Important Information:

Vehicle:

• Effective July 16, 2010, the following changes are for Tier 1 deals only:

  • GAP may be sold for a maximum of $800 (was $700 - and will remain $700 for
    Tiers 2-5)

  • Warranty/Extended Service Contracts may be the greater of $2,000 or 15% of NADA Retail or MSRP with a maximum of $3,500 (was greater of $2,000 or 10% of NADA Retail or MSRP with a maximum of $3,000 - and will remain for Tiers 2-5)

• GECU serves any individuals that live, work, worship, or attend school in the following Ohio counties: Adams, Brown, Butler, Clermont, Clinton, Fayette, Greene, Hamilton, Highland, Montgomery, Preble, and Warren, plus over 300 SEGs!

• Our new corrections fax number is: 513.554.0570.

• REMINDER REGARDING OUR NEW CONTRACTS:

  • There is a $175 processing/pre-paid finance charge to all non-GECU members.

  • Please see the following reminders to ensure your contract/funding package is completed correctly:

    • Signatures for all buyers are required on the bottom of page 1 and the back of page 2 in the “Contractual Lien on Accounts” box under the Cross Collateralization clause (both can sign on the Signature line).

      • In the event of a Third Party being involved (i.e. titled to business, titled to trust, or titled to other person not on loan), whoever is on the title, and is not on the loan, must sign on page 2 in the “Third Party Agreement” box.

      • As page 2 is not “carbon,” the customer will need to sign page 2 on both the white and gold copies.

  • Send GECU the top, white copy of the contract and give your customer the gold copy. Again, please make sure their signature(s) appear on the front and back of both the white and gold copies of the contract. You can keep any additional copies of contract.

  • In the “Assignment” box on the bottom, left side of page 1, make sure the second option, “under the terms of the ASSIGNMENT BY SELLER on page 2” is always checked. And, as the “Seller,” please sign in the “Assignment” box and under the “Buyers” signature(s) on the bottom, right of contract.

  • Under the “Property Insurance” section on page 1, include, “The collision coverage deductible may not exceed $1,000.”

• Proof of income (i.e. paycheck stub within 30 days of application date) is required on ALL applicants in Tier 3, 4, and 5. If this is not provided, it will delay funding the deal. Note: Any deal is subject to income verification.

• Please do not submit applications if all applicants' credit scores are less than 550. This will give us the opportunity to more efficiently process your other applications in a timely manner.

• Please verify with the customer who they want listed as the primary application and co-applicant on the loan application. All payment coupons, mail, and other communications will be addressed to the primary applicant only. As the primary applicant is responsible for all payments, please double-check the names before submitting them.

• In an effort to better define front-end product vs. back-end product, please review the following clarifications:

  • Front-end*: Etching, Rust-proofing, Wheel protection, etc.

    *These products will be included in front-end LTV calculations.

  • Back-end: Extended warranty/service contract, GAP, and credit life and disability insurance

    • Tier 1: Warranty - Greater of $2,000 or 15% of NADA Retail or MSRP (Maximum of $3,500)
      GAP - Maximum of $800
      Credit Insurance - Amount allowed by State

    • Tiers 2-5: Warranty - Greater of $2,000 or 10% of NADA Retail or MSRP (Maximum $3,000)
      GAP - Maximum of $700
      Credit Insurance - Amount allowed by State
       

• Initial $5 membership deposit ($10 with a joint member) is funded by GECU.

• Dealer reserve: 1 - 14 deals/month = 2% reserve per deal and 15+ deals/month = 2.5% reserve per deal. At the time of funding, the 2% reserve is paid to you and those reaching 15+ deals/month, get their "bonus" .5% paid monthly.

• Our dedicated MAAP Department phone number for faster service is: 513.243.7900.

• MAAP Department hours are: Mon - Fri, 9 a.m. - 5 p.m. and Sat, 9 a.m. - 2 p.m.

Reminder: Membership cards must be completed and signed by all non-members and sent over with the deal, applicants must be U.S. citizens or permanent resident aliens.

Boat/RV:

• GECU serves any individuals that live, work, worship, or attend school in the following Ohio counties: Adams, Brown, Butler, Clermont, Clinton, Fayette, Greene, Hamilton, Highland, Montgomery, Preble, and Warren, plus over 300 SEGs!

• REMINDER REGARDING OUR NEW CONTRACTS:

  • There is a $175 processing/pre-paid finance charge to all non-GECU members.

  • Our new fax corrections number is: 513.554.0570.

  • Please see the following reminders to ensure your contract/funding package is completed correctly:

    • Signatures for all buyers are required on the bottom of page 1 and the back of page 2 in the “Contractual Lien on Accounts” box under the Cross Collateralization clause (both can sign on the Signature line).

      • In the event of a Third Party being involved (i.e. titled to business, titled to trust, or titled to other person not on loan), whoever is on the title, and is not on the loan, must sign on page 2 in the “Third Party Agreement” box.

      • As page 2 is not “carbon,” the customer will need to sign page 2 on both the white and gold copies.

  • Send GECU the top, white copy of the contract and give your customer the gold copy. Again, please make sure their signature(s) appear on the front and back of both the white and gold copies of the contract. You can keep any additional copies of contract.

  • In the “Assignment” box on the bottom, left side of page 1, make sure the second option, “under the terms of the ASSIGNMENT BY SELLER on page 2” is always checked. And, as the “Seller,” please sign in the “Assignment” box and under the “Buyers” signature(s) on the bottom, right of contract.

  • Under the “Property Insurance” section on page 1, include, “The collision coverage deductible may not exceed $1,000.” In instances of larger boats/RVs, please indicate if higher deductibles are required.

• Our goal is to fund all completed funding packages that are received in our Reading Road office prior to 12 p.m. on that business day. Exceptions to this are any funding packages that are missing any required documentation. As always, a title is required in order for funding to be released.

• Proof of income (i.e. paycheck stub within 30 days of application date) is required on ALL applicants in Tier 3, 4, and 5 and any deal over $60,000. If this is not provided, it will delay funding the deal. Note: Any deal is subject to income verification.

• Please do not submit applications if all applicants' credit scores are less than 550. This will give us the opportunity to more efficiently process your other applications in a timely manner.

• Please verify with the customer who they want listed as the primary application and co-applicant on the loan application. All payment coupons, mail, and other communications will be addressed to the primary applicant only. As the primary applicant is responsible for all payments, please double-check the names before submitting them.

• Dealer reserve changes: Below $50,000 financed = 3.5% reserve per deal. Above $50,000 financed = 2.0% reserve per deal.

• Initial $5 membership deposit ($10 with a joint member) is now being funded by GECU.

• Our dedicated MAAP Department phone number for faster service is: 513.243.7900.

• MAAP Department hours are: Mon - Fri, 9 a.m. - 5 p.m. and Sat, 9 a.m. - 2 p.m.

Reminder: Membership cards must be completed and signed by all non-members and sent over with the deal, applicants must be U.S. citizens or permanent resident aliens.