LOANS

IN  TIMES  OF  FLUCTUATING RATES, HOW  CAN  YOU COME  OUT  AHEAD?  

(click on)  AVOID BEING "UPSIDE DOWN"  

Learn how to prevent this pitfall when you finance cars, motor homes, mobile homes,  etc.

and  make the best use of Cal Feminist's: 

 1. (click on) 30-day Rate Lock-in, 

2. (click on) Discounts 

 

3. Reduce your housing expenses

 

4. Fixed  Loan Rates effective 12/20/07 (summary) below (scroll down)

Rates, terms, discounts, add-ons, and conditions are subject to change without advance notice; they apply to Cal Feminist FCU members  only,  on approved credit. 

CAR LOAN RATES & AUTO LOAN RATES

 (also, trucks, vans, & SUVs)

 Fixed  Annual Percentage Rates (APRs)

    Car loan rates as low as 5.24%!!!!

Terms as long as 9 years!!!!

           *Lowest rate includes maximum Loan Rate Discounts (click on Discounts) 

 

#Regular loan rate may be higher with add-ons (see "Loan Rate Discounts & Add-ons" table above).  

 

If you've not picked your car, feel free to apply for a "Pre-Approved Car Loan."  Find out how much you qualify to borrow  before  you buy. If your loan is approved, you'll have up to 30 days to have your car loan funded.  Shop with greater confidence. 

Footnotes:

1. Apply when you have $50+ in Cal Feminist savings; receive decision within days of our receipt of your completed loan app.; receive funding 1 month after you opened your CFF savings.  Can’t wait?  Share-Secure now or borrow now from a faster lender that has a low prepayment penalty; after your registration card arrives, ask Cal Feminist to pay off your first lender.

2. Maximum loan = $75,000.  No loans on: extended warranties, service contracts, rust-proofing, or salvaged vehicles.

3. If vehicle is over 1 year old:  after approval, take our Inspection Form to a licensed repair shop to have a mechanic inspect vehicle at your expense using our form.  Results may increase or decrease value as collateral/amount you can borrow.

4. $500 = maximum deductible on mandatory comprehensive & collision insurances; you may have to pay DMV transfer fees

5. Don’t pay cash for a car; we can’t reimburse you.  Instead, deposit $ in Cal Feminist; use it as collateral for 1 month.  Ask us for details.

6. Must appear in Cars of Particular Interest; after loan approval, you will need to obtain a CFFCU-approved appraisal.

7. Enclose a readable copy of car’s registration with app., (or send it as soon as it arrives). 

8. If, on your title, there will be 2 Registered Owners, you must show them as “Pat and Ida” vs. “Pat or Ida”.  If you buy from a dealer,  tell their Finance & DMV departments!       

9. Title processing time, fees: if we (not dealer) handle title transfer:  Calif. $25+cost; other states, (effective 11/1/06) $99+cost (see #10) (see details below)

10. Cars in states other than Calif. :  use a Cal Feminist loan to finance a car you buy from a dealer or refinance a car on which you are already Registered Owner.  Buying from a private party?  Finance via a local lender; after you are Registered Owner, let us pay them off. (See details below.)

 

Title Transfers & Fees:  when you offer a car as collateral for a loan, you already are--or will become--the Registered Owner."  The Registered Owner drives the car, pays for the insurance,  etc.   Cal Feminist will become the "Lienholder" or "Legal Owner" and remain so until your loan is paid in full.  To create such changes in title someone has to file paperwork with the DMV (Department of Motor Vehicles) as it's called in California.  

    When you buy from a dealer, the  dealer  takes care of the "title transfer."  We charge no title processing time fees for transfers dealers handle.

    When you use our loan to buy from a private party--or pay off a loan you have with another lender-- we   handle the DMV paperwork.  

    For  California DMV  you pay a $25 flat fee for our time + actual costs such as Notary Public fees, Use Tax, Transfer Fees, and Registration (or Registration Renewal) fees.  This includes cars you buy from a private party.

    For  Motor Vehicle Departments in other states & D.C.: you pay $99 for our time + actual costs & fees.  You pay more because we need time to learn the rules and forms for a different state, and each one is different.   Use a Cal Feminist loan to finance a car you buy from a dealer or refinance a car on which you are already Registered Owner.  Buying from a private party?  Finance via a local lender; after you've become the Registered Owner, let us pay them off.

     

Do you own your home in California?  Want a possible car loan tax deduction,  without  home appraisals, loan-to-value ratios, or points?  Pay the same APR on an Engine Equity loan.  They are a cross between a car loan and a home equity loan.  Pay a flat fee--partially refundable--of only $150!  Consult your tax 

advisor to see if an additional loan against your home will be tax deductible. 

 

Maximum to finance/refinance a car  is $75,000. For other purposes? Scroll down to "Maximums,  Purposes, and Conditions for All Loans" at the end of "Loans". 

