Lease a Vehicle/Purchase Your Existing Lease

Select the type of Vehicle
  • Lease a Vehicle
  • Purchase Your Existing Lease
  • Protect Your Auto
  • FAQs
 

Lease a Vehicle

JSC FCU now offers a leasing option for both new and used autos. We have teamed up with Fairlease to offer members another option to traditional Auto Financing. Fairlease is a Credit Union Services organization who has the same passion for member service as JSC FCU. 

 

If you are in the market for a new or used auto, and think leasing may be of interest to you, click here to get to started. We will get you in contact with a Leasing Consultant who can help you understand if leasing is right for you. This no pressure consultation will help you determine the best financing option to meet your needs. Admittedly, automobile leasing isn't right for everyone! But now armed with the knowledge of what a lease is, will help eliminate any doubts as to what finance option is best for you. See below for benefits:

 

  • Customized Lease to fit your needs
  • Lease almost every make and model, New and Used
  • No cash down required at signing
  • No middle man markup
  • Consultation with a Fairlease consultant to determine if leasing is right for you
  • Full disclosure of all aspects of your contract and structure
 
 

Good To Know

The Lease Process

The consultation:

To begin with, we like to keep it simple. A FairLease consultant will talk with you to learn your needs and priorities for an automobile. We’ll have that conversation over the phone, via email or at our office, whatever works for you. As part of our consultation, we’ll work to determine whether leasing is a good idea for you and the car you’re interested in. 

As we start to identify the car for you, we’ll talk about making it happen one step at a time. We’ll make certain you get our lowest, no-haggle price, we’ll work to get you the highest value for your trade-in (if you have one) and we’ll work with you to define the right term and payments. Every step is built into our process. It’s how you get the best deal.

The car:

Once you and your FairLease consultant identify the best car for you, we'll physically locate it. Then and only then, will we run your credit, file your application and complete the transaction. And your new car? We can deliver it to your location or you can pick it up at the original dealership. It’s your call. Oh, by the way, throughout the entire process, you'll just work with just one person. 
Lease Vs Buy

If you have a good idea of the vehicle that you want to drive, the next step is to decide which type of financing is right for you. Lease or buy? Admittedly, automobile leasing isn't right for everyone. But, everyone should explore leasing and decide if it's right for them before they make a decision to opt for traditional financing.  

With auto leasing there is no depreciation risk. At the end of your lease, you turn in the car and get something new. You don't have to worry about being "upside down". The lender has taken all that risk out of the equation. And at FairLease, if you have built up ANY equity in the leased vehicle, we will cut you a check!

More car for the money. Because lease payments are lower than loan payments, you can afford to get more car for the money. This allows you to have a new car more often, to upgrade when your needs change, and to take advantage of the newest safety and convenience features. 

Us Vs Them 

For a lot of people considering a lease, it's easy to get focused on monthly payments - and that's important. But really the better question, the one that matter most, is how much that lease is going to cost you. With other leasing companies, you can find yourself up to the neck in costs related to markup and hidden and/or excessive fees.

FairLease provides all the funds for every car we lease. There is no additional markup or middleman. We don't make money on the sale price AND the financing like other leasing companies. We're happy to break even on the car and earn a living on the financing only. 

In some ways, the other leasing companies are set up similar to our structure. They source vehicles from dealers for you, they will deliver the car to you and they offer great service.

However, the lease itself is set up by the employees of the leasing company, not the lender. The leasing company has its own profit motivation and acts as a middleman while setting up your lease. They add a little more to the financing so they can take a cut and make maximum amount from your deal - at your expense. FairLease makes its income on the interest accrued with each payment, just as with any auto loan through your credit union. We do not markup the vehicle to make a profit. NO Middleman fees!

GAP (Guaranteed Auto Protection) Insurance 

Gap Insurance is included on every lease. This insurance protects you as well as FairLease for the life of your lease. GAP Insurance helps payoff your remaining loan balance if your auto is stolen or damaged and is deemed to be a total loss. GAP Insurance bridges the "gap" that can occur when the unexpected (accident or theft) happens to your auto. If bridges the amount you owe and the amount your auto insurance covers for your auto. 

