JSC FCU Auto buying guidelines

With our step-by-step First Time Auto Buying Guidelines you can learn about checking your credit history, choosing the best vehicle for your budget, what to do before visiting the dealership and so much more!

 

Six Step Guide to Owning a Vehicle

Step 1: Become a Member
  • Become a member of JSC FCU! You can join with just a $5 savings account deposit.
Step 2: Apply for a Vehicle Loan
Get started by applying for a vehicle loan

Please note the following guidelines:

  • Determine if you need a qualified co-borrower
    • If you are under 18 years old, you must have a qualified co-borrower apply with you for the auto loan.
    • If you are 18 years old or older, you can apply for a loan without a co-borrower.
  • Provide proof of employment and income
    • You will need to provide information about your employer and provide proof of income from this employer by submitting copies of recent paycheck stubs.
    • Please note that certain income guidelines will apply, and you must be employed for a minimum of 6 months.
    • If you are applying with a co-borrower, both you and the co-borrower will need to provide proof of employment and income.
  • No credit history is required, however no derogatory credit is allowed and there must not be previous auto loan history on your credit report.
Step 3: Submit Your Loan
  • Once your loan application is submitted, a JSC FCU representative will contact you usually within 24 hours to let you know the status of your application. It is at this point that your pre-approval for a loan will be determined, as well as the amount of the loan you have been pre-approved for.
Step 4: Approval & Car Shopping
Once approved, you can then start shopping for your vehicle. Whether you are purchasing a vehicle from a dealership or from an individual owner, please note the following requirements:
  • New vehicle purchase from a dealership:
    Submit the following from the dealership to JSC FCU
    • Purchase Order A dealer generated document that authorizes a purchase transaction. When accepted by the buyer, it becomes a contract binding on both parties. A purchase order will typically include the description of collateral, prices, discounts, trade information, additional insurance coverages/warranties and the total purchase price.
    • Factory invoice
  • Used vehicle purchase from a dealership:
    Submit the following from the dealership to JSC FCU
    • Purchase Order A dealer generated document that authorizes a purchase transaction. When accepted by the buyer, it becomes a contract binding on both parties. A purchase order will typically include the description of collateral, prices, discounts, trade information, additional insurance coverages/warranties and the total purchase price.
      • Please note that the used car price must not exceed the NADA retail value
  • Used vehicle from an individual owner
    • You will first need to determine the NADA retail value of the vehicle.
      • The price of the used car must not exceed this value.
    • You will also need to determine if there is a clear title on the vehicle.
    • If the car does not have a clear title:
      • You will be required to provide the current Lien Holder An institution that retains legal possession of a piece of collateral until the person to whom he/she has advanced money for use of the collateral has satisfied the debt owed. of the vehicle, including:
        • The financial institution's name, phone number and address
        • The current loan number of the used vehicle.
      • Both you and the owner of the vehicle will be required to meet with a JSC FCU representative for closing on the loan. If applicable, the owner should also bring the clear title at the time of closing.
Step 5: Vehicle Insurance
  • Now that you have found the vehicle you want, you must provide proof of auto insurance, called an insurance binder, on the vehicle to JSC FCU prior to funding of your loan.
Step 6: Sign Final Loan Documents with a JSC FCU Representative
  • Make an appointment with your JSC FCU representative to sign the final papers to fund your loan. Congratulations! You can drive home knowing that you have the perfect vehicle plus a financially smart and affordable loan from JSC FCU!

 

JSC FCU knows there is so much to think about when purchasing your first vehicle, and we want to make sure you have all the tools and information you need to become educated in the entire process. 

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