Visit your Credit Union first to get the best rate on your next vehicle purchase! Water & Light Credit Union offers you three ways to finance a vehicle:

TRADITIONAL VEHICLE LOAN

• We finance up to 100% of the NADA retail value of the vehicle
• Find the perfect vehicle and let us take care of the rest
• Available on cars, trucks, SUVs, motorcycles, boats and RVs

See our RATE CARD for current rates.

AUTO PLUS LOAN

• Roll your vehicle into your mortgage and reap the tax benefits!
• Take advantage of tax deductions when you borrow from us
• Rates and terms are the same as with a Traditional Vehicle Loan – see our RATE CARD for current rates
• We file a courtesy mortgage against the house, which triggers a 1098 and makes your vehicle eligible for a tax deduction
• Closing cost fees paid by the member
  

MAPS

Upon choosing a vehicle at the dealership and agreeing on a final purchase price, a projected future value (residual value) is calculated based on ALG (Automotive Lease Guide) data. The principal portion of the payment is based on the difference between the amount financed and the projected future value. The interest portion of the payment is based on the entire loan amount, calculated in the same manner as conventional financing. This process results in a monthly payment that can be up to 40% lower than conventional financing.

Sounds sort of like a lease, huh? The difference is that you actually own the vehicle from day one. The vehicle is titled in the member’s name just as with conventional financing, whereas with a lease the vehicle is titled in the leasing company’s name. During the term of the loan, you are able to sell or trade the vehicle without penalty (there is an early termination penalty with a lease) and the loan balance is paid in full as part of the transaction.

At the end of the loan period you have five options:

• Similar to a lease, but with added value and benefits
• Pay the residual value amount and keep the vehicle.
• Keep the vehicle and finance the residual value amount as a used vehicle loan.
• Sell the vehicle and pay the residual value amount.
• Use the vehicle as a trade-in on another vehicle.
• Return the vehicle.

For additional information on our MAPS loans, please contact Water & Light Credit Union.