Our auto rates apply to new autos, used autos, boats and
recreational vehicles. You
choose the transportation!
New or Used Auto Loans
Why wait? Get a preapproval
for your New or Used auto purchase! Preapprovals allow you to choose the
dealership, and leave the financing work to us.
When the financing is secured ahead of time, it allows you “the Member”
to negotiate the very best deal possible. We also offer a full range of
protection products to provide coverage for your vehicles.
Refinancing a vehicle with
MTCU from another financial institution can provide you the opportunity to
lower your payment, lower your interest rate or change the terms on your auto
loan. Certain terms and conditions do
Your financial future and security is important to MTCU!
MTCU offers a full range of vehicle and payment protection
products. These products provide a
safety base for unexpected auto and life events. Each plan can be purchased separately. Auto protection products can also be
included in your auto loan. You choose
what level of protection you want.
Insurance Protection Products-
- Accidental Death & Dismemberment Protection
Life Insurance Protection
Home Insurance Protection
Auto Insurance Protection
Loan Protection Products-
Life changes all the
time. It’s important that we protect our
assets. We have a variety of services that can help protect your loans.
- Credit Life & Disability Payment Protection
- Guaranteed Asset Protection with PowerBuy
- Mechanical Breakdown Protection
- Paintless Dent Protection
- Tire & Wheel Protection
- Vehicle Return Protection
Credit Life & Disability Payment Protection-
Credit Life insurance pays or reduces the eligible outstanding
balance on your loan if you pass away before your loan is paid off. Credit
Disability insurance provides funds to help you make your loan payments, up to
the policy maximum, if you become temporarily or permanently disabled due to a
covered illness or accident. Coverage is available for single or joint
borrowers, and premiums are automatically included in your loan payments. It’s
important to cover yourself and protect your family. Payment protection can provide peace of mind,
and reduce the possibility of unpaid debts, credit loss, and financial burden
if you should die or become totally disabled. Purchase of Credit Life &
Disability Insurance is optional and will not affect your application for
credit or the terms of any credit agreement required to obtain a loan. Certain
eligibility requirements, conditions and exclusions may apply.
Guaranteed Asset Protection with PowerBuy-
Most basic car insurance policies only cover the actual cash
value of your vehicle. With the increase
of time and mileage, a car’s value declines rapidly. If your car is stolen, or
is totaled before it is paid off, your insurance may not cover the total
balance. GAP Protection is a
non-insurance product that covers the “gap” by paying the difference between
your car insurance premium settlement and your loan/lease balance. GAP can
protect your vehicle and your financial wellbeing. PowerBuy may provide up to $2500.00 towards a new auto purchase, if a total loss or theft occurs.
Mechanical Breakdown Protection-
MPower Vehicle Protection shields you from many of the
expensive costs associated with a major mechanical breakdown and provides
comprehensive coverage for these vehicle repairs. The comprehensive coverage, includes 24 hour
roadside assistance, the use of a rental vehicle and trip interruption. As time and miles increase on a vehicle, so
does the potential of a major mechanical breakdown. And car repairs can be budget busters. It’s important to protect yourself from
unexpected costs. Roadside Assistance provided on all plans includes: towing,
flat tire change, fluid delivery, jump starts, lockout service and concierge
Paintless Dent Protection-
Paintless Dent Protection covers the repair cost to remove
dings and dents up to 4 inches in diameter and helps to keep your vehicle
looking new. Door dings and dents can ruin your showroom finish and prematurely
age your vehicle’s appearance. This protection is available for vehicles with
less than 36,000 miles on the odometer.
There are no deductibles or out of pocket expenses.
Tire and Wheel Protection-
Tire and Wheel Protection provides repair or replacement coverage
for any damage caused to your tires or wheels due to road hazards such as road
debris or pot holes. This protection is available for vehicles with less than
36,000 miles on the odometer. There are
no deductibles or out of pocket expenses.
Vehicle Return Protection-
MPower Vehicle Return Protection allows you to return your
vehicle and covers up to $7,500 of negative equity in the event of a life
changing circumstance. Vehicle Return
Protection provides protection against these life changing circumstances:
involuntary unemployment, physical disability, loss of a driver’s license due to
medical impairment, international employment transfer, self-employed bankruptcy
and accidental death. This protection is
available to everyone regardless of age, health or employment. No health questions or physical is required.
MPower Vehicle Return Protection can be added to new and used vehicle loans.
Collections Q & A
Staying current with
your loan payment is vital to protecting your credit score. Below are some
questions about managing those payments within the terms of your loan.
What is a loan extension
and am I eligible for one?
A loan extension allows you to not make a payment for a particular month. You
are allowed 2 extensions due to a financial hardship over the life of the loan.
When is an account
considered past due and when is it reported to the credit bureau?
A loan is past due the day after the due date, however we do allow a ten (10)
day grace period. Delinquent loans are reported to the credit bureaus when they
are 30 or more days past due.
What if I change jobs or
You need to keep the credit union updated on any job changes or changes in
residence. If you are paying your loan via payroll deduction, we will
discontinue the payroll deduction and issue you a payment coupon book for the
remainder of the loan balance due.
I lost my job. Will the
credit union work with me so I can remain in good standing with the credit
Every member's situation is unique and is handled differently, so please call
the Credit Union and ask to speak to a Collection Officer.
We offer two options
for job loss or difficult financial times.
1) Unemployment Relief
is available for Members that are no longer employed and have proof of
“unemployment benefits”. MTCU Members
then have the opportunity to be approved for half payments for a 3 month time
frame. After the 3 month extension, payments resume at the agreed full payment
2) People Helping People
Relief is available for Members that can substantiate and provide proof that they
are in financial hardship. Once
approved, a loan can be extended to the original term of months. The original rate will stay the same, and no
new monies will be added. This will
allow the monthly loan payment to decrease and provide a smaller dollar amount
required for payments.
I misplaced my coupons, how
can I get more
Simply call the loan department and we will order more upon request.
Repossessed Vehicles for
There are times that we have repossessed vehicles for sale. Any derogatory
information known about the vehicle will be made available to potential
purchasers when they test drive the vehicle, if not before. We encourage
prospective buyers to take the vehicle to their mechanic prior to purchasing
said vehicle. Repossessions are sold on an "AS IS" basis.
How can I reduce the amount
of my payment?
The Credit Union can consider refinancing a loan to reduce payments, or you can
apply for the “People Helping People” relief loan, as mentioned above.