- Security listed for a pre-approved car loan
If I want to get pre-approved for an auto, do I need to list the security offered on the application?
There is no requirement for the security field when applying for a pre-approval. Pre-approvals are good for 30 days. Once you are pre-approved, then we will need a sales contract listing Delta Community CU as the lien holder, or if you are purchasing the auto from an individual or refinancing your own auto, we will need the 10-day payoff and front copy of the title. If the auto is paid off, then we will need a copy of the front and back of the clear title. Once your application is on file, you can fax this information to us at 404-677-4807 attn: Loan Department. Please allow up to 48 hours for processing this information. You will be contacted by phone or email when you loan is ready for funding.
- GAP Protection
- What is GAP?
If you have an auto that is totaled or stolen, there may be a difference between the monies owed and what your insurance company will pay. Guaranteed Asset Protection is not auto insurance. It is a deficiency waiver. It will cover the "gap" by paying the difference between your primary carrier's insurance settlement and your loan balance. The GAP payment covers the insurance deductible up to $500 but does not pay for delinquent payments, late charges, refundable service warranty contracts and other insurance-related charges.
Note: GAP cannot provide protection beyond two (2) additional payments of the original repayment schedule of the loan. Ex: If you have taken 4 payment holidays, GAP will only cover the monthly payment amounts of 2 of those payment holidays.
When can I purchase GAP?
It can be purchased on any automobile regardless of the age or mileage on the vehicle, at the time of a new loan or refinance with Delta Community CU, regardless of whether you had GAP previously. The maximum term for GAP is 84 months. If you are refinancing your vehicle to add additional funds to the loan, you must repurchase the GAP agreement. The original agreement becomes null and void when you add additional monies to the loan.
If I have GAP and I refinance an auto loan currently with Delta Community CU, do I have to purchase GAP again?
Any time a Delta Community CU car loan is refinanced that has existing GAP, you must purchase the GAP again for this loan to be covered.
If you are refinancing a car loan that is currently financed with Delta Community CU that does NOT have existing GAP, purchasing GAP is not an available option.
What is the cost of GAP and is it refundable?
GAP is available in two primary options; either 'Non-Refundable' GAP at $299.00 or 'Refundable' GAP at a cost of $495.00. All options offer a 60 day trial period.
I have totaled my car and filed a GAP claim, do I need to make my payment?
You are responsible for all payments on the loan as agreed on your loan contract. Any overpayments made thru the GAP claim will be reimbursed to upon claim payment.
What is the time frame for receiving a refund from the GAP if I cancel under the new terms and conditions?
Please allow 4-6 weeks for a refund. For loans that still exist, the refund will be applied to the loan. If the loan is paid off, the refund will be deposited to your Savings Account.
If I have purchased GAP, will it interfere with CPI?
GAP is a product that covers the difference between your primary carrier insurance settlement and the loan or lease balance on a new or used auto or other collateral loan. It will not interfere with CPI.
- Requirements for Completing an Auto Loan
What is required to complete a car loan once I find the one I want to buy?
- A sales contract listing Delta Community CU as lien holder.
- A 10 day payoff letter with a copy of the front of the title (this could be a refinance or purchase from an individual who has the automobile financed).
- A copy of the front / back clear title (this could be borrowing against their own vehicle or purchasing from an individual).
- Verification of full coverage insurance with Delta Community CU listed as the lien holder with a maximum deductible amount of $1,000.00
- Submitting a sales contract for an auto loan
The amount on the sales contract has changed since it was first faxed over to the credit union. Do I need to fax over a new sales contract?
Yes. We need to have the sales contract with the "bottom line price" after all refunds, down payments, taxes, etc. Please have an updated sales contract faxed over.
- Voluntary repossession of auto
What happens if I can't afford to pay for my car and want to surrender it in a non-bankruptcy account?
We would encourage you to try and sell the car on your own because we usually can only recover, based on the condition of the collateral, approximately 50% of the value if sold at a local auction. Please keep in mind that you are responsible for any deficiency balance remaining on the car loan. This will report on your credit report as a voluntary surrender. Contact a Recovery Services Representative for a location near you to surrender your vehicle. Submit a message within Online Banking from Secure Email under Additional Services or call the Recovery Services Department at 404-677-8650.