 

***Borrow against an 9 to 29 year-old car if it is worth the minimum value in the table above.  If it is not,  offer something else as collateral that is acceptable to us, such as the title to a newer or more valuable vehicle, or $ deposited in a Cal Feminist savings account.  See rates below.  No loans available on salvaged vehicles.  Mechanic's inspection will be required on most used vehicles  after  loan approval using a form we  provide.  Full coverage insurance, including comprehensive and collision, will be required, with deductibles no higher than $500 each.  Ask for additional conditions on all vehicle loans.

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 MOTOR HOME  LOAN RATES (RVs)   Fixed  APRs

*Lowest rate includes maximum Loan Rate Discounts (click on Discounts  

 

#Take 1% off Regular rate if you borrow less than 70% of the value.  Regular loan rate may be higher with add-ons (see "Loan Rate Discounts & Add-ons" table above)

 

Effective 3/1/06: actual cost + $25 fee DMV fee if dealer won't handle California title transfer; effective 11/1/06: actual cost + $25 fee in California, $99 in other states.

 

Maximum Loan Amounts - for all $75,000 (+ savings) 

• New:  78% x (Cost of RV + tax + registration) not to exceed $75,000

• Used 4 months to 6 model years old:  Wholesale RV Blue Book x 80%  (+ 75% of tax if buying) not to exceed $75K

• Used 7 to 10 model years old:  Wholesale RV Blue Book x 75% (+ 75% of tax if buying) not to exceed $50K.  Even if you  borrow   less than $10,000, the minimum  value  of motor home must be at least $10,000.

                            **You may have a fixed rate for 15 years.  Or, you may have payments as  low  

                            as they would be on a 20-year loan with a a balloon payment--the balance of the 

                            loan owing at that time-- due at the end of 15 years.  At that time, you may pay 

                            the loan in full  or re-apply (and pay the rate in effect at that time).

                                Using a motor home as collateral for some other purpose?  Scroll 

                                  down to "Maximums, Purposes, and Conditions for All Loans" 

                                at the end of "Loans" to learn your options.         

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SAVINGS-SECURED & CREDIT-BUILDER  Fixed  APRs

    rates as low as 4.99%!!!!

*Lowest rate includes Loan Rate Discount (click on Discounts  

#Regular loan rate may be higher with add-ons (see "Loan Rate Discounts & Add-ons" table above

^ $2.000 if either no Cal Feminist Credit History or a poor Cal Feminist credit history

$5,000 if good Cal Feminist credit history for 6 to 12 months

$10,000 if near-perfect credit history for 12 months or longer

                    **Savings-Secured Type I:  use $ in your Cal Feminist savings account to back the loan.  

                    Balance of your account must = $106 for every $100 you finance. Maximum loan amount 

                    =  $94,000.  As you reduce the balance owing on your loan, you may gradually withdraw 

                    from your savings, so long as you leave in them at least $106 for every $100 you still owe.  

^***Credit-Builder:  borrow $ to add to your Cal Feminist savings account.  Freeze in your savings the entire amount you borrow until the loan is paid in full.  Just the opposite of "Fly now, pay later."  Maximum loan amount depends on your prior credit history on loans you've had with Cal Feminist: $2,000, $5,000, or $10,000.  .

****Savings-Secured Type II: a friend or relative who lives in Washington D.C. or one of the 50 states opens a Cal .Feminist savings account.  She/he uses their CFFCU savings account to back your loan.  As with Savings-Secured Type I, they need to have $1,060 on deposit for every $1,000 you borrow.  As you reduce the balance owing on your loan, they may gradually withdraw from their savings, so long as they leave in their account at least $1,060 for every $1,000 you still owe.  Note:  if you'll be borrowing at least $3,000, they may want to deposit their savings in a special -13 sub-account that earns, in addition to regular Cal Feminist dividends, bonus dividends.  

On all 3 loans, you may enjoy easy, 24-hour approval; no income verification; no 1-month membership requirement. 

To obtain a Short Form loan application--for Credit-Builder & Share-Secured loans only: 

• Call in your loan during open hours.  You can stop by later to pick up the loan check or have us send you a contract to sign before a Notary.  OR  

• Have a loan application sent or faxed to you.  OR  

• Click here.    Before  you print the Short Form loan app. from our Web site, be sure to read & follow the instructions.  

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MOTORCYCLE LOANS  of $3,000 - $50,000  Fixed  APRs  

*Lowest rate includes maximum Loan Rate Discounts (click on Discounts  

#Regular loan rate may be higher with add-ons (see "Loan Rate Discounts & Add-ons" table above

 

Motorcycles must be street-legal and bigger than 100cc.  

Loan amounts:  minimum $3,000; maximum $50,000.  

