2024 Fall Pre-Approved Vehicle Loan Campaign

2024 Fall-Pre-Approved Vehicle Loan Campaign

Terms & Conditions

Effective: The offer period begins on October 3, 2024, at 12:01 a.m. Eastern Time and ends on December 18, 2024, at 11:59 p.m. Eastern Time.

This document highlights the details by which members (Owners) of Libro Credit Union (Libro) may accept ae Pre-Approved Vehicle Loan Offer.

Offer Description:

  1. The Pre-Approved Vehicle Loan Offer, referred hereon as “the Offer,” begins on October 3, 2024, and ends on December 18, 2024, at 11:59 p.m. Eastern Time (the “Offer Period”).
  2. The Offer is conditional upon receipt of payout statement for existing vehicle loan and security registration of vehicle by Libro.
  3. This Offer is only available to Owners of Libro Credit Union who received a personalized pre-approved offer during the Offer period.

 

Offer Details:

  1. Eligible Owners will receive a personalized Offer detailing two offer options:
    1. Insured Offer interest rate: A secured personal vehicle loan with a low interest rate, subject to taking creditor insurance through CUMIS.
      1. To receive the Offer rate(s), an Owner must take all three (3) available CUMIS creditor insurance products that they qualify for, Life, Disability, and Critical Illness insurance.
      2. To qualify for CUMIS creditor insurance, the applicant must meet CUMIS underwriting qualifications.
      3. If an Owner chooses not to take, or cannot take the available insurances, the Owner will receive the uninsured rate. See 1.B below.
    2. Uninsured Offer interest rate: A secured personal loan with a competitive interest rate, this rate is not subject to taking creditor insurance.
  2. Secured personal loans as part of The Offer are available up to a maximum term of eighty-four (84) months.
    1. The maximum term is dependent on several factors including vehicle, but not limited to, age and vehicle value.
  3. Personal loans are on pre-approved credit only, no additional credit checks are required to receive The Offer.
  4. The Offer is available on personal vehicle loans only, on the financing amount and vehicle age stipulated in the personalized Offer received via email or direct mail.
    1. The loan may only be used to refinance 1 (one) vehicle. At least 80% of the total loan amount must be applied towards paying off the existing loan on that specific vehicle.
    2. The final loan amount can exceed the pre-approved offer amount only by the single premium insurance fee amount.
    3. The Offer cannot be combined with any other offer.
      1. Should the borrower require additional funds or terms outside of the Offer, a separate application would be needed subject to Libro’s standard underwriting procedures.
  5. The Offer is not available to Owners that have not received the Offer via email, secure message or direct mail.
    1. Employees may proactively contact Owners to present The Offer.
  6. If paying out an existing vehicle loan, a payout statement must be provided from the current financial institution.
  7. A secured personal loan is defined as a loan that is secured against the value of a tangible asset, in this case the vehicle.
  8. To maintain the insured Offer rate, the borrower must maintain all eligible CUMIS insurance products through the duration of the loan.
  9. Owners must accept Offer before December 15, 2024 by email, secure message, appointment or phone. Libro Credit Union bears no responsibility for Owners missing this deadline under any circumstances. The Offer must be accepted via signed loan documents by December 18, 2024.
  10. All loan funds must be deposited into a Libro chequing or savings account in the name of the borrower.
  11. Libro Credit Union reserves the right to modify the terms and conditions or withdraw the Offering at its discretion without prior notice.
  12. CUMIS® is a registered trademark of CUMIS Insurance Society, Inc., and is used with permission. Payment Protection, Loan Protection or Loan insurance is underwritten by CUMIS Life Insurance Company. For details, please visit Payment Protection, Loan & Mortgage Insurance – CUMIS.