Who qualifies
Members with memberships over 6 months
Members who are permanently employed for at least 2 years
Members with at least 10% of the value of the vehicle and $150,000 in pledged shares or a compulsory deposit of $2,500 monthly, whichever the member decides.
Where the loan amount is $2M and above, members should have $200,000 in pledged shares or a compulsory deposit of $2,500 monthly, whichever the member decides.
Terms
The special deposit will be placed in a Security Deposit Account and the member won’t be able to access this deposit until the loan is fully repaid.
No further loans of this type will be granted to the member until the loan is fully repaid.
In the event the loan becomes delinquent, the credit union reserves the right to repossess the motor vehicle.
All costs associated with repossession or attempted repossession will be borne by the member.
Members must agree to the installation of a tracking device with a company approved by the credit union. The annual fee of the tracking device will be absorbed by the member and will be included in the monthly loan payment.
If the member fails to provide proof of comprehensive insurance, up-to-date fitness and registration (including PPV & Carrier’s License) for the motor vehicle, after Ten (10) days of the expiration date (for registration – 10 days after the grace period), the credit union reserves the right to demand full payment of the outstanding loan balance and or repossess the motor vehicle.
What you'll need to apply
Receipt indicating that the required deposit has been made on the motor vehicle to be purchased or deposited same with the credit union.
The vehicle must be comprehensively insured and the lien (the right to keep possession) registered to PCCUL and so noted on the insurance documents.
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