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Risk-Based | Savings
New or Used Automobile
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Grade
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Up to 36 Months
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37 to 48 months
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49 to 60 months
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61 to 72 months
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Limits
|
|
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3.49%
|
3.99%
|
4.49%
|
4.99%
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100% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
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B
660+
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4.49%
|
4.99%
|
5.49%
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5.99%
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100% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
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C
620+
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8.99%
|
9.99%
|
9.99%
|
n/a
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80% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
D
580+
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14.99%
|
15.49%
|
n/a
|
n/a
|
60% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
E
579 or <
|
16.99%
|
17.49%
|
n/a
|
n/a
|
60% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
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NOTE: Used auto not to be more than 7 model years old and cannot have more than 100,000 certified miles on odometer.
New or used recreational vehicle, boat, motorcycle, ATV or farm equipment
|
Grade
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Up to 36 Months
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37 to 48 months
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49 to 60 months
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61 to 72 months
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Limits
|
|
A
|
3.49%
|
3.99%
|
4.49%
|
4.99%
|
100% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
B
|
4.49%
|
4.99%
|
5.49%
|
5.99%
|
100% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
C
|
9.99%
|
11.99%
|
n/a
|
n/a
|
75% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
D
|
n/a
|
n/a
|
n/a
|
n/a
|
50% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
|
|
E
|
n/a
|
n/a
|
n/a
|
n/a
|
50% of retail buyer’s order, MSRP or NADA retail value, whichever is less.
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NOTE: Used collateral in this category not to be more than 7 model years old and, where applicable, cannot have more than 25,000 certified miles on odometer.
Unsecured Personal (Signature)
|
Grade
|
Up to 12 Months
|
13 to 36 Months
|
37 to 48 months
|
49 to 60 months
|
Limits
|
|
A
|
6.89%
|
7.89%
|
8.89%
|
9.99%
|
Maximum loan amount $5,000*
|
|
B
|
7.89%
|
8.89%
|
9.99%
|
n/a
|
Maximum loan amount $3,500*
|
|
C
|
13.99%
|
15.49%
|
n/a
|
n/a
|
Maximum loan amount $2,500*
|
|
D
|
17.99%
|
n/a
|
n/a
|
n/a
|
Maximum loan amount $500*
|
|
E
|
17.99%
|
n/a
|
n/a
|
n/a
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Maximum loan amount $500*
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NOTE: The maximum unsecured limit includes all existing credit limits for any MEFCU VISA credit card where the member applying for the unsecured personal loan is also liable, in whole or in part, for any amount owed on the MEFCU VISA credit card. A member may be eligible for up to 200% of the maximum allowable limit for their risk category with approval of the President.
Share Secured Loans
| Credit Rating |
A
APR* |
B
APR* |
C
APR* |
D
APR* |
E
APR* |
| Up to 36 months |
4.00% |
4.00% |
4.00% |
4.00% |
4.00% |
NOTE: Loans secured by a member’s regular shares shall carry an interest rate equal to the most recent regular share dividend rate plus 2.10%, with an absolute minimum rate of 4.00%. Maximum term for a Share Secured loan is 36 months. Loans secured by a member’s share certificate shall carry an interest rate equal to the dividend rate of the share certificate plus 2.10%. The term of a share certificate secured loan shall not exceed the remaining term of the share certificate securing the loan. If the member wishes to have a loan term in excess of the term of the share certificate, the loan shall carry a balloon payment coinciding with the maturity of the certificate where the loan may then either be paid off upon maturity of the share certificate or refinanced for a term that coincides with the term of the new share certificate. As an alternative, a member wishing to have a Share Certificate Secured loan may voluntarily elect to renew their share certificate at the time of the loan request and choose a share certificate term equal to the term of the loan they are requesting. In such cases, MEFCU will waive any early withdrawal penalty.
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*APR = Annual Percentage Rate
All consumer loans at Mississippi Employees Federal Credit Union are open end, simple interest loans. All loan terms are stated as the approximate number of months for the specified loan. The exact term of your loan may vary depending on, among other things, the exact day each month that you pay your payment and the number of days in between payments. The final payment on your loan may be slightly more or slightly less than an exact monthly payment. For more details contact Mississippi Employees Federal Credit Union.
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*APY = Annual Percentage Yield
Dividend Computation and Crediting
Share and Share Draft Checking dividends are calculated and credited on the last day of each month. Dividend rates are subject to change on a monthly basis. The Dividend Rate stated above is as of the last day of the previous month. Account maintenance or activity fees could reduce your earnings on a Share or Share Draft account. Contact Mississippi Employees Federal Credit Union for a complete Rate and Fee Schedule.
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