Information Needed for Vehicle Loan LUSO Federal Credit Union 2017-09-28 18:39:31 Not Assigned
Select Page

Information Needed for Vehicle Loan

Upon approval of your car loan application, the following must be completed on or before signing of the loan note and disbursement of the check:

  • 2 current paystubs for each borrower; if you are self-employed, 2 years most recent signed federal income tax returns; if you are retired, a copy of your social security award letter, proof of pension, etc. All rental income must be verified.
  • If this is a purchase – a copy of the signed bill of sale signed by you and the dealer or person selling the car – bill of sale must be dated and have the purchase price, year, make, model, options, and mileage.
  • If this is a purchase – a copy of the title and a copy of the completed RMV-1 form listing the Credit Union as lienholder.
  • If this is a refinance – a copy of your registration and your coupon book or current bill.
  • Opening a savings account with a minimum $5.00 deposit – a copy of your driver’s license and social security card will be taken.
  • $25.00 application fee.
  • If this is a refinance – $25.00 lienholder change fee.
  • Providing an insurance binder on the vehicle being purchased with Luso Federal Credit Union listed as the loss payee (lienholder) – maximum $500.00 deductibles.
  • GAP Insurance is available! If your vehicle is totaled, GAP Insurance will cover the difference on what your insurance company does not cover. GAP Insurance will also pay your deductible up to $1,000.00 and you’ll get a $1,000.00 credit toward your replacement vehicle loan with Luso Federal Credit Union! The cost of GAP Insurance is $495.00.
  • $50.00 VSI Insurance on all loans.
  • Life and Disability insurance through CUNA is also available with your new loan.
  • Two forms of government issued ID.

<–back to Membership Application page