Motor Vehicle Loan
Purpose : To assist the members in acquiring their own motor vehicle either for business or personal use.
Types of Motor Vehicle for Financing :
- Car
- Van
- Owner Type Jeep
- Passenger Jeep
- Motor Cycle
- Tricycle
- Motorized “Banca”
- Farm Equipment
- Heavy Equipment
Features :
|
Eligible Maker |
Class A & B |
|
Maximum Amount |
P 500,000.00 inclusive of Business Loan and Housing Loan |
|
Maximum Term |
60 months |
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Interest Rate |
Brand New : 5% per annum, Not Discounted Second Hand : 8% per annum, Not Discounted |
|
Filing Fee |
1½% of Loan Value |
|
Processing Fee |
1/2 of Principal or P1,000.00 whichever is higher |
|
Loan Redemption Fund |
P0.50 @ P1,000.00 per month |
|
Collateral |
Maker’s equity equivalent to 30% of the appraised value of the motor vehicle to be acquired except for brand new motorcycles with an equity equivalent of 10 % |
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Chattel Mortgage of Motor Vehicle above P50,000.00 to be acquired in favor of AUFCOOP at the expense of the Maker |
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Comprehensive Insurance of the motor vehicle to be acquired is to be assumed by the Maker |
|
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Mode of Payment |
Personal Post Dated Checks/Monthly |
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Default/Penalty Charges |
1% of Unpaid Amortization |
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Limiting Conditions |
Maybe availed only after five (5) years of membership in the Cooperative |
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Capital Requirement |
Must have met the required Share Capital upon the filing of loan application (please refer to letter d.2 , Capital Requirement) |
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Loan Renewal |
Upon Full Payment, Principal & Interest |
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Other Requirements |
at least 2 Co-Makers with the same eligibility as as that of the Maker |
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Other Conditions |
Motor Vehicle Loans are subject to the availability of funds and approval of the Board |
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Motor Vehicle to be acquired must not be more than ten (10) years old commencing from the date of manufacture and must have been appraised and recommended by the Credit Committee |
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Submission of original copies of Official Receipt (OR) and Certificate of Registration (CR) is within 60 days from receipt hereof. |
Overdue Accounts - Default payments equivalent to five (5) consecutive monthly amortizations is sufficient basis or ground to confiscate/re-possess financed motor vehicle. Notice of confiscation after three (3) months of default payment will be served.
- Confiscated/re-possessed motor vehicle may be redeemed within thirty (30) days from the date of confiscation only upon full payment of the unpaid amortization.
- Confiscated/re-possessed motor vehicle will be opened for auction (sale) to members after the lapse of thirty (30) days redemption period.
- A delinquent Maker is disqualified from availing of the same loan.
