* Promotional Disclosure
The promotional period starts on June 1, 2022, and ends on August 31, 2022, at 5:00 pm. Only current CTFCU members can submit a loan financing request. The loan request will be evaluated based on the applicants’ creditworthiness when the loan is requested. Rate, loan approval amount, and terms will be set based on a review of income, verification of employment, loan to value assessment, and other underwriting guidelines.
This special auto loan promotion is only valid for new or used vehicles and extended age or mileage vehicles purchased or refinanced from another lender. Autos falling outside our guidelines for new, used, and extended age/mileage vehicles will not be eligible for this special program. While this offer may be combined with CTFCU’s Relationship Pricing Program (www.ctelco.org/relationship-pricing/), no combination of loan discounts can exceed our minimum rate of 1.74% APR for new and used vehicles and 5.00% APR for extended age/mileage vehicles. Refinancing of existing Carolinas Telco Federal Credit Union loans are not eligible under this program. Recreational vehicles, motorcycles, or any mode of transportation not defined as a passenger vehicle per CTFCU lending policy are excluded from this offer.
$50.00 Offer: Upon loan preapproval (using CTFCU's loan guidelines), the credit union will offer to lower the monthly payment of the applicant's existing auto loan by at least $1.00 per month through refinancing a current auto loan with the credit union. However, the credit union will not provide a $50.00 incentive to any applicant who accepts the terms offered (even those resulting in a higher payment) and opens a new auto loan with CTFCU under this promotion. CTFCU may adjust the loan term, interest rate, or loan amount to achieve a lower payment. If the credit union cannot offer a pre-approved borrower (meeting all current credit, income, and collateral criteria) a monthly payment lower than their current auto loan payment, a one-time incentive of $50 will be paid as an account credit to the Prime Share savings account of the primary applicant. Only one $50 payment will be granted per application. To be eligible, the borrower must provide a current vehicle loan statement clearly stating the following: Make, model year, interest rate, regular payment amount, original contract months, remaining months, payoff, and current account holders. Current CTFCU vehicle loans are excluded from this offer.
APR = ANNUAL PERCENTAGE RATE. The APR you receive may vary based on certain individual credit-worthiness criteria. Currently, our rates range from the rates shown up to 18.00% APR. Minimum payment: $150. A minimum credit score of 600 is required to qualify for the related promotional interest rates, up to 90 days of no payments, or the $50 offer. The first loan payment will be due no more than 90 days from the loan's closing date. The actual term of the loan could be extended by accepting the offer of 90 days with no payment, and interest will continue to accrue during the deferment period. For information regarding the rate and terms you may qualify for, visit any CTFCU branch location or contact us at 1-800-622-5305. All services, including loans, credit cards, and checking accounts, are subject to approval. All Terms and Conditions are subject to change without notice.
© 6/2022 CAROLINAS TELCO FCU
General Loan Disclosures:
Your loan request will be evaluated based on your creditworthiness at the time of loan application. Rates and terms will be set based on a review of income, verification of employment, loan to value assessment, and other underwriting guidelines. Loan terms of 84 months are reserved for new vehicles only. Extended age and mileage vehicles must be either 9-12 years old (including the current year) or have mileage between 100,000 miles and 150,000 miles. Any vehicles with mileage over 150,000 cannot be financed with an auto loan. All approved loans for 11-12 years old vehicles will incur an additional 0.50% APR rate increase. Used vehicle loan terms cannot exceed 72 months and are limited to less than 100,000 miles. Used vehicles cannot exceed an age of 8 model years (including the current year). Extended Age or Mileage vehicles may qualify for different rates and terms. APR = Annual Percentage Rate. The Annual Percentage Rate you receive may vary, based on certain individual creditworthiness criteria. Currently, our rates range from the rates shown above, up to 18.00% APR. The minimum payment for all auto loans is $150. For information regarding the rate and terms you may qualify for, contact us at 1-800-622-5305.