Purchase Your Existing Lease

JSC FCU offers extremely competitive interest rates and terms for used autos. We can assist you with purchasing your existing lease. See below for benefits:

 

  • Competitive interest rates
  • No penalties if you choose to pay off your loan early
  • Low-cost optional payment protection insurance
  • Free online loan calculators
  • Convenient payment options
 
 

Good To Know

Pre-Approval
  • What you will need to provide at time of application:
    • Personal contact & employment Information
    • Proof of Income
      • W2
      • Pay Check Stub
      • Self Employed: Two years of tax returns
    • Collateral Information (Optional)
      • VIN Number
      • Year/Make/Model
      • Mileage
      • Color
      • Features
    • Amount Requesting & Down payment (if applicable)
  • Member will receive a pre-approval letter (email for online apps) from a loan officer/processor. This will be your point of contact for your loan closing.
Prior to Loan Closing
  • Member contacts their leasing company and requests lease purchase instructions. Once received, the member will follow the instructions in the packet and sign the documents. Next the member will provide the packet contents to their loan processor.
  • The Member should obtain a 10-day payoff from their leasing company. The 10 day payoff must include the name, account number and payoff address of their financial institution. The payoff amount should be dated 10 calendar days from the expected loan closing date.
  • Member should contact their Insurance Agent to obtain an Insurance Policy or a Declaration Page listing the auto and JSC FCU as Lien Holder with a max Comp / Collision of $1,000. Member should fax/email/bring this form to their loan officer.
  • Purchaser provide proof of emissions (Inspection Report) if the vehicle was last registered in a county that does not require emissions testing. For a list of counties that require inspection reports, visit www.txdmv.gov
  • For in-branch closings, Member should contact their loan officer to schedule a closing appointment. For online closings, member should fax/email their loan documents to their loan processor.
 
Loan Closing
  • The purchaser and all parties listed on the title must be present.
  • Documents to bring to closing
    1. 10-Day Payoff
    2. Insurance Policy or Declaration Page
    3. Current State Issued Photo ID (All parties)
    4. Proof of Emissions (Inspection Report) if applicable
  • Member chooses optional products:
    • Guaranteed Auto Protection (GAP) Insurance
    • Extended Warranty
    • Credit Life / Disability Insurance
  • Member chooses payment options
    • Mail payment coupons
    • Scheduled Transfer
    • ACH payments (from another financial institution)
    • Electronic Transfer (through  eBanking)
  • Member signs loan documents
GAP (Guaranteed Auto Protection) Insurance

GAP Insurance helps pay off your remaining loan balance if your auto is stolen or damaged, and is deemed to be a total loss. GAP Insurance bridges the "gap' that can occur when the unexpected (accident or theft) happens to your auto. It bridges the amount you owe and the amount your auto insurance covers for your auto.

Benefits include:

  • Protection for the term of your loan up to 84 months.
  • Coverage for autos financed up to $100,000

You may even qualify to add the cost of GAP to your loan. Please see a JSC FCU representative for more details. 

Extended Warranty

A vehicle service contract protects you from costly mechanical repairs including comprehensive benefits. Have peace of mind knowing that most problems can be taken care of with an Extended Service Contract. Extended warranties are designed into three products; Level 1, Level 2 and Level 3. Level 3 is bumper to bumper covering all the vehicle's mechanical and electrical repairs. Warranties may be purchased at any time.

You may even qualify to add the cost of Service Contract to your loan. Please JSC FCU representative for more details or to “Get a Quote”.

