Consumer Lending Rates
| South Western Loans |
| Effective Date: 12/22/2008 |
| This addendum is incorporated into and becomes part of your LOANLINERŪ Credit Agreement. Please keep this
attached to your LOANLINERŪ Credit Agreement. This addendum replaces any previously dated addedums. Plan number 104-2710-7. |
| Name | Term | Daily Periodic Rate | Annual Percentage Rate |
New & Used Vehicles (2005 or newer) |
60 months |
0.013014% - 0.049315% |
4.75% - 18.00% |
| |
72 months |
0.013699% - 0.049315% |
5.00% - 18.00% |
Used Vehicles (2003-2004) |
60 months |
0.021205% - 0.049315% |
7.74% - 18.00% |
| New Motorcycles |
60 months |
0.031507% - 0.049315% |
11.50% - 18.00% |
| Used Motorcycles |
60 months |
0.037671% - 0.049315% |
13.75% - 18.00% |
| New RVs |
60 months |
0.023973% - 0.049315% |
8.75% - 18.00% |
| Used RVs |
60 months |
0.026712% - 0.049315% |
9.75% - 18.00% |
| Share/Certificate Secured (Variable) |
|
0.008904% - 0.049315% |
3.25% - 18.00% |
| Share Secured Loans are 3% above index |
| Line of Credit |
|
0.046301% |
16.90% |
| Personal |
60 months or less |
0.027123% - 0.046301% |
9.90% - 16.90% |
| |
72 months |
0.029863% - 0.049041% |
10.90% - 17.90% |
| |
84 months |
0.032603% - 0.049315% |
11.90% - 18.00% |
FOR RATES SHOWN AS RANGES, THE ANNUAL PERCENTAGE RATE (APR) YOU RECEIVE WILL BE WITHIN THE RANGE DISCLOSED ABOVE AND IS BASED ON YOUR CREDIT WORTHINESS. PLEASE ASK US FOR THE RATE THAT YOU QUALIFY FOR.
SHARE SECURED: The Annual Percentage Rate (APR) for share secured advances will be the dividend rate being paid on regular shares (Index) on the date of the advance plus the percentage shown in the “% above Index” column above rounded to the highest quarter percent. If there is an existing balance on the date of the new advance, the existing balance will be added to the new advance and the entire balance will be at the new APR. The rates are subject to change on the first day of every month to reflect any change in the index. Any increase in the APR will take the form of more payments of the same amount until what you owe has been repaid.
CERTIFICATE SECURED: The Annual Percentage Rate (APR) will be the dividend rate being paid on the Certificate offered as security (Index) plus the percentage shown in the "% above index" column above rounded to the highest quarter percent. The Certificate must be renewed until the advance is completely paid. Failure to renew will result in default under the Plan. When the Certificate is renewed the APR will change to reflect the new dividend rate. When the APR increases you will make more payments of the same amount. The present APR will be disclosed on the voucher at the time of the advance.
Older model vehicles may be submitted for review adding 2% to current rate. ½ % will be added to current rate for collateral outside our guidelines. SWFCU will not finance salvage, converted, lemon law, untrue mileage, utility vehicles or branded titles.
Unsecured/Partially secured loans will be priced at the higher rate.
Line of Credit minimum payment: The payments are calculated using 2% of the principal balance owing with a minimum payment of $25.
Extension Fee: $35 which is a FINANCE CHARGE.
Guaranteed Asset Protection (GAP): $425 - $450
Mechanical Repair Coverage (MRC): Quotes may be obtained by calling Credit Union.
Rates subject to change.
Late Charges: If your payment is 10 or more days late, you will be charged $25.00 for lines of credit or 5.00% of the unpaid payment amount for all other loans.
NSF Fees: Refer to Fee and charges
Collection Costs: You promise to pay all costs of collecting the amount you owe under this Agreement to the extent permitted by state law. |
