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Motor Vehicle Loan Promotion – Frequently Asked Questions
What are the sweeteners in the Motor Vehicle Loan Promotion.
Discounted rate of 7.5%, 100% financing (2019- 2025),
Up to 10 years to repay. Approved applicant receives a loyalty bag.
Which model motor vehicles are exempt from financing?
- (a) Isuzu cars that are older than 3 years old
- (b) Great Wall Vehicles
- (c) Yutong vehicles
What is the range of years motor vehicles being financed?
(2019 – 2025) Motor Vehicles S 2026 Models
What are the costs associated with Motor Vehicle purchase and loan?
Mandatory monthly shares savings, processing fees, credit check Fees, comprehensive insurance, fitness and registration, petrol, monthly payments, servicing
Can I make a deposit on the Motor Vehicle Loan and borrow the difference?
Yes, please submit the receipt with the requirements.
Can I borrow the Shares requirement in the Motor Vehicle Loan?
100% financing is offered once the motor vehicle falls within the promotion years
Can I borrow the processing fees from the Motor Vehicle Loan?
No, however we can provide another Ioan product that is available to assist you, once you qualify for that additional loan.
When does the Motor Vehicle Promotion expire?
September 30th, 2025.
If the Motor Vehicle I am interested in purchasing is older than 8 years old, can I borrow an unsecured loan to purchase the vehicle?
Yes, this is based on affordability, the Unsecured Loan rate is different from the Motor Vehicle Loan. NB. Credit Union’s interest will also be added to the asset.
What method of interest is used to calculate Motor Vehicle Loan?
Reducing Balance
Can I apply for the Motor Vehicle Loan online?
Yes, use your account number, go to
www.lascellescreditunion.com click on menu
> loans > affordable loans apply now
Can I send the loan requirements online?
Yes, email all the requirements in PDF format to loans@lasceilescreditunion.com.
What is the time frame for Loan Approval?
Up to seven (7) business days with provision of all the requirements including the credit check report
What are the requirements for a Motor Vehicle Loan?
See the Motor Vehicle Loan Checklist
Can a Self-Employed individual access a Motor Vehicle Loan?
Yes, see the Motor Vehicle Loan Checklist
After the loan is approved, what are the next steps prior disbursement?
- Commitment letter prepared to you the member outlining the terms and conditions of how the loan is granted.
- Letter of Undertaking is prepared for the Vendor/Dealer.
- Letter is prepared to Insurance Company to note LEPCCU interest.
- Notice of Lien to Inland Revenue (Tax Office) to note LEPCCU interest.
- Once all the documentation is returned and all associated fees have been paid loans will then be disbursed.
What is the age limit to access Motor Vehicle Loan?
Ages 18 & over once the owner has a Jamaican Driver’s License.
Should I pay for the Credit Check before or after the loan interview?
During the interview process your Loan Officer will advise you when to pay credit check fees.
Can I pay for the Motor Vehicle Loan using direct transfer?
If you are self-employed No, if you are permanently employed, use a salary deduction or standing order.
Should I submit these documents to the Credit Union when they are renewed annually. Registration, Fitness, Insurance, Valuation?
YES.
If I settle the motor vehicle loan before the expiry date, are there any penalties?
No.
If I decide to sell the Motor Vehicle before the expiry date, what should I do?
Inform the Credit Union of your intention and the Buyer that the title is with the Credit Union. The title will not be made available until payment is made and confirmed by Credit Union. This could take up to two (2) business days
If I lose my job or change jobs, what should I do?
Inform the Credit Union immediately, let’s work together to see how best the situation can be handled.
Can I pay the Motor Vehicle Loan weekly or fortnightly?
If you are self-employed yes, if you are permanently employed, use a salary deduction or standing order. Your employer will remit the payment on your behalf, or the standing order instruction would be done for the bank to remit payment weekly or fortnightly.
For the motor vehicle loan payments can I pay using direct deposit?
If you are Self Employed, yes, do email the receipt to
accounts@lascellescreditunion.com. If you are permanently employed, use a salary deduction or standing order.
For additional information, please contact:
(876) 758-7719 (Extensions 2007, 2008) • vivene.edwards@lascellescreditunion.com