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More Car Loan Questions and Answers

August 25, 2017 by Space Coast Credit Union



Knowledge is power, so that’s why we recently provided you with information about questions that are frequently asked about car loans along with their answers. We continue that theme here, sharing even more car loan questions and answers.


 
I’ve heard good things about your credit union but I’m not a member. Can I still apply for a car loan?
 
Yes, you can still apply for a car loan with SCCU if you’re not a current member. When you qualify for your loan, we will simply process your loan application and your membership application at the same time.

 
How would I make my loan payment?
 
Unlike many other lenders, SCCU does not use coupon books as a method for paying back an auto loan. Instead, members have a few different payment options to choose from:
 
Through Online Banking – For your convenience, monthly payments can be made through Online and Mobile banking by transferring funds from any SCCU checking or savings  account to your auto loan.
 
There are several ways you can fund your SCCU Savings Account. Outside of signing up for direct deposit, the fastest and most convenient way is to deposit a check into your Savings Account using the SCCU Mobile app. Alternatively, you may also visit any one of our branch locations and deposit funds into your account in person, leading to the next payment option.

In the Branch – Simply visit your nearest SCCU branch and inform the Member Service Specialist you would like to make a payment. Acceptable forms of payment include:
  • Check (Personal, Business, On-Us, Teller Check, Money Order)
  • SCCU Card or Non-SCCU Card (Cash Advance)
  • Cash and/or Transfer from SCCU Account

By Phone – No time to stop by a branch? No problem! You can also make your auto loan payment over the phone using Call-24 Bank by Phone access, or speak with one of our Member Service Center representatives at 321-752-2222.
 
By Mail – As an alternative option, you may choose to mail the payment directly to Space Coast Credit Union at the following address:
 
8045 N. Wickham Rd.
Melbourne, FL 32941

 
Please include your name and account number with your payment.
 

What is a lien fee and how does it apply to my situation?
 
A lien fee is a fee charged to add, remove, or change the name of the lien holder on the vehicle, or to add or remove a person’s name on that title. These fees are charged in all states although amounts can differ; in Florida, if the lien holder’s name is being changed, and nothing else needs changed, the fee is $74.75. If someone’s name is being added to the title, or removed from it, the fee is $86.30.
 
If you are purchasing a car from a dealership, then they will automatically include lien fees in the buyer’s order. SCCU will not be involved in that transaction. If, however, you are refinancing at SCCU, either from another financial institution or from another SCCU car loan, then these fees apply with your SCCU loan.
 

What is a third party signer?
 
You may have heard this person referred to as an owner of collateral. He or she is listed on the title but is not financially responsible for the loan. This person needs to acknowledge that he or she is part owner of the car and understands that a lien will exist on the title. Even though that person is not a borrower on the loan, SCCU still has a responsibility to contact this person if repossession must take place.


Should I purchase an extended warranty?
 
This service agreement provides protection when mechanical breakdowns take place after the manufacturer’s warranty has expired and helps you to protect your investment. After all, your vehicle is one of your biggest investments, often the largest one outside of your home or condo. Note that limitations apply on extended warranties.
 
If you don’t find answers to your question, feel free to contact us online. Or you can call us at:
 
  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All other areas: 800-447-7228
 
Finally, continue to watch for new articles on our site that focus on car loan questions and answers!
 
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