 

Effective 3/1/06: actual cost + $25 fee DMV fee if dealer won't handle California title transfer; effective 11/1/06: actual cost + $25 fee in California, $99 in other states.

Maximum value as security for loan: 

New:  75% of cost.  You pay 25% + tax & license

Used up to 3 model years old:  80% of low  Blue Book; you pay remainder of cost + tax & registration.

Used 4 model years old & older: 80% of  Blue Book  (if not in  Blue Book , 70% of appraised value (we pre-approve the appraiser))

 

Using a motorcycle as collateral for a loan for another purpose?  Scroll down to "Maximums,  Purposes, and Conditions for All Loans" at the end of "Loans".  

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SIGNATURE  LOAN Fixed APRs

If this is the first time you've borrowed from  Cal Feminist  the highest amount anyone can borrow on Signature  = $1,000.  (You may apply for more than $1,000 if you have something to offer as collateral or security to back the loan, such as  the title to a paid-off car--or a car a Cal Feminist loan could pay off for you--a motor home, mobile home, or motorcycle.)  If you offer something else as collateral, you may pay a lower interest rate on the loan.  You may also apply for a partially savings-secured loan, for example, $1,000 on signature + $2,000 backed by savings = a $3,000 loan. 

*Lowest rate includes maximum Loan Rate Discounts (click on Discounts  

#Regular loan rate may be higher with add-ons (see "Loan Rate Discounts & Add-ons" table above.

 

Be sure to scroll down to "Maximums, Purposes, and Conditions for All Loans" at the bottom. 

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MOBILE HOME LOANS SAN DIEGO COUNTY

MANUFACTURED HOME LOANS SAN DIEGO COUNTY

San Diego County Mobile Home Loans Low Rates 

San Diego County Manufactured Home Loans Low Rates

BUY OR REFINANCE

Fixed Rates & APRs

Who has the lowest rates on loans for manufactured homes in San Diego County?  It just may be California Feminist Federal  Credit Union. 

FOR HOMES IN RENTED SPACES IN  MOBILE HOME PARKS  IN SAN DIEGO COUNTY 

EXPENSES CLIMBING?  Cut your housing costs

Shrink your monthly housing payment: buy a mobile or manufactured home.  Own something that appreciates.  Or refinance your existing mobile/manufactured home:  use the loan to reduce your payment, pay off other debts, or improve your home--and its value.  How low can  your FIXED  loan payment go?  See charts below.  Or contact us. Coach must be in a rented space in a mobile home park in San Diego County.  No  pre-payment penalty!  

                    Loans of up to $100,000 with Earthquake Insurance*on mobile homes 

                        up to 20 model years old (1988 to 2008)

Number of Years to repay	Fixed  Loan Rate#	Monthly Payment per $10,000 you finance	APR including 1 point**
5 years  (60 months)	7.49%	$200.33	7.84%
10	7.75%	$120.03	7.91%
20	7.99%	$83.61	8.06%

 

                    Loans of up to $100,000 with Earthquake Insurance*on mobile homes 

                        over  20 years old (1987 & older)

Number of Years to repay	Fixed  Loan Rate#	Monthly Payment per $10,000 you finance	APR including 1 point**
5	8.49%	$205.12	8.83%
10	8.75%	$125.35	8.91%
20	8.99%	$89.94	9.05%

 

                    Loans of up to $100,000 on new & older mobile homes 

                       without  Earthquake Insurance

Number of Years to repay	Fixed  Loan Rate#	Monthly Payment per $10,000 you finance	APR including 1 point**
5	12.49%	$224.92	12.82%
10	12.75%	$147.86	12.89%
20	12.99%	$117.12	13.05%

                  

Rates, terms, and conditions subject to change without notice. Loan rate 

discounts don’t apply; add-ons do.

*This rate applies to your loan’s declining principal balance as long as you maintain 

earthquake insurance @ 125% of the amount you owe to us. If you let it lapse, your rate 

& payment will change to those without Earthquake insurance. 

 

**APR = Annual Percentage Rate. When we fund your loan you pay one point—$100 for 

every $10,000 you borrow.  We’re required to reflect your cost in your APR.  You’ll actually 

pay the rate in the “Fixed Loan Rate” column. You may pay your point in a lump sum when 

your loan is funded. Or you may ask us to deduct it from--or add it to--the amount you finance.  

When you shop, learn other lenders’ points and fees.  Ask, “What will be my total 

cost over the life of the loan?”

                                                        DETAILS

1.  Maximum loan per mobile home—subject to credit approval = the 

lesser of the cost or the appraised value:  

·         Multi-wide built 1977 or newer:  80%

·         Multi-wide built 1976 or earlier (minimum value must be 

$20,000 or more): 75%

·         Single-wide up to 5 model years old: 75%

·         Single wide up to 15 years old (max.): 70%

Maximum term may be adjusted by home’s “useful life.”

