Vehicle Loans
Peninsula Federal Credit Union has different options when it comes to financing your vehicle. You can choose between a conventional vehicle loan, and a Stop-N-Go loan.
Conventional Loans
- No down payment required
- Up to 72 months on new and select used cars
- 84 month option available for purchases over $40,000
- Debt protection and GAP options available for purchase
- Loan is paid in full at the end of the term
Stop-N-Go Loans
What is a Stop-N-Go Loan?
A Stop-N-Go is a "lease-like" loan that allows you to pay a lower amount monthly with a lump sum to either payoff or refinance at the end of the term. There is also a "walk away" option at the end of the term if you are no longer wanting to keep the vehicle once your term is up.
What are the benefits of a Stop-N-Go over leasing?
You Own the Vehicle: Unlike leasing, the vehicle is titled in your name. This offers you more flexibility both during and at the end of the loan.
No Down Payment or Security Deposit Required: Most leases require a down payment, often referred to as "Capitalization Cost" and a security deposit - whereas the Stop-N-Go Loan option does not.
No First & Last Payments Required: Many leases require the first and last payments to be made at the time of loan disbursement - our Stop-N-Go loan does not.
Options, Eligibility, and Information:
- Vehicles 5 years old and newer are eligible
- Terms up to 72 months available
- Debt protection and GAP options available for purchase*
- Mileage options of 12,000, 15,000, or 18,000 miles per year. (Excess mileage cost is $.10 per mile. This is only paid if the "walk away" option is selected)
Local Return Option: If you move during the term of a Stop-N-Go Loan and elect to return the vehicle, it may be returned locally. Many leases require you to return the vehicle to the original dealership, and if you have moved you will be responsible for the cost of returning it.
No Early Payoff Penalty: Because you own the vehicle you may pay the loan off, sell the vehicle or use it as a trade-in at any time during the term of the loan - without any penalty. With a lease you do not normally have these options without a stiff 'early lease termination" penalty.
No 'Back End' Surprises: You will not be exposed to any hidden expenses during the term of the loan or at loan end if you elect to return the vehicle, Leases can have an excess wear and tear clause that is not clearly defined. In contrast, the Stop-N-Go Loan clearly defines the vehicle return condition requirements.
Private Auto Insurance Flexibility: With a Stop-N-Go Loan, you can determine what private auto insurance coverage you need. Most lease programs/companies dictate the minimum private collision and/or liability insurance coverage you must have. This is because with a lease, the lease company owns the vehicle and has exposure to liability in the event you are involved in an accident.
Realistic Residual Value: The Stop-N-Go Loan uses standard industry residual values. The residual value is not inflated to arrive at an arbitrary lower payment. This means if you elect to keep the vehicle upon loan termination you will not have to pay an inflated price to pay off the loan.
Loan Tools
Debt Protection
Peninsula FCU offers a variety of premium coverage options to purchase for select loan products.
LifePlus
LifePlus can cover balance cancellation in the event of Death, Terminal Illness, and Accidental Dismemberment. It can also cover payment cancellation in the event of Hospitalization, Family Medical Leave, and Loss of Life of a Non-Protected Dependent.
LifePlus Disability
LifePlus Disability can cover everything that LifePlus can on its own, as well as potential payment cancellation due to accident and sickness.
LifePlus Disability and Involuntary Unemployment
LifePlus Disability and Involuntary Unemployment includes the same benefits of LifePlus Disability with the addition of potential payment cancellation in the event of involuntary unemployment.
Guaranteed Asset Protection (GAP)
Peninsula Federal Credit Union is proud to offer GAP on a variety of secured loans. GAP can assist in paying off a loan if the collateral is totaled and your insurance company does not cover the full balance with their settlement amount. Deductible assistance can also be available for repairs the vehicle may need.
**For more information on Consumer Debt Protection and GAP, please contact the credit union.**
*Debt protection and GAP products sold through or in the credit union are not insured by the National Credit Union Administration and are not issued, guaranteed, or underwritten by the credit union or the National Credit Union Administration or any other federal government agency. There is no requirement or obligation to purchase these premiums from the credit union or any subsidiary, affiliate, or particular unaffiliated third party as a condition to obtaining a loan, and a decision on these premium coverage options will not affect the credit terms in any way. The credit union may not condition an extension of credit on an agreement not to obtain, or a prohibition on the applicant from obtaining a premium product or annuity from an unaffiliated entity.
