Vehicle Finance

If your vehicle is totaled, this optional insurance will cover the difference between your loan balance and what your insurance company covers. GAP Insurance protects up to $1,000 of your vehicle insurance deductible where allowed and provides a $1,000 credit toward your replacement vehicle when financed through LUSO Federal Credit Union. The cost of GAP Insurance is a one-time payment through the life of the loan that varies by product.

You will pay a $75 fee for vendor single interest (VSI) insurance on all auto loans.

Fees vary and are due at time of application.

You will need to provide an insurance binder on the vehicle being purchased with LUSO Federal Credit Union, 599 East St., Ludlow, MA 01056, listed as the loss payee (lienholder) with maximum deductibles not greater than $1,000.

If this is a refinance, there is a lienholder change fee that varies by state. Please call for further information.

If this is a refinance, you must present a copy of your registration and coupon book or current bill.

If you are purchasing your lease, you must present the lease buyout packet with odometer reading and copy of your registration.

If this is a purchase, you must present a copy of clear title and a copy of the completed RTA form listing the lienholder as: LUSO Federal Credit Union, 599 East St., Ludlow, MA 01056 . Lienholder code: C01383.

If this is a purchase, you must present a copy of the bill of sale signed by you and the dealer or person selling the vehicle. The bill of sale must be dated and include the purchase price, year, make, model, options and mileage.

We require two (2) current paystubs for each borrower. If you are self-employed, provide the two most recent years of signed full personal federal income tax returns and signed full business federal income tax returns with schedules. If you are retired, please provide a copy of your social security award letter, proof of pension, etc. All rental income must be verified using the two most recent years of signed full personal federal income tax returns.

All applicants must be LUSO Federal Credit Union members or eligible for membership. If you are not already a member, you can become a member if you live, work, worship, or attend school in Hampden County or have family members who are already LUSO members. If you are not already a member, you will need to open a share membership savings account with a minimum deposit of $5. Note: You will need to provide two forms of government-issued ID to open your savings account.