Loan Application
Notice to Out of Area Applicants:
Alternatives is a regional credit union. We offer a full range of banking services to anyone who lives in Ithaca, Tompkins County and adjacent counties. Many of our services, including checking accounts and auto loans, are also available to people who live in upstate New York north of New York City. For people who live outside this area, we offer savings accounts and certificates. Some loan services are available after two years membership.
Secured Auto Loans are available to people who live in and register the vehicle in New York State counties north of Orange and Putnam counties. This excludes any vehicles for business use or vehicle loans through the Business Loan Department.
Alternatives Federal Credit Union
125 N. Fulton Street
Ithaca, NY 14850 |
Disclosures |
After reading the loan disclosures, click here to apply online.
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This addendum is incorporated into and becomes a part of your LOANLINER® Credit Agreement and Credit Card Agreement. Please retain for future reference.
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Effective: 02/01/2008
Subaccount Description |
%
Above
Index |
Approximate
Term |
Daily
Periodic
Rate |
ANNUAL
PERCENTAGE
RATE |
|
| Share Secured+ |
|
Up to 60 Months |
0.005479%+ |
2.00%+ |
| Secured Advances (Autos, Boats, Motorcycles, etc.) 2001 and newer++ |
|
Up to 72 Months |
0.015068%-0.045205%
|
5.50-16.50% |
| Signature Advances (Personal, Older Autos, Computers, etc.)++ |
|
Up to 60 Months |
0.024658%-0.049315% |
9.00-18.00% |
| Credit Builder |
|
Up to 18 Months |
0.036986%-0.037671% |
13.50-13.75% |
| Line of Credit |
|
|
0.035479% |
12.95% |
| |
+Your Annual Percentage Rate will be 2.00% above what the shares securing the loan are earning.
++Your Annual Percentage Rate may vary depending on your creditworthiness. Please ask a loan officer for details regarding how your rate is determined. |
Auto age adjustments that may apply:
2005 and 2006 models: add .50%
2003 and 2004 models: add .75%
2001 and 2002 models: add 3.00%
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Loan-to-Value (LTV)adjustments:
80-94%: deduct .50%
95-104%: no adjustment
105-114%: add .50%
Over 115%: add 1.00%
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Discounts Available
- 0.25% for direct deposit (Secured and Signature loans only)
- 0.25% for automatic payment (signature and secured)
- 0.50% on loans to purchase hybrid cars (secured only)
- Rate Match Discount: up to 0.75%, secured advances only, depending on creditworthiness
Maximum Discount for any loan = 1.50% |
| MINIMUM PAYMENT: The amount and due date of your payment will be established at the time of each advance. For Line of Credit, your payment of 3% of your balance or $35.00, whichever is greater. |
| LATE CHARGE: 20% of the interest due on all payments more than seven days late. Maximum late charge per payment is $25.00. |
| COLLECTION COSTS: You promise to pay all costs of collecting the amount you owe under this agreement including court costs and reasonable attorney fees. |
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| CREDIT CARD DISCLOSURES |
| VISA Card |
ANNUAL
PERCENTAGE RATE
9.50% - 14.50% |
Monthly
Periodic Rate
0.791667% - 1.208333% |
MINIMUM PAYMENT: The minimum monthly payment will be 3% of the outstanding balance, or $35.00, whichever is greater, plus the amount of any prior minimum payments not made, and any amount you are over your credit limit, and rounded to the nearest dollar.
COLLECTION COSTS: You promise to pay all costs of collecting the amount you owe under this agreement including court costs and reasonable attorney fees.
LATE CHARGE: You promise to pay a late charge of $15.00 if you are late in making a payment.
OTHER CHARGES:
(a) $2.50 fee for each copy of a statement
(b) $10.00 fee for each copy of a VISA transaction slip
(c) To obtain your card(s) on an expedited basis, a $16.50 fee will be charged for the first two cards, and $16.50 for each additional card. If additional cards are requested on a non-expedited basis, a $10 charge will be assessed for additional cards over the first two.
(d) $10.00 fee if we agree to temporarily raise your credit limit
(e) There is no charge for the first replacement card; subsequent cards are $10 each
(f) $10.00 fee for additional cards over the first two
(g) $5.00 fee for processing each transaction in addition to any other fees that may apply if your card has been blocked and you attempt to use it. If you use your blocked card and the merchant keeps it, you will be charged a fee of $65.00-$100.00.
(h) $20.00 fee will be charged if, on a statement date, you are over your credit limit
(i) $10.00 fee for each returned check |
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