FAQs Detail

Vehicle Loan

  1. 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, provide the 2 most recent years 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. The 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.
    • All applicants must be a LUSO Federal Credit Union member 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. You will then open a savings account*, if you don't already have one, with a minimum deposit of $5.00.
    • There is a $25.00 application fee.
    • If this is a refinance there is a $25.00 lienholder change fee.
    • You will need to provide an insurance binder on the vehicle being purchased with Luso Federal Credit Union listed as the loss payee (lienholder) with maximum deductibles not greater than $500.00.
    • GAP Insurance is available! If your vehicle is totaled, GAP Insurance will cover the difference between your loan balance and what your insurance company covers. 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 a one-time payment of $495.00.
    • You will pay a $50.00 VSI Insurance fee on all loans.
    • Life and Disability insurance through CUNA is also available with your new loan.
    • *You will need to provide two forms of government issued ID.