Your rate and terms will depend on the type of loan, your credit score, term of the loan (number of months), for vehicle loans, the age of the vehicle and other factors listed in this schedule. See the credit union for all details.

Most credit union loans will have the interest rate set by the applicant’s “Beacon Credit Score”. This score is based on the borrower’s credit record and is commonly used in credit decisions. For most loans, there will be 3 rates: Preferred (lowest rate), Standard and Rebuilder (highest rate). In the case of joint borrowers, the score of the joint borrower with the higher income will be used. If a borrower does not have a “Beacon Credit Score”, the Standard rate will be used. If the borrower wishes to request a lower rate, based on an improved “Beacon Credit Score”, a fee of $5.00 must be paid with the request (allowed after 12 months). If qualified, the rate would be lowered to the rate in effect at the time the request is made for the original type of loan.

The following Beacon score ranges will be used in determining the rate tier: Preferred: 700 and above; Standard: 620 – 699; Rebuilder: 619 and below

Motorcycles, Campers, RVs, larger trucks, and highly customized vehicles:

The "Auto Category applies to automobiles, minivans (not heavily customized), small vans, SUVs and light trucks. The category for "Other Vehicles" (motorcycles, campers, RVs, etc.) is the same rate categories, but the interest rate is 1.00% (8.00% v. 7.00%, for example) higher in all categories. There may be some added requirements for down payments, term of the loan, etc., based on the vehicle involved.

Used Vehicles: In 2008, 2007-2008 used cars would be in the first category; 2004, 2005 and 2006 used cars in the second; and pre-2004 cars in the third category.

* APR is Annual Percentage Rate

** A balloon loan has a payment amortized over a period of seven years with the balance due on the 36th monthly payment. See the credit union for full details.

Additional terms:

1. No one person may be indebted to the credit union for more than $55,000 (Not including loans fully secured by shares in this credit union, in which case the amount is $55,000 above the amount fully secured by shares. The separate, share secured limit, is $55,000)

2. The credit union does not pay for life insurance or disability insurance on member loans. Single life insurance or (for joint borrowers) joint life insurance is available for purchase by the borrower(s). Disability insurance is also available for purchase on the primary borrower. If the borrower(s) purchase life and/or disability insurance the term of the loan may be extended for the number of months that would pay off the loan at the payment without the insurance.

3. A late charge of five (5) per cent of the regular payment due applies for payments received more than twelve (12) days past due.

4. For used vehicles, the amount financed can be up to 105% of the NADA or Kelley Blue Book retail value, not to exceed the limits listed here. If the NADA or Kelley Blue Book retail value is not available, the Treasurer may use an alternate retail value. This value should be documented in the file.

5. There may be some restrictions on loans to members outside of the Arlington, Virginia area. Contact the credit union for details.

6. For vehicle loans, 'salvage' titles and 'lemon law' titles are not normally acceptable as collateral on vehicle loans. Excepetions may be made only with the specific approval of a loan officer.

For members who need up to $600 and whose credit may not allow them to qualify for one of the normal credit union loans, we now offer Special "Grace" loans without a credit report. These are the requirements for a "Grace" loan:

The maximum "Grace" Loan is $600.

An application fee of $10 is charged and an interest rate of 16.00% Annual Percentage Rate (APR) is charged.

An applicant must be a member of the credit union for 4 months when the application is made. The member must have the minimum share amount of $25.00 when the application is made.

The applicant must show proof of current employment or regular source of income, such as pension, with at least a gross income of $1,000 per month. This proof can be recent pay stub (less than one month old), or similar document.

The applicant must have EITHER an open checking account (demonstrate by showing statement less than 40 days prior to application OR a payroll deduction (or automatic transfer from other account) in effect at the time of application to pay the loan payments, that is not obligated to pay another loan at the credit union.

Only one payday loan can be outstanding at one time per member. Only four such loans will be made in 12 calendar months. A loan must be fully paid off before another is issued. A "Grace" loan will not be issued if the member is past due on any other loan with this credit union.

The payments can be scheduled every two weeks, twice a month or monthly in equal payments. The first payment must be scheduled in one month or less. The final payment must be scheduled in no more than 3 calendar months, although payments can be made early. The late fee is the same as other loans.

A share balance of $100.00 must be maintained until the loan is completely paid off. This is $75 more than the minimum. BOTH the application fee and the $100.00 share balance can be paid from the loan proceeds.

A "Grace" Loan may not be granted if a previous "Grace" Loan was not paid on time.

Approved by the Credit Union Board April 27, 2008. Schedule subject to change by Board action.