So, you’re in the market for a new vehicle, and you’ve done your research. You found the one. The “new car” scent already permeates your senses, and you imagine yourself looking good in your new ride. Start your engines, you’re ready to roll. But wait, what about financing? Have you done your homework on that very important part of car buying?
Maybe you thought the dealership would direct you to the best loan options. Perhaps you plan to think about it when finalizing your deal at the sales table? At Hudson River Community Credit Union (HRCCU), we want to see you in the driver’s seat throughout your entire purchase, including the financing. Our GREENLight Auto Loan not only takes away the guesswork, but it will have you sitting comfortably with payments that are up to 40% less than those with conventional financing.
EXAMPLE: A $30,000 vehicle loan with a 36-month loan term. The Guaranteed Future Value (GFV) is $16,500.
- Payments 1-35 = $464.80 per month
- Payment 36 = $16,500 (GFV)
Unlike leasing, you own the vehicle. Yet, with a GREENLight Auto Loan you still get the benefit of significantly reduced monthly payments versus those found with most conventional loans, even when financing the same amount. For example, on a 36-month, $30,000 conventional auto loan, your monthly payments would be $869.13. However, the same $30,000 financed for 36 months through our GREENLight Auto Loan results in monthly payments of only $464.80. Now that’s more bang for your buck! Sounds too good to be true, you say? We’ll show you how easy it is to secure such a great deal and enjoy your sweet ride for years to come.
When your loan matures, the vehicle’s Guaranteed Future Value (GFV) offers you several great options. With our outstanding GREENLight Auto Loans, you will have the freedom of choices that never leave you feeling trapped. Our helpful team can assist you through this important decision-making process. Here are examples of your multiple end-of-loan opportunities:
- Trade-In: Much like the end of a conventional auto loan, you can trade it in and use the positive equity you have built over the course of the loan toward your next vehicle purchase. For example, if the GFV is higher than the current value of your vehicle, trading it would be a wise option. However, if the reverse is true, you could take advantage of the strong flexibility of the GREENLight Auto Loan, which at this point would give you the chance to move forward with a trade-in, or consider keeping your vehicle.
- Retain: If you decide you love your vehicle so much that you can’t stand to part ways or you find that the GFV is lower than the vehicle’s current value, you can elect to keep it and pay the final balloon payment (aka – Guaranteed Future Value). With vehicle retention comes the ease of refinancing the balloon payment right here at HRCCU, where once again you benefit from our competitive auto loan rates. We are always here to help you navigate the possibilities.
- Turn-In: Maybe you’ve enjoyed your ride for several years, but you simply want to wait and explore other avenues rather than trading or keeping it. If that’s the case, you can turn in the vehicle and walk away from the final payment (aka – Guaranteed Future Value). The prospects aren’t endless, but you will sure feel like they are when you secure a GREENLight Auto Loan at HRCCU.
Our friendly member services team is ready and waiting to help you with a GREENLight Auto Loan or any of our other banking services. Please come see us in person at one of our branches (Cohoes, Corinth, Glens Falls, Hudson Falls and Troy), or enjoy a helpful chat by phone at: 518-654-9028 or 1-800-824-0700. If you prefer to review everything from the comfort of your own home, feel free to peruse our online details at info.hrccu.org/green-light-auto-loan. While you’re there, click on the big GREENLight Calculator button. You can have fun experimenting with different loan amounts and payments…before you sign on the dotted line.