PSL, Auto Loans, GAP, Personal Loan, PSP

Question 1

Payroll Savings Loan

Answer 1

Max loan amount is $500 OR greatest direct deposit amount.
5% of loan is put in a dividend-earning Payroll Savings Share account. (Matures to savings after term)
Loan balance and accrued interest will be repaid via automatic transfer on scheduled pay day.

Question 2

Auto Loan:
Minimum age?
Max Amount for Auto Loan?
First payment?
What do we offer for Member convenience once they are approved and funded?

Answer 2

Must be 18 minimum
No max amount (Credit qualifying and has proof of income that shows they can afford payments)
No payments for first 90 days
ACC (Auto Convenient checks) are offered

Question 3

What special perk do School Employee get for Auto Loans if approved?

Answer 3

Summers off for payments

Question 4

Personal Loan:
What's the minimum amount?
What's the max amount?
What benefit do members get if they set up auto transfer pay?
Max agg. loan amount per Member?
Terms offered?

Answer 4

Minimum amount is $100
Maximum amount is $50,000
Members get a .75% discount if auto transfer is set up
Max Agg. amount is $100,000 per Member
Term lengths from 4- 60 months

Question 5

Guaranteed Asset Protection (GAP) Program:
Cost?
How much gets applied to next loan?
How much time do they have to fund next loan?
Covers how much in deductibles?
Max Payout?

Answer 5

Gap Cost $495
$1,000 is applied to the next loan funded at SFCU as long as it is funded within 120 days.
It covers $1000 in deductibles and that amount is applied to the loan.
Max payout is $50,000

Question 6

What is an Auto Convenience Check?

Answer 6

Convenient way to fund a loan. We write a check addressed to dealership that Member can use to pay for the automobile.

Question 7

What would disqualify an auto loan for GAP?

Answer 7

Salvaged or Reconstructed Vehicles
Part of loan exceeds 150% of MSRP (New) or 150% of KBB (used)
If vehicle is used for commercial purposes or for ride sharing