exceed this percentage MAPR
What is 36%
For unique collateral that doesn't have a value on JD Power, we may need to use this method of valuation where we average the sale price of at least 3 items. comes in handy for horse trailers, partner.
Comparables or Comps
You always take the application, that said if a member wants to pay for secondary education, they'll most likely be referred to this Credit Union Service Organization (CUSO).
What is CU Student Choice (Student Loans)
Now available is the ability to change the loan product. however you should only switch between these two products.
Auto Saver and Auto Direct (traditional auto loan)
If the members credit score determines their interest rate, then the loan is ______ based priced. Also a fun board game if you have a spare afternoon.
Risk
This act ensures that credit terms are disclosed in a meaningful way so consumers can compare credit terms and make informed decisions. there's a similar act for savings accounts. the name is pretty close too.
Truth in Lending Act (TISA) similar to TISA (truth in savings act)
"I'd like a nicer car", "I'd like a lower payment" "I barely am gonna drive this thing anway" are all cues for this loan product.
Auto Saver
This Loan product is for borrowers whose incomes are temporarily impacted by a Gov shutdown, strike or layoff but are eligible to return to work eventually.
What is Life Impact Loan.
dividing the amount of the loan by what the vehicle is worth gives us this ratio that helps ensure the member isn't under water as soon as the loan is booked.
loan to value
you can assure the member that when we pull their credit we will use that same pull for this many days. so ya'll come back now, ya hear?
60 days.
This act allows consumers to access their credit report for free. It used to be annual but can now be accessed monthly.
Fair and Accurate Credit Transactions Act (FACTA)