A Low–Payment Alternative to Leasing
How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Payment Saver Auto Loans offer just that. Like a lease, Payment Saver Auto Loans offer payments that are considerably lower than conventional financing. But unlike a lease, you own the vehicle and have all of the flexibility and benefits of vehicle ownership.
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Other features of the Payment Saver Auto Loan include:
- New and used vehicles up to five years old qualify
- Flexible loan terms of up to 72 months
- Financing Available for up to 110% of vehicle value
- Annual mileage options of 7,500, 10,000, 12,000, 15,000 & 18,000 are available
- No security deposit or acquisition fees
- No early payoff penalty
- Since the title is in YOUR name you have more options prior to loan maturity and at loan maturity, including the ability to turn your vehicle in and walk away at the end of the loan term.
- Enables you to easily upgrade and/or change your vehicle every couple of years
- Refinance your current vehicle loan from another lender to reduce your monthly payment with a Payment Saver Auto Loan
Payment Saver Auto Loan Questions
Future year, current year, and used vehicles up to five model years old are eligible. Vehicles not eligible for the program include those considered “Grey Market”, “Lemon Law” or salvaged vehicles.
The “Residual Value” is the projected end of loan term ‘resale’ value of a vehicle. This value is guaranteed by Auto Financial Group (AFG) to lender partners (TCT FCU).
This residual calculation is based on the vehicle: year, make, model, style, options, loan term, odometer reading, and annual mileage selection at loan inception. Insurable valuations utilizing these factors are supplied to AFG by the Automotive Lease Guide (ALG). The ALG is the nationally recognized authority of vehicle residual value projections. ALG data is regularly imported and updated into the custom Residual Value and Payment Quoting Calculator set up for use by your financial institution.
The annual mileage options are 7,500, 10,000, 12,000, 15,000, or 18,000, in addition to the current mileage on the odometer when financed. For example, if the borrower selects the annual mileage option of 15,000 and is in a four-year loan term, they may not accumulate more than 60,000 additional miles without incurring an excess mileage fee.
If the borrower exceeds the elected mileage allowance, he/she will be charged $.10 for each mile in excess of 60,000 miles if they elect to surrender their vehicle to AFG via the “walk-away” option at loan maturity. If the borrower elects to trade, refinance, sell or pay off the loan, over mileage fees are not applicable.