Additional Loan Services
Car Facts - Car Facts is an educational car
buying program offered by Summit Federal at no charge. It is designed to help
you determine what you should pay for a vehicle and how to best negotiate the
price of the vehicle you want. We request that you call for an appointment to
go through this program so that we can have a Member Service Representative
available. Please allow about an hour for the appointment.
Car Bargains - CarBargains is a nonprofit
consumer service that helps you get the best possible deal on a new vehicle.
Once you've decided on the make and model you want to purchase, call them at
1-800-475-7283. For a modest fee, CarBargains will acquire bids on the vehicle
from dealers in your area. Each dealer will give their lowest possible bid,
which enables you to buy at the best possible price. The fee is refunded by
Summit Federal when you take your vehicle financing with us. CarBargains also
offers a Lease Wise service to provide value and confidence for those of you
who wish to lease a new vehicle. Although Summit Federal does not offer a lease
financing option and is unable to refund the Lease Wise fee, this service can
help save you money on the overall lease of a new vehicle.
History Reports - If you're planning to buy a previously owned vehicle,
check out its past with a CARFAX® vehicle history report. One out of
nine vehicles in the CARFAX® database has been totaled and rebuilt,
damaged in a flood, returned as a lemon or had the odometer rolled back. To get
your report, visit them right now by clicking CARFAX ® . Obtain a report on the car
using the 17 digit serial number. The report will only cost $24.99. Have peace of mind. Know the history of the car you
want to buy before you buy it. Receive the $24.99
cost of the report back from Summit Federal Credit Union
when you complete your vehicle loan with us!
Home Facts - Home Facts is a complimentary
program designed to help you purchase a home. This program will help you
determine how much of a home you can afford as well as what to look for when
shopping for a home. We request that you call for an appointment to go through
this program so that we can have a Service Representative available. Please
allow one to two hours for the appointment.
Mechanical Breakdown Protection - Avoid
costly car repair bills with mechanical breakdown protection. This contract is
considerably less expensive than dealer service contracts.
available up to 100,000 miles and 7 years on both new and used vehicles (new
vehicle coverage must be purchased before the manufacturer's warranty expires).
The vehicle must be financed at Summit Federal Credit Union at the time of the
Mechanical Breakdown Protection purchase. The premium can be financed with the
vehicle loan. For answers to your questions, call either Summit Federal Credit
Union or Allied Solutions at 1-800-981-5689. To
get a quote, click
Guaranteed Asset Protection
(GAP) - The dramatic plummet of your car's value
as soon as you drive it off the lot can put surprising and
undue strain on your wallet if your car is totaled.
The actual cash value of your car can be substantially less
than what you still owe on your loan. Since you're
responsible for paying the remainder of your loan even when
your car is totaled, you might have to come up with
thousands out of your pocket unless you have Guaranteed
Asset Protection (GAP). This low cost protection is
only $225.00 and can be financed with the vehicle loan.
Loan Protection Insurance - This insurance
program is a special Credit Insurance coverage provided by Summit Federal on
your Credit Union loans and Visa. Credit Life Protection will provide for
payment in full in the event of your death. Credit Disability Protection is for
those age 65 and under and will make the payments on your loan in the event
you're off work for more than 30 days because of either an injury or illness.
Payments will continue until you are released by your doctor to go back to
work. With this coverage, you can rest assured that your obligations will be
taken care of if you can't do it yourself.