In addition to financing, we offer additional services to assist
you when purchasing a new or used vehicle.
Guaranteed Asset Protection (GAP) for Your Vehicle Purchase
You could lose more than your vehicle if it is stolen or involved
in a major accident. Because most insurance policies only cover
the value of your vehicle - something that rapidly declines
during the first few years of ownership - your loan balance
can be higher than the value of your vehicle. This situation
is commonly called being "upside down" on a loan.
GAP covers the difference between your primary insurance carrier's
Actual Cash Value determination and the payoff amount of your
loan. Delinquent payments, late charges, refundable service
warranty contracts, other insurance-related products, and interest
charged after the date of loss will be deducted from the settlement.
Here's an example of how GAP works:
Original Purchase Price..............$20,000
Loan Balance After One Year......$18,000
Insurance Settlement..................$15,000
Remaining Balance.....................$ 3,000 (GAP pays)
For just pennies a day, GAP provides peace of mind, convenience,
confidence and significant savings. Enrollment is simple. Contact
your loan officer for details.
Credit Insurance
ATFCU Credit Insurance protects your family in the event that
the loan signer (or co-signer) should die or become disabled.
Please contact your loan officer for additional information.
Research Before You Buy!
New vehicle buyers - Check out the following websites to
research invoice price, MSRP and options on vehicles you're interested
in.
Used vehicle buyers - Obtain pricing guidelines for
used cars and trucks and check out vehicle history.
Kelley Blue Book
NADA Guides
AutoTrader
Edmunds Guide
Do you have unexpected expenses this month? Does your family
have needs your pocket book didn't expect? Take advantage of
ATFCU's many convenient loan options.
- The FINANCE CHARGE is figured by applying the periodic rate to
the "balance subject to FINANCE CHARGE", which is the "average
daily balance" of your account, including current transactions.
The "average daily balance" is arrived at by taking the beginning
balance of your account each day and adding any new cash advances
and, unless you pay your account in full by the due date shown on
your previous monthly statement or there is no previous balance,
adding in new purchases, and subtracting any payments or credits
and unpaid FINANCE CHARGES. This gives us the daily balance. The
daily balances for the billing cycle are then added together and
divided by the number of days in the billing cycle. The result is
the "average daily balance." The FINANCE CHARGE is determined by
multiplying the "average daily balance" by the number of days in
the billing cycle and applying the periodic rate to the product.
- Charges incurred on card are due on receipt of the account
statement.
- Transaction fee for Purchases, Cash Advances, or Balance
Transfers - None. If you obtain a cash advance by using an
automated teller machine, you may be charged any amounts imposed
upon Abilene Teachers Federal Credit Union by the owner or
operator of the machine.
- A $17.00 late payment fee may be imposed if you do not pay
your minimum payment within 15 days following your payment due
date.
- If your account balance exceeds your credit limit, you may be
charged an over-limit fee of $17.00.
- Balance Transfer and Cash Advance APRs: 9.90% APR.
Abilene Teachers Federal Credit Union offers a variety of first and second
mortgage lending services including home equity loans and home improvement
loans. First mortgage rates are currently as low as APR. Home equity
rates are currently as low as APR and home improvement loans are
currently as low as APR. Please contact a credit union mortgage loan
officer at 325-677-2274 or 800-677-6770 for more information. (Last updated
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