How it works…Too Good to be True!

MAPS™ (Member Auto Payment Saver) is a vehicle-financing program that offers you a viable option to leasing and a lower monthly payment than conventional financing. In fact, while similar to leasing in concept, MAPS™ financing overcomes many disadvantages of a typical leasing program. Some members prefer MAPS™ financing because they “own” the vehicle vs. leasing where the leasing company owns the vehicle. Others prefer MAPS™ because the financing allows them to buy a new vehicle every two or three years or because it allows them to upgrade to a vehicle they may not normally be able to afford.

How MAPS™ Works

Based on the term of the loan, (number of years financed), a residual value is established using industry approved guidelines. The difference between what you pay for the vehicle and the residual value is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing.

Current year and used (1-3 years old) cars, vans and light trucks qualify for MAPS™ financing. Current year vehicles can be financed for 24 to 72 months. Used vehicles can be financed for 24 to 60 months, depending on the age of the used vehicle. At the end of your loan, you have the option to:

bullet

Sell the vehicle, pay the residual value and keep any difference,
bullet

Use the vehicle as a trade-in; the residual value is paid as part of the transaction,
bullet

Keep the vehicle and refinance the residual value as a used vehicle loan, or
bullet

Return the vehicle at loan maturity.

 

How MAPS™ Benefits You… 

In addition to a lower monthly payment than conventional financing, this unique vehicle-financing program offers you many benefits over leasing both during the term of the loan and at loan end.

bullet

You Own The Vehicle: First and foremost, with MAPS™ financing you own the vehicle. Unlike leasing where the vehicle is titled in the name of the leasing company, with MAPS™ financing the vehicle is titled in your name. This offers you greater flexibility both during the loan and at loan end.
 
bullet

No Down Payment Required: Most leases require a down payment, often referred to as “Capitalization Cost” – MAPS™ does not.
 
bullet

No Security Deposit Required: Most leases require a security deposit – With MAPS™ you can finance 100% of the purchase price, including tax, tags and title when permitted by the credit union.
 
bullet

No First & Last Payments Required: Many leases require the first and last payments to be made at the time of loan disbursement – MAPS™ does not.
 
bullet

No “Back End” Surprises: If you elect to return the vehicle at the end of the loan, MAPS™ has very specific, clearly defined vehicle condition return requirements. Everything is clearly and fully disclosed up front. You will not be exposed to any “hidden expenses” either during the term of the loan or at loan end if you elect to return the vehicle. Leases have an excess wear and tear clause that is not clearly defined. This is what has caused the phrases "hidden cost of leasing" and "back end noise of leasing."
 
bullet

Lower Interest Rate: Most leases are calculated using a “Money Factor” which will often be much higher than the credit union interest rate.
 
bullet

Lower Excess Mileage Cost: The typical lease cost is $.15 - $.25 per mile if the mileage allowance is exceeded. With MAPS™ the cost is only $.10 per mile.
 
bullet

Possibly A Lower Purchase Price: With MAPS™ the member negotiates a purchase price for the vehicle. With most leases the lease payment is based on the MSRP.
 
bullet No Early Termination Penalty: Because “you” own the vehicle you may pay the loan off, sell the vehicle or use it as a trade-in at any time during the term of the loan – without any penalty. With a lease you do not have these options without paying a stiff “early lease termination” penalty. NOTE: The loan balance would be paid in full as part of the trade/sell transaction just as with a conventional loan. However, the vehicle, as with leasing, cannot be physically “returned” until the loan matures.
 
bullet No Return Fee: Most leases have a return fee and require the vehicle to be returned to the dealer from which it was leased. If the member has moved, they may be required to pay the cost of having the vehicle returned to the dealer. With MAPS™ there is no return fee. You can return the vehicle to the dealer where the vehicle was purchased, to the credit union, or to any other mutually agreed upon location. If the member wants the vehicle to be personally picked up where they live or work there is a fee of $250.00 for this service.
 
bullet Lower Cost For Private Auto Insurance: Leases typically require a minimum of $300,000 in liability insurance. Reason: The vehicle is titled in the Lease Company’s name and thus have liability exposure should the vehicle be involved in an accident. With MAPS™ the vehicle is titled in the member’s name, thus the member can determine the auto insurance coverage they want. This could save the member hundreds of dollars each year!
 
bullet Fair Market Residual Value: The MAPS™ financing program uses standard industry residual values based on your choice of 12,000, 15,000, or 18,000 miles per year. The residual value is not inflated to arrive at an arbitrary lower payment. This means if you elect to keep the vehicle upon loan termination you will not have to pay an inflated price to pay off the loan.
 
bullet Greater Loan End Flexibility: When the loan maturity date arrives you can trade, sell or refinance the residual amount. This cannot be done with leasing because you do not own the vehicle. You would first have to “buy out” the lease, pay sales tax, title and transfer fees. Or, like leasing, the you can choose to return the vehicle.
 
bullet MAPS™ Includes GAP Total Loss Insurance – At No Extra Cost: If the vehicle is stolen or declared a “total loss” due to an accident, the difference between what your insurance company pays and your total vehicle loan balance. This is often available with leasing – at an extra cost, typically hundreds of dollars.
 

Check Out MAPS™ Financing Today.
It Could Put You Behind The Wheel
Of Your Dream Machine Tomorrow!

PS: If you have a family member or know a coworker who is currently not a member of the credit union but might benefit from this program, have them call or visit the credit union. Once they join, they too can take advantage of the MAPS™ vehicle-financing program.

Check Out MAPS™ Today -- It Could Put You Behind
The Wheel Of Your Dream Machine Tomorrow!
.

To compare a MAPS™ payment vs. conventional payment,
click here.