2. Specifications:

o        Location of mobile home: in a rented space in a mobile 

home park in San Diego County .

o        Primary residence throughout loan term; no vacation homes 

or rental mobile homes

o        Insurances:  

• Hazard & homeowner’s are musts.  

• Flood insurance may be required. 

• Earthquake insurance lowers your loan rate (see tables above).

o        Must have a $50+ savings account in order to apply. Click on 

Easy to Join 

o        If loan approved, wait for funding until appraisal complete 

and savings account has been open for at least 1 month.

o        Due on sale: no one can take over the payments

o        We select appraiser; we must approve escrow co.

o        Our permission required before home is moved.

 

3. WHEN YOU APPLY, SUBMIT A DEPOSIT TO COVER:

*$  25:  Application fee (refunded if credit denied)

*$Actual Cost:  Broker’s fee (if any) for referring you to us

*$350: Appraisal deposit (even new homes are appraised)

*$ 35? (actual cost): Flood zone check & life-of-loan alert

            IF APPROVED, YOU’LL ALSO PAY:

*$ 25: Appraisal appointment missed/cancelled <24 hours

*$Actual Cost: Sales tax. registration, etc. paid to/for state

                 Dep’t of Housing & Community Development (HCD)

=======================

*If credit denied, unused $ is refunded to your shares; if approved 

& funded w/in 30 days, unused $ is credited toward your 1 point.  

Cal Feminist makes no profit on these fees.

Cal Feminist FCU ~ www.feministcu.org

PO Box 16587 ~ San Diego , CA 92176

Tel. (619) 298-SAVE (7283)  ~ Since 1975 info@feministcu.org

 

To learn more, join, rates, information, other services, unusual hours/vacations, 

call 24 hours a day (see Contact Us). To have a new-account kit mailed to you,

 press 1. Or, print out a  Membership Application from our Web site & mail it to our 

PO Box (see Easy to Join)

 

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Mortgage Loans 

  (click here)

MAXIMUMS, PURPOSES AND CONDITIONS FOR  ALL  LOANS 

(other than mortgage loans)

Rates, terms and conditions are subject to change; once you sign a CFFCU loan contract your loan rate will be fixed.  To apply for any CFFCU loan you need to have at least $50 in a regular CFFCU savings account in your name (not in Trust).  (See "How to Apply for a Loan" below.)

WAITING PERIODS: (1) you may take out a  Credit-Builder or savings-backed loan  within 24 hours of joining the credit union (ask how to accomplish this); (2)  other loans:  receive a  decision  within days of our receipt of your loan application; receive   funding  1 month after you opened savings.  If you can't wait, borrow first from a faster lender, then borrow from us to pay them off in about one month.

Using a Cal Feminist savings account or mobile home as security or collateral for your loan?  Borrow to the max. for any reasonable purpose.

Using a motor home (RV), car, or motorcycle as collateral to finance or refinance itself?   Borrow to the maximum for each vehicle. 

Using an RV, car, or motorcycle to back a loan for some other purpose?   Limits: 

o         $10,000: if it is your first CFFCU loan 

o         After you’ve paid CFFCU for 12 months: 

o         $15,000: bill/credit card consolidation or other purposes under “You may Borrow For” below

o         $40,000 for home improvement, documented to our satisfaction.

Loan check(s) will be paid to dealer, dentist, store, lender, contractor, etc., not to you or your checking or savings account elsewhere.

You may borrow for:  appliances; dental/ medical; PCs; IRAs; car/home repair;  your credit  cards and  some of   your  consumer loans (see exceptions below.) 

Exceptions: you may not borrow for: investments (except IRAs); down payments, business,  vacation, living expenses, moving or storage expenses, insurance, “personal,” loans  from  or  for  friends or relatives, school or student loans/expenses, or to reimburse you—or your account elsewhere--for  expenses or purchases you have made with cash.    

HOW TO APPLY FOR A LOAN

1. Become a member of CFFCU.  See It's Easy to Join

2. Check Loan rates and terms above  to see:

        (a) if we offer the kind of loan you seek.

        (b) what rate you'll pay if your loan is approved

3. Obtain a loan application. [You may need to  go back to our Home Page and click on   How to  Reach Us.]

        (a) Click on  short form loan application  (for savings-backed & Credit-Builder loans only). You can print it from this site. Or, ask us to send one in the mail or fax  one to you.

        (b) standard loan application (for all other loans, such as car loans).  Ask us to send or fax one to you.   When you do, let us know the following:

            --the approximate amount you wish to borrow

            --purpose of the loan

            --security you can offer, if any, to reduce your lending rate

To find out how to contact us to request the application, click on  How to Reach Us

© 1998 - 2007 California Feminist Fed'l Credit Union