Co-borrower
  • The co-borrower, must be a JSC FCU member.
  • Interest rate is based on the qualified co-borrower - parent, grandparent or legal guardian.
  • Loan qualification is based on the parent, grandparent or legal guardian.
  • The co-borrower may choose the name(s) listed on the title. (Both the borrower and co-borrower or one or the other.)
* Taxes & State Fees*
  • Sales Tax will be calculated based on 6.25% of the purchase price or 80% of SPV (Standard Presumptive Value); whichever value is higher.
  • Valid Registration (Good through 60 days)
  • If registration is expired or expiring within the next 60 days, member must update registration and provide a copy of registration receipt prior to or at loan closing.
  • Title Application Fee: $35.50 ( Harris County)
  • New Resident Fee (if applicable): $90 or the difference between the two states sales tax.
Electronic Title:

The electronic lien and the title program is a paperless method that allows TXDMV and a financial institution or lienholder to exchange vehicle title information electronically. The title record is sent electronically and the lienholder stores the electronic record instead of a paper Certificate of Title. The electronic title is created and held by TXDMV in the state motor vehicle database. When the loan is paid in full upon lien holder's request, the TXDMV will print a paper title and mail it to the owner. 

Loan Payoff

10 business days after a loan has been paid off, JSC FCU will automatically release the electronic lien with TXDMV. After 10 business days has passed, the State will then mail a paper title to you within 7 to 10 business days to the address the Credit Union has on file. If the address on record is incorrect, please update your address with the Credit Union to ensure the title comes to the correct address. Any address changes should be made prior to loan payoff.

Tools 
 

* Taxes & State Fees may change without notice. Visit www.txdmv.gov for most current taxes and fees.

 

Protect Your Auto

A vehicle service contract protects you from costly mechanical repairs including additional benefits. Have the peace of mind knowing that most problems can be taken care of with an Extended Service Contract.

Use the print icon located at the top right to conveniently print the provided information.

Vehicle Service Contracts

When buying any vehicle, there is always a chance of having a mechanical breakdown. However, you will have peace of mind knowing that most problems can be taken care of with a Vehicle Service Contract from Auto Exam, Inc.

Auto Exam will give you all the benefits and options at an affordable price. For just pennies a day, your automobile will be protected from unexpected repair costs. When an unforeseen repair is required, the first thing you will reach for is this plan.

Various coverages, deductibles, and coverage terms are available based on the vehicle's age and mileage. Below is an overview of some of the types of coverage that are available. For more details on coverage and eligibility, please contact Auto Exam directly or review your actual contract.

Exclusionary Coverage

Exclusionary Coverage is the best type of coverage available. This type of coverage will cover any part of the vehicle that is not listed as an exclusion by the contract. Below are some of the types of items excluded from coverage:

  • Any Normal Maintenance Item - Including but not limited to: tires, wheels, wheel covers, shocks, alignments, brake pads or shoes, brake rotors or drums, accessory drive belts, hoses, filters, exhaust components, clutch, and pressure plate.
  • Any Tune-Up Item - Including but not limited to: spark plugs and wires, distributor cap, and carburetor.
Component Coverage

Vehicles that are too old or have too many miles to qualify for exclusionary coverage may still qualify for a component coverage. There are many levels of component coverage available.

Typically these coverages will cover the major components of the vehicle. Below are some of the areas covered by these contracts:

  • Engine
  • Transmission
  • Steering
  • Suspension
  • Electrical
  • Brakes
  • Fuel Delivery
  • Cooling
Powertrain Coverage

In some cases vehicles with high mileage may only qualify for a powertrain coverage. Typically this will be vehicles with 100,000 miles or more. Powertrain coverage will only cover the essential powertrain components. Typically these items will include the following:

  • Engine - All Internally Lubricated Parts
  • Transmission - All Internally Lubricated Parts
  • Drive Axle Assembly
Other Benefits

Contracts include:
Towing Coverage, Substitute Transportation (Rental Coverage), and Trip Interruption.
Most of our contracts also include:

Other Benefits Available on some coverages include - Roadside Assistance, and more.
Please refer to your contract for the benefits that apply, not all benefits apply to all contracts.

Get a Quote

Quote Request form

FAQs

Can anyone get a lease or a loan from a credit union?

Only a member of a Credit Union can apply for a loan. To find out if you are eligible for membership or for information about becoming a member click here.

How many months can I finance my lease?

FairLease offers 36,48 and 60 month leases. 

