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Rates and Fees

 

Loan Rates

 

 

Vehicle Loans

Rates effective as of January 21, 2016

APR=Annual Percentage Rate

The rates and terms listed apply to members with excellent credit histories. Other members may qualify but rates and terms may vary. Contact a loan officer at any branch for more detailed information.

 

If a member has an open loan with OFCU, or has had a loan with OFCU within the past six months, a loan loyalty discount of 0.25% will be applied to the Annual Percentage Rate on the next collateral loan granted.  This discount rate does not apply to real estate, share secured, OFCU repossessed vehicle loans, or the refinance of loans currently with OFCU.

 

NEW CARS, TRUCKS, AND PASSENGER VANS (Never been titled and less than 12,000) Note: Based on calendar year, not model year. Special qualifications and minimum funding of $25,000 on loans over 75 months.

 
TermAPR
66 months2.74%
75 months2.99%
84 months3.49%

 

MAXIMUM LOAN AMOUNT: Up to 125% of Manufacturer's suggested retail price including freight per the current new car pricing guide, plus premiums for credit life and credit disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.

NOTE: If a member wants to refinance from another lender, vehicle can be considered new if refinanced within 90 days of purchase.
If a member wants to refinance a vehicle loan, already financed in their name, the maximum amount is the net payoff not to exceed 125% of NADA retail, plus adds. If a vehicle is not listed in the NADA Used Car Guide and it becomes necessary to utilize the NADA guide for older cars, the maximum loan amount will be 100% of retail value. If a vehicle is too old to be listed in the NADA Older Used Car Guide and it is necessary to utilize the CPI Value Guide, the maximum loan amount should be determined by using CPI's "fair" category.

Loans for all OFCU repossessed vehicles being financed through Otero Federal Credit Union will have a base approval rate of 2.00% APR and a term of up to 75 months for all model years. Members who do not qualify for the base rate will be subject to rate tiering in accordance with current loan procedures.

The 84 month term will only be available for contractual amounts of $25,000 or more.

 

Used Cars, Trucks, and Passenger Vans - Special qualifications and minimum funding of $25,000 on loans over 75 months.

TermAPR
Current calendar year Up to 4 years old
66 months2.74%
75 months2.99%
84 months3.49%
Five to seven years old
66 months3.49%
75 months4.49%
Eight years and older
66 months4.99%

MAXIMUM LOAN AMOUNT: 125% of retail value per the NADA Used Car Guide plus options, mileage allowance and deductions, premiums for credit life and credit disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.

New Motorcycles, Jet Skis, and Snowmobiles

TermAPR
60 months6.00%

MAXIMUM LOAN AMOUNT: Up to 125% of Manufacturer's suggested retail price including freight, plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration.

Used Motorcycles, Jet Skis, and Snowmobiles

TermAPR
60 months7.00%

MAXIMUM LOAN AMOUNT: 125% of retail value per the NADA Motorcycle Guide plus options, mileage allowance and deduction, premiums for credit life and credit disability insurance, extended warranty, GAP and state regulated documentation fee,license, and title registration.

 

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New Travel Trailers, Camping Trailers, Fifth Wheels, Motor Homes

TermAPR
Up to 72 months ($0.00 to $25,000)5.50%
Up to 84 months ($26,000 to $50,000)5.75%
85-120 months ($51,000 to $75,000)6.00%
121-144 months (Over $75,000)6.50%

MAXIMUM LOAN AMOUNT: Up to 100% of Manufacturer's suggested retail price plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration.
Interest rate and term are conditional upon loan amount. Please call a loan officer for more information.

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Used Travel Trailers, Camping Trailers, Fifth Wheels, Motor Homes

TermAPR
Up to 72 months ($0.00 to $25,000)6.00%
Up to 84 months ($26,000 to $50,000)6.25%
85-120 months ($51,000 to $75,000)6.50%
121-144 months (Over $75,000)7.00%

MAXIMUM LOAN AMOUNT: 100% of retail value per current NADA RV guide book plus premiums for credit life and disability insurance, extended warranty, GAP and state regulated documentation fee, license, and title registration. Interest rate and term are conditional upon loan amount. Please call a loan officer for more information.

New Boats, Motors and Trailers

TermAPR
60 months5.50%
72 months6.50%
73-120 months7.50%

MAXIMUM LOAN AMOUNT: Up to 100% of Manufacturer's suggested retail price including freight per the current Boat appraisal guide plus premiums for credit life and disability insurance, extended warranty, GAP, state regulated documentation fee, license, and title registration.

