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Auto, Boat, Motorcyle or RV Loan Help

Whether you are looking for how to make a payment or how to refinance your vehicle, we can help.  Here we have a number of Frequently Asked Questions (FAQs) that we receive from members.  If you don't find what you need here, be sure to  contact us at your convenience.

Frequently Asked Questions (FAQs):

Can I purchase a vehicle out-of-state or online?
Can my loan be transferred to another individual?
How do I make a loan payment?
How is interest accrued on my loan?
What information is needed for a loan application?
When is my loan payment due?
Will I receive a statement for my loan?
Do you offer automobile insurance?
How do I get a payoff quote for my loan?
How do I get help on my past due loan?
How long will it take to get my title?
Is additional insurance available for my auto loan?
Is extra protection available for my auto loan?
What title and tax fees may apply to my loan?
What vehicle information do I need before I apply?






Can I purchase a vehicle out-of-state or online?
Vehicles can be purchased out-of-state and online.

To determine eligibility, an application must be submitted with all buyer and vehicle information in addition to:
  • Name of dealership or individual.
  • Current vehicle financing institution or a clear title.
  • State vehicle is currently registered in.
Certain documents may be required but are not limited to the following:
  • Titling Approval Letter
  • Original Title
  • Supporting Titling Documents
  • Copy of Buyer’s Order with account number
  • Form 400
  • Power Of Attorney (signed by buyer)
  • Property tax receipt or current registration card
  • Check made payable to DMV for titling fee
  • All South Carolina DMV forms may be printed from www.scdmvonline.com
To apply now:
  • Complete an application online
  • Visit a local branch or
  • Contact Us

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Can my loan be transferred to another individual?
Loans cannot be transferred; however you can sell your vehicle to another individual.

For more information on how to sell your vehicle visit www.scdmvonline.com


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How do I make a loan payment?
We offer several convenient ways to make your loan payment:
  • Log into Online Banking or Mobile Banking to transfer a payment.
  • Mail a payment to us.
  • Make payments at a local branch through:
    • Cash Advance
    • Personal Check
    • Certified Check or Money Order
    • Cash
    • Contact Us to make a payment by phone.

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    How is interest accrued on my loan?
    Our loans are calculated with simple interest.
    • Simple interest is the calculation of daily accrued interest on your principal loan balance.
      • Interest accrues from the date of your last payment through the date of the next received payment.
      • If a payment is received 29 days from the last payment, there will be 29 days of interest charged on the unpaid principal balance of the loan. The remainder of the loan payment is credited to principal and reduces the unpaid principal balance on the loan.
      For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
      • $25,000 x 7% =$1,750
      • $1,750/365 days = $4.80 per day
      As the principal balance is paid down, the daily interest will decrease as well.

      Use the loan calculator to determine your approximate loan payment.


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      What information is needed for a loan application?
      For all loan requests you will be asked to provide personal information:
      • Name of each applicant
      • Physical Address (P.O. Box does not apply)
        • Length of time at address
        • Contact Phone Number
        • E-mail Address
        • Social Security number
        • Date of Birth
        • Income Information
          • Name of current Employer
          • Address and Phone Number of Employer
          • Length of Employment
          • Salary
          • Position Held
          • Other applicable income (Retirement, Pension, Disability, Court-Ordered Child Support)
          • Current mortgage or rent obligations
          • Name and phone number of nearest relative not living with you
          • Reason for loan application
          To apply now:
          • Complete an application online
          • Visit a local branch or
          • Contact Us

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          When is my loan payment due?
          Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is also notated in your loan documents and agreed upon before disbursement of your loan.

          Personal Access Line of Credit (PAL):
          • Due the last day of each month.
          • Payments are 2% of the balance or $10.00, whichever is greater.
          Home Equity Lines of Credit (HELOCs):
          • Due the 25th of each month.
          • Interest Only
            • Minimum payments are equal to the accrued interest on the outstanding balance during the advancing period.
            • Payments will adjust after the advance period ends to both principal and interest.
            • Percent Option
              • 1.5% of the unpaid balance or $100.00, whichever is greater
              Credit Cards:
              • Due the 23rd of each month
              • Payments are 2.5% of the balance
              Auto and other loans:
              • Due dates and payment amounts are specified at time of closing.
              Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking or statements.


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              Will I receive a statement for my loan?
              Monthly statements will be issued at the beginning of each month if the loan account:
              • Is a line of credit (Personal Access Line or Home Equity Line of Credit) with a balance or activity
              • Is a construction loan.
              • Has a checking or a savings account with monthly debits or credits.
              • Has a Money Market.
              Quarterly statements will be issued for all other loan accounts.

              Current loan information will always be available through Online Banking or Mobile Banking.


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              Do you offer automobile insurance?
              MEMBERS Auto Insurance is a dependable auto insurance program made available to credit union members. This protection is provided by Liberty Mutual Insurance Company and made available by the insurance companies of the CUNA Mutual Group.

              To compare auto insurance rates with MEMBERS Auto Insurance:
              • Call 1-800-779-7905 or
              • Visit www.membersautohome.com

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              How do I get a payoff quote for my loan?
              A payoff quote is available for all loans and will include accrued interest and the daily per diem.

