Scary Spice
What is a HELOC?
Home Equity Line of Credit- allows members to borrow against the equity in their home.
When is the due date for a HELOC?
Always on the 28th of the month.
It CANNOT be changed.
What are the limits on a secured credit card?
Minimum - $500
Maximum - $3,500
What is the maximum benefit covered for disability under loan protection plus?
$36K
Is skip-a-pay allowed on RV loans?
Yes
How much is the loan application fee?
$0
How much is the Auto Saver disposition fee?
$195 when turned in at maturity
Can you use a Signature loan for student loans?
No
At what length does Lake Trust consider your boat to be “big”?
Greater than 15 Feet
Can a HELOC have Loan Protection/Loan Protection Plus?
No
How much does basic loan protection cover for someone over 75 years of age?
$25K
What collateral is required for a secured credit card?
110% of the approved limit, placed in a Savings account or CD
What is the late fee for a reoccurring late credit card payment?
$35
Available terms on both new and used auto loans are up to 84 months, as long as the vehicle has __________ miles or less
200k
How old must a vehicle be to use auto saver?
5 years or newer
What is the late fee for a consumer installment loan?
5% percent of the overdue payment or $15, whichever is higher
What is the maximum protected loan amount when using GAP?
100k
How much will GAP provide towards next vehicle in the event that vehicle is deemed a total loss?
$1000
How long can a member request a forbearance on a loan payment?
6 months
What is the maximum interest APR for a Home Equity loan?
18%
When is a boat survey (appraisal of a used boat) required for a loan?
4 options
1.When the loan is greater than $50,000 and the boat is more than 10 years old 2. When the loan is greater than $50,000 and the LTV(loan to value ratio) is greater than 90%
3. When a NADA value cannot be determined
4. If existing survey is more than 12 months old.
What product/products would you suggest that would help our member re-establish credit after a bankruptcy?
Secured Savings loan
What determines a LOC monthly payment?
Payments are 3.5% of LOC balance, or $17.50, whichever amount is greater.
What document is required for an auto loan on a new car, that is not always required for an auto loan on a used car?
Purchase Order
What is the lowest APR for a motorcycle loan?
3.99%