Introducing…

 

Member Auto Payment Saver

Member Auto Payment Saver (MAPS™ ) is a vehicle financing program that offers you a viable option to conventional vehicle financing or leasing. While similar in concept to leasing, MAPS™ overcomes many of the disadvantages of typical leasing programs. It offers monthly payments that are considerably lower than conventional financing. Some members prefer MAPS™ because it allows them to buy a new vehicle every two or three years. Others prefer MAPS™ because it allows them to upgrade to a vehicle they would not normally be able to afford.

How Does MAPS™ Work?

All current year and previous three-year model cars, vans and light trucks qualify for the MAPS™ financing program. Based on the term of your loan (number of years financed), a residual value is established using industry-approved guidelines, similar to leasing. The difference between what you pay for the vehicle and the residual value is used to determine your monthly principal payment. At the end of your loan, you have the option to do one of the following:

  • Sell the vehicle, pay the residual value and keep the difference.
  • Use the vehicle as a trade-in, paying residual value as part of the transaction.
  • Refinance the residual value as a used vehicle loan.
  • Return the vehicle to the credit union.*

*If you elect to return the vehicle, your only obligation is:

  • Pay $.08/mile in excess of an average of 18,000 per year (12,000 and 15,000 mile per year options are available).
  • Make sure that all original equipment is with the vehicle.
  • Make sure that any damage covered by your auto insurance is repaired.

 

 

 

 

Here is an example of how MAPS™ can work for you:

The example is based on purchasing a 2001 vehicle. The purchase amount of $29,076 was financed for 60 months with a residual value of $11,825.

 

Conventional Financing

MAPS™
Financing

Amount Financed

$29,076

$29,076

Interest Rate

9.90%

10.90%

Number of Payments

60

60*

Monthly Payment

$616.18

$487.67

MAPS™ lowers your monthly payment by $128.51 per month!

*The final payment is the residual amount. You have several options to satisfy this amount. Please note the above example is for illustrative purposes only. Rates and terms are subject to change.

Compare for Yourself

When you’re ready to buy your next vehicle, be sure to call or visit the credit union to discuss how MAPS™ can offer you a lower monthly payment. We’ll provide you with the information you need to make a decision that is in your best interest.

 

 

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