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Vehicle Loans

Lending is available to members who are residents in North Carolina, South Carolina, Georgia, Tennessee or Virginia.

Auto Power Program for New and Used Vehicles
This program provides you with a blank pre-approved check, up to a specific dollar amount for the purchase of your vehicle. With the Auto Power check in hand, you can make the deal and drive away in your new or used vehicle without ever going to a Credit Union branch!

New Vehicle Loans
NCPAFCU offers fixed-rate financing for new vehicles and can finance up to 100% of the Manufacturer’s Suggested Retail Price (MSRP) plus an additional 10% to cover other purchase related expenses such as tax, tags, extended warranties, etc. Don’t have auto insurance? The Credit Union offers Automobile Insurance and can provide you with a quote.

  • % APR1 for up to 36 month terms
  • % APR1 for up to 37-60 month terms
  • % APR1 for up to 61-72 month terms
  • Collision and comprehensive insurance protection required on new vehicles with a maximum deductible of $1,000 for loan duration
  • Must be current, prior, or upcoming year model
  • Must have 10,000 miles or less
  • The maximum loan amount for new vehicles is $40,000
  • The vehicle title will be held as collateral until the loan is repaid
  • Flood, salvage, and reconstructed title vehicles are not acceptable as collateral
  • May be repaid at any time without penalty
  • Members must be 18 years of age or older to be eligible for lending services

Used Vehicle Loans
The Credit Union offers fixed rate financing for used vehicles. We will finance up to 110% of the value of the vehicle based on the NADA retail value. To determine the value of the vehicle, please use the link for Used Car Values in the Auto Center in Press Pass. The Credit Union also offers automobile insurance and can provide you with a quote.

  • % APR1 for vehicles up to 5 years old up to 60 month terms
  • % APR1 for vehicles 6-10 years old up to 48 month terms
  • Must have collision and comprehensive insurance protection with a maximum deductible of $1,000.00 for the duration of the loan
  • Maximum term of 60 months for model years equal to or less than 5 years
  • Vehicles may not be older than 10 years or have mileage in excess of 150,000 at time of origination
  • Vehicles with mileage exceeding 100,000 at time of origination will be limited to a term of 48 months, regardless of the age of the vehicle.
  • Maximum Loan amount $30,000
  • Flood, Salvage or reconstructed title vehicles not accepted as collateral
  • Loan may be repaid at any time without penalty
  • Loan Terms are subject to mileage restrictions
  • Members must be 18 years of age or older to be eligible for lending services

GAP Coverage
The Credit Union offers GAP (Guaranteed Asset Protection) Coverage on new and used vehicle loans for a flat fee of $675.00. GAP Coverage is a debt cancellation product that covers the difference between the insurance settlement amount and the outstanding loan balance if your vehicle is involved in a total loss claim, as determined by your auto insurance provider, due to an “at fault” or “not at fault” accident, theft or flood.

If your vehicle is totaled, the insurance settlement is based on the actual cash value of the vehicle not the outstanding loan balance. This difference could create a “gap” (money you still owe on the loan) after the primary insurance settlement has been paid. With GAP Coverage, this deficiency would be covered up to specific parameters2.

  • Eligible for new and used cars
  • Maximum loan amount of the vehicle is $40,000 for a new vehicle and $30,000 for used3
  • Maximum loan to value of 110% for terms up to 72 months
  • Maximum claim benefit of $40,000
  • Not available for salvaged vehicles or vehicles used for ride-sharing
  • Eligible for new loans only4
  • 90-day “free look” period5

Applying for a car loan is simple. You may apply through Press Pass, our 24/7 Member Services at 888-732-8562, or your local branch during regular business hours.

1APR = Annual Percentage Rate
2GAP may not protect the entire deficiency. A copy of the GAP Agreement can be provided upon request for additional information.
3Based on MSRP or NADA Average Retail Value
4Existing loans not eligible unless refinanced
5During the "free look" period, coverage may be cancelled for a full refund. The refund will be applied to the outstanding loan balance.