Loan FAQs
What Bank does AAA use for financing?
DCU Federal Credit Union
Is the rate fixed?
Yes for the entire term of the loan.
What does lien mean? The lending institution that is being paid off or the institution that is doing the financing.
What is a per diem? This is the daily interest charge that the finance institution charges. We always request a 20 day payoff with the daily per diem .
Is there a penalty for paying the loan off early?
Not at all. All of our loans are simple interest, so there are no pre paid penalties.
What does simple interest mean? Means that you are only responsible for the interest that you use. If you pre-pay the loan you will not be responsible for the unearned interest.
Why dont you ask me my social security number? At MemberLoan we take your privacy seriously and have added an extra layer of security by not asking for your SS # on-line, but will call you to validate the information and then ask for your social security number.
Are there any fees associated with the loan?
We do charge a processing fee of $199.00 This is to take care of the closing cost, process the paperwork.
Can I set up a direct withdrawal for my monthly payments?
Yes, you can even choose the date which the payments are withdrawn from your account.
Can I make my payments online? No
In a Refinance loan, when can I expect my previous loan to be paid in full?
We will pay off your current loan as soon as the new loan is set up with DCU.
If I can get special rate financing at the dealership, why should I finance my vehicle with MemberLoan?
Special rate programs can be very attractive if they are offered for the vehicle that you want and have the appropriate terms-but sometimes these loan terms are restrictive. It may be good for you to consider alternatives. For example, dealers often offer cash rebates in lieu of low interest rates. Choosing cash rebate and a loan with Member Loan may prove the best financing solution for you.
Are there any vehicle refinancing fees?
Each state imposes a title transfer fee. The fee ranges from $5 to $65 depending on the state in which you reside.
How will I be notified of my decision on my application?
Whether you applied online or by phone, a MemberLoan Specialist will contact you via email or phone to verify information on your application and explain the terms of you loan approval.
Who should I contact for general information?
If you have general questions please feel free to call one of our loan specialists toll free at 1-800-257-1222 option 1. Or you can click our LIVE CHAT button to speak with a loan specialist right now. You can also apply here!
What terms does Member Loan offer on auto loans?
The term is determined by the age of the vehicle along with your credit history. MemberLoan Center offers terms ranging from 24 to 72 months.
What are acceptable forms of verification of income?
A valid paystub can be computer generated, or non-computer generated. It must be dated within the last 30 days and contain your year-to-date income and tax deductions as a specific pay period. We will also accept tax returns and W-2 forms. Company name must appear on pay stub.
Is there any age or mileage limit on vehicles that Member Loan Center will finance?
MemberLoan Center will finance any vehicle 2000 or newer, and under 110,000 miles. The minimum amount that can be financed is $5,000.
If the dealer is not taking care of the tags, how do I know when to take the registration to the DMV?
As soon as you get your vehicle, bring the title application, a check for the state specific title fee, and the title to the DMV to register your vehicle.
