Rates Last Updated: May 5, 2014
*APR – Annual Percentage Rate. WEPCO assumes no responsibly for errors or omissions. Please contact the credit union to verify current rate(s) or additional information. The APR on an open-end loan is subject to change during the term of the loan. Any loan not marked as open-end is closed-end. Rates are subject to terms and conditions.
Closed End Loans
Closed end loans have a specified term for pay back, a stated payment and a fixed interest rate.
An example of a closed end loan repayment would be 12 monthly payments of $88.38 at an APR of 11% for $1,000 borrowed. For this example, please contact a loan officer at any Credit Union office, or use our web site Loan Calculator. For this example, the rate will not increase during the term of the loan.
Open End Loans
The finance charges include just the interest charged on the outstanding balance. The rate is variable and subject to change.
Risk Based Lending
WEPCO Federal Credit Union uses a risk based lending policy to determine a member's interest rate. In grading a loan application, the credit bureau provides WEPCO Federal Credit Union with a calculated national risk score, which is then matched to a letter score of A, B, C, or D. Rates have been set according to a corresponding letter grade. The letter grade of an A would receive our best rate, while tiers B, C, and D grades would each receive a slightly higher interest rate. Rates are based on credit risk, vehicle year, term and amount financed.
The purpose in offering risk Based loans is to help as many members as possible. We recognize that certain members represent more risk than others. We will not grant loans where the probability of repayment is very doubtful. We recognize the importance of managed risk. We also recognize members who are charged unfavorable rates with other lenders, and we could help with a managed risk program that saves these members substantial money while helping them rebuild their credit
GAP Advantage Insurance
Guaranteed Auto Protection (GAP) Insurance protects you against financial loss in the event your vehicle is damaged beyond repair (totaled) or stolen and never recovered.
As the vehicle's value declines as a result of depreciation, the loan balance can be higher than the actual cash value of the vehicle. Without GAP Advantage coverage, if the vehicle is stolen and not recovered or totaled in an accident, you would be responsible for paying the difference between the insurance settlement and the outstanding loan balance.
With the purchase of GAP Advantage coverage at the low cost of only $325 the deficiency balance is waived.