              Auto, boat, recreational vehicle, credit cards or personal loans:
              • To obtain a 10 business day payoff quote
                • Visit a local branch or
                • Contact Us
                • To obtain today’s payoff quote
                  • Access Online Banking
                    • Select the loan name
                    • Click Account Info
                    • Visit a local branch or
                    • Contact Us
                    Any overage of your payoff will be deposited into your savings account or returned to you in an overpayment check.

                    First Mortgage:
                    • Contact Dovenmuehle at 1-877-636-9534

                    Second Mortgage/HELOC:

                    • Fax payoff request to Second Mortgage Department at 843-569-5107. Request must include:
                      • Member Name
                      • Member Social Security Number
                      • Account Number
                      • Payoff (good through) date
                      • Return Fax Number
                      • Copy of a signed authorization of release form from member requesting this information.
                      • Once payoff is given, Second Mortgage/HELOC will be locked and no advances can be taken.
                      • Visit a local branch

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                      How do I get help on my past due loan?
                      We offer free financial counseling through BALANCE Financial Fitness Program. Their services include:
                      • Debt repayment strategies
                      • Money management
                      • How to handle a job loss or other financial crisis
                      • Saving plan options
                      • Budgeting tools
                      • How to avoid foreclosure and/or bankruptcy
                      Contact BALANCE at 888-456-2227
                      • Monday-Thursday, 8am – 11pm (EST)
                      • Friday, 8am – 8pm (EST)
                      • Saturday, 11am – 8pm (EST) or
                      • Visit the website at www.balancepro.net
                      If you would like to make short term payment arrangements, you may also contact our Loss Prevention Team at 843-569-5045 or 800-845-0349.


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                      How long will it take to get my title?
                      Titles are released once the loan balance is satisfied:
                      • For loans paid off by certified funds (cashier’s check, cash or money order), the title will be mailed within 48 business hours.
                      • For loans paid off with a personal check, the title will be mailed within 7-10 business days.
                      • Third Party releases take up to 5 days.

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                      Is additional insurance available for my auto loan?
                      Credit Life Insurance and Credit Disability Insurance is offered on loans.

                      Credit Life Insurance
                      • Pays off or reduces the outstanding loan balance up to the coverage limit if you die while insured.
                      • Available on consumer loans and credit cards up to $50,000 and 180 months
                      • Low cost coverage with 30-day free look
                      • Available through 69 years of age, terminating at age 70
                      • Available for primary and/or joint owners on the loan
                      Credit Disability Insurance
                      • Makes the loan payment up to the maximum coverage limits should you become totally disabled due to sickness or injury while insured.
                      • Available on all consumer loans and credit cards up to $50,000 and 120 months
                      • Low cost coverage with a 30-day free look
                      • Available through 65 years of age, terminating at age 66
                      • Available for primary and/or joint owners on the loan
                      To add Credit Life and/or Credit Disability to a new or existing loan, visit a local branch or contact us.


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                      Is extra protection available for my auto loan?
                      Extra protection is available for auto loans:
                      • Guaranteed Asset Protection (GAP)
                      • Mechanical Breakdown Protection (MBP)
                      Guaranteed Asset Protection (GAP)
                      • Relieves you of the responsibility for the remainder of the loan balance that the primary insurance carrier does not cover due to a totaled or stolen vehicle.
                      • Available on auto loans financed up to $100,000 and 84 months
                      • Maximum GAP loss payout up to $50,000
                      • Available on motorcycle, ATV, and Jet Ski loans financed up to $50,000 and 120 months
                      • Low cost protection with a 60-day free look
                      Mechanical Breakdown Protection (MBP)
                      • Extends coverage to virtually all mechanical and electrical components of your vehicle in addition to the manufacturer’s warranty.
                      • Available on new and pre-owned vehicles
                      • Cost and coverage vary based on collateral information.
                      • Transferrable coverage
                      • Choose from Platinum Protection, Silver Protection, or Bronze Protection
                      To add GAP or MBP to a new or existing loan, visit a local branch or contact us.


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                      What title and tax fees may apply to my loan?
                      For the current auto fee schedule, please visit the South Carolina DMV website at: For the current boat fee schedule, please visit the South Carolina DNR website at: South Carolina sales tax is generally 5% of the sale price with a maximum of $300. To calculate sales tax, use the calculator link below:
                      • http://www.convertit.com/Go/ConvertIt/Calculators/Finance/Sales_Tax_Calc.ASP

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                      What vehicle information do I need before I apply?
                      For all vehicle loan requests you will be asked to provide the following information:
                      • Year
                      • Make, model, or length
                      • Mileage
                      • Additional equipment or options
                        • A copy of the purchase agreement or bill of sale will be required at or prior to loan closing.
                        • For all unsecured loan requests over $10,000 a Personal Financial Statement will need to be completed.
                        To apply now:
                        • Complete an application online
                        • Visit a local branch or
                        • Contact Us

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                        Online Banking Enrollment

                        Enrolling in Online Banking is simple and FREE:

                        1. Enter your User ID
                        2. Enter Phone Banking PIN as your Password
                        3. Click on the LOG IN button

                        If you don't know your Phone Banking PIN, please contact us at 843.797.8300 (Charleston) or 800.845.0432 (Nationwide).