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Am
I Eligible?
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As a member of hmcstaff
and if you have your transaction account at another financial
institution you are eligible to apply for a hmcdirect New Car
loan.
The New Car credit
facility
approval is dependant upon credit approval
criteria and a Debt Repayment Capacity of
less than 40%.
During
the term of your loan you will not be able to hold or operate a
transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff
Credit Union.
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What
are the items of special criteria to qualify for a hmcdirect New Car
Loan?
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The minimum amount for
a hmcdirect New Car loan is $15,000 with a deposit of 20% and is
subject to special lending criteria.
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What
can I use my hmcdirect New Car for?
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Your hmcdirect
New Car loan can only be used to purchase a brand new motor vehicle.
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What
type of security is required for my hmcdirect New Car loan?
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Your hmcdirect
New Car loan is to be secured by way of a Bill of Sale or Goods
Mortgage over a vehicle that has travelled less than 1,000 kilometres
and that is being purchased through a motor vehicle dealer.
Other
forms of security, including Personal Guarantees, Third Party Property
Guarantees and Script will not be considered.
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How
do I repay my hmcdirect New Car loan?
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Your hmcdirect
New Car can be repaid using QuickDebit to draw on your
account at the other financial institution or by direct salary credit.
Dividends
and rental income may also be arranged to be deposited to your hmcdirect
New Car loan account.
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How
will my hmcdirect New Car loan
be funded?
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Once
the loan is approved and loan documentation has been completed your loan
funds will be transferred electronically or sent by cheque to the motor
vehicle vendor.
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How
do I apply?
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Application
Form to print.
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What
is the current interest rate?
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The current rate is 9.15%
pa and the rate will fluctuate from time to time depending upon
prevailing interest rate trends.
A penalty rate of
interest will be applied to the balance of the facility in the event
that a payment is not received by the due date.
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How
is interest calculated?
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Interest
is calculated on the daily balance and will be debited to your account
on the last day of each month.
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What
is the Comparison Rate?
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The comparison rate is
identical to the annual percentage rate because your
Credit Union absorbs both the establishment fee and establishment costs
(other than insurance premiums, if applicable).
Special waiver provisions
apply for this concession.
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Can
I have any other accounts in conjunction with my hmcdirect New Car
loan?
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Yes, members with a hmcdirect
New Car loan account may hold Christmas Club, Targeted Savers, other hmcdirect
loans, a Personal, Car or Mortgage Loan or Term
Deposits with hmcstaff.
The
only preclusion is to holding a transaction account with hmcstaff and
you will not be able to hold or operate a transaction account, VISA
Card, Redicard or cheque book at H.M.C. Staff Credit Union whilst you
have your hmcdirect High Rate Savers account.
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What
fees and charges apply to my hmcdirect New Car loan?
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An
establishment fee of $100 applies subject to special waiver provisions.
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Fee waiver Option |
The establishment fee and discharge
administration fee are waived and
will only be charged if the loan is paid out for any reason within one (1) year
of funding if the loan is for less than $10,000 or within two (2) years of
funding if the loan is for more than $10,000. |
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How
often will I receive information on my hmcdirect New Car loan?
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Account statements will
be sent to you each six (6) months unless you also hold a hmcdirect
Revolver in which case statement will be forwarded quarterly.
You
can check the details of your hmcdirect New Car loan account at
any time using Online or Phone Banking facility.
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