How many months can I finance my auto if I'm purchasing my existing lease? 

You may be able to finance an auto loan for up to 72 months. Please contact a JSC FCU representative for more details.

Can I lease any car? Any make and model? New or pre-owned?

At FairLease, there are always exceptions, but odds are, we can get the car, truck, van or SUV you're looking for. 

Is there a pre-payment penalty an auto loans or lease? 

No, you may pay your loan or lease off at any time.

What is the maximum age of an auto I can lease?

Lease vehicles must be no more than 5 years old. 

What is the maximum age of an auto I can finance when purchasing my existing lease? 

We prefer the auto being less than 10 years old.

How much can I borrow on an auto loan if I'm purchasing my existing lease? 

You may qualify to borrow up to 120% of NADA clean trade on an auto loan. Please contact a JSC FCU representative for more details.

How do I know if my loan is approved for a lease?

You will be contacted by a FairLease Consultant assigned to your application.

How do I know if my loan is approved to purchase my existing lease?

You will be contacted by a loan officer assigned to your application.

How long does it take to get a loan approved for a lease once the application has been turned in? 

Loans are typically approved the same day.

How long does it take to get a loan approved for a loan to purchase my existing lease once the application has been turned in? 

Loans are typically approved the same day.

What does it mean when FairLease says it provides direct financing with no middleman or markup? How does that differ from other leasing companies?

FairLease provides all the funds for every car we lease. There is no additional markup or middleman.

In some ways, the other leasing companies are set up similar to our structure. They source the vehicles from dealers for you. they will deliver the car to you, and they offer great service.

However, the lease itself is set up by employees of the leasing company, not by the lender. The leasing company has its own profit motivation and acts as a middleman while setting up your lease. They add a little more to the financing so they can take a cut and make the maximum amount from your deal - at your expense. FairLease makes its income on the interest accrued with each payment, just as with any auto loan through you credit union. We do not markup the vehicle to make a profit. NO middleman fees.

How is interest calculated on an auto loan and lease? 

Divide the interest rate by 365 days (# of days in a year), multiply by the principal balance (this gives you the per diem), then multiply that by the number of days from payment to payment. Interest is calculated daily on the unpaid principle balance of the loan.

Do you offer credit life and disability insurance on auto loans when purchasing your existing lease? 

Yes, we offer credit life and disability insurance on our auto loans.

Do you offer credit life and disability insurance on leases? 

At FairLease, they unfortunately cannot offer credit life and disability insurance on leases.

Does the title have to be in my name when purchasing my existing lease? 

Whoever is on the loan can be on the title.

Can I pick up my title at the Credit Union when i payoff my JSC FCU vehicle loan? 

JSC Federal Credit Union no longer holds paper titles at the Credit Union. 

What is electronic title? 

The electronic lien and the title program is a paperless method that allows TXDMV and a financial institution or lienholder to exchange vehicle title information electronically. The title record is sent electronically and the lienholder stores the electronic record instead of a paper Certificate of Title. The electronic title is created and held by TXDMV in the state motor vehicle database. When the loan is paid in full upon lien holder's request, the TXDMV will print a paper title and mail it to the owner. 

What happens when I payoff my JSC FCU vehicle loan? 

10 business days after a loan has been paid off, JSC FCU will automatically release the electronic lien with TXDMV. After 10 business days has passed, the State will then mail a paper title to you within 7 to 10 business days to the address the Credit Union has on file. If the address on record is incorrect, please update your address with the Credit Union to ensure the title comes to the correct address. Any address changes should be made prior to loan payoff.

What can I do to receive my title sooner if I payoff my JSC FCU vehicle loan? 

You can request for receive your title sooner by completing the Early Title Release Form and paying with guaranteed funds (cash, verifiable cashier's check, transfer from JSC FCU account, Shared Branch account or wire transfer).

The JSC FCU Title Department will electronically release the Credit Union's lien the next business day. The State will then mail the title to the member within 7 to 10 business days to the  

Title requirements are subject to change due to each individual loan scenario.

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