Consumer Lending Rates
| South Western Loans |
| Effective Date: 07/01/2010 |
| Name | Approx. Term | Daily Periodic Rate | Annual Percentage Rate |
New & Used Vehicles (2007 or newer) |
60 months |
0.010932% - 0.049315% |
3.99% - 18.00% |
New & Used Vehicles (2007 or newer) |
72 months |
0.011616% - 0.049315% |
4.24% - 18.00% |
New & Used Vehicles (2008 or newer) |
84 months |
0.014384% - 0.049315% |
5.25% - 18.00% |
Used Vehicles (2006) |
60 months |
0.013699% - 0.049315% |
5.00% - 18.00% |
Used Vehicles (2004-2005) |
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) |
|
0.008356% - 0.049315% |
3.05% - 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 3.00%. The rates are subject to change on the day the dividend rate being paid on Shares changes. The APR will never be less than 3.00%. The APR will never be greater than 18.00%. Any increase in the APR will result in more payments of the same amount.
CERTIFICATE SECURED: The Annual Percentage Rate (APR) for Certificate secured advances will be the dividend rate being paid on the Certificate (Index) offered as security plus 3.00%. The Certificate must be renewed until the advance is completely paid. When the Certificate is renewed, the APR will change to reflect the new dividend rate. The APR will never be less than 3.00%. The APR will never be greater than 18.00%. Any increase in the APR will result in more payments of the same amount.
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): Private passenger autos, vans and light trucks $425
Additional Collateral (GAP): Quotes may be obtained at the Credit Union.
Major Mechanical Protection (MMP): Quotes may be obtained at the Credit Union.
Walk Away Protection: Quotes may be obtained at the Credit Union.
Rates subject to change. SWFCU loans not eligible for refinance to lower interest rate
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. |