Used Boats, Motors and Trailers

TermAPR
60 months6.50%
72 months7.50%
73-120 months8.50%

MAXIMUM LOAN AMOUNT: 100% of retail value per the NADA Boat Appraisal Guide plus premiums for credit life and disability insurance, extended warranty, GAP, state regulated documentation fee, license and title registration.

Horse Trailers NEW/USED

TermAPR
60 months or less7.00%

MAXIMUM LOAN AMOUNT: 90% of purchase price

NOTE: If a member wants to refinance a vehicle loan, already financed in their name, the maximum amount is the net payoff not to exceed 125% of NADA retail, plus adds. If a vehicle is not listed in the NADA Used Car Guide and it becomes necessary to utilize the NADA guide for older cars, the maximum loan amount will be 100% of retail value. If a vehicle is too old to be listed in the NADA Older Used Car Guide and it is necessary to utilize the CPI Value Guide, the maximum loan amount should be determined by using CPI's "fair" category.

Loans for all OFCU repossessed vehicles being financed through Otero Federal Credit Union will have a base approval rate of 2%APR and a term of up to 75 months for all model years. Members who do not qualify for the base rate will be subject to rate tiering in accordance with current loan procedures.

The 84 month term will only be available for contractual amounts of $25,000 or more.


The rates and terms listed apply to members with excellent credit histories. Other members may qualify but rates and terms may vary. Contact a loan officer at any branch for more detailed information.

TYPE OF LOAN MAXIMUM LOAN AMOUNT MAXIMUM TERM RATE / POINTS

New Camper Shells / Utility Trailers

100% of purchase price 

24 months 

10.00%

Shares Pledged

100% of regular shares, share drafts or money market shares pledged

60 months; The maturity of a one payment share pledge loan cannot exceed 12 months

2.5% over the last declared reg. share or share draft dividend rate

Share Certificates Pledged

100% of OFCU share certificate(s) pledged.

Until the maturity date of the certificate pledged; The maturity of a one payment CD pledged loan may not exceed 12 months

2.5% in excess of rate being paid on the certificate

Signature (Unsecured) $500 TO $30,000 Each member's credit limit is evaluated on an individual basis depending on income, employment and credit history. $3.00 per month per each $100 or fraction of $100 of the unpaid balance 9.99%
Closed-End Signature (Unsecured) $500 TO $30,000 Balance is evaluated on an individual basis depending on income, employment, and credit history. Not to exceed 48 months 9.99%
Unsecured Cool Comfort Loan Up to $10,000 Balance is evaluated on an individual basis depending on income, employment, and credit history. 10 years 5.50%
Unsecured Insurance 100% of the cost of the insurance Term of the insurance, not to exceed 12 months 9.99%
Unsecured PAL (Payday Alternative Loan) $200 - $700 - $20 application fee. Balance not to exceed net monthly paycheck amount. 4 months 18.00%
Visa Platinum                            Share Secured                       Without Rewards 100% of regular shares pledged Minimum payment is 3% of the balance due as of the statement date 14.96%
Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances.
Visa Platinum ® (with rewards) $500 TO $30,000 Each member's credit limit is evaluated on an individual basis depending on income, employment, and credit history. Minimum payment is 3% of the balance due as of the statement date 12.96% base rate with an Intro Rate of 2.99% for the first 6 months
Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances.
Visa Platinum (no rewards) $500 to $30,000 Each member's credit limit is evaluated on an individual basis depending on income, employment, credit history. Minimum payment is 3% of the balance due as of the statement date 11.96% base rate with an Intro Rate of 2.99% for the first 6 months (Tier 1 - 14.96%) (Tier 2 - 17.46%)
Note: This is a revolving account. There is NO ANNUAL FEE. There is a 25-day grace period in which to pay retail purchases during which no finance charge is assessed. Finance charges are assessed immediately on cash advances.
Home Equity Loan - Line of Credit 80 % of the AVM or updated appraised value less the first mortgage encumbrance, if any, not to exceed maximum loan balance of $50,000. 180 months Variable Interest Rate
Home Equity Loan - Closed End Credit 80 % of the AVM or updated appraised value less the first mortgage encumbrance, if any, not to exceed maximum loan balance of $50,000. 120 months Fixed Interest Rate

First Mortgage on real property located in Otero, Chaves, Lincoln, Eddy or Dona Ana Counties as follows:

1. Conventional - up to 80% loan to value without PMI*

2. Conventional - up to 95% loan to value with PMI

3. VA- loan to value determined by VA Guidelines (minimum of 25% of loan must be guaranteed by VA)

$300,000

30 years

Contact OFCU's Mortgage Loan Officer for current  rates and points


 

NCUA Equal Housing Lender
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