| Drive off in the colour, class and model of choice with a motor vehicle loan from GSB. Get up to 90% financing on your motor vehicle purchase available immediately upon becoming a member of the Credit Union at an interest rate of just 16.50% on the reducing balance with up to 7 years to repay. |
 |
Our easy loan processing and low processing fees will have you off in your new ride in no time. The following documents will assist you in your loan processing:
- Minimum of 7.5% Share requirement
- A proforma Invoice which indicates the cost of the vehicle
- A recent valuation report
- Three last payslips
- Evidence of additional security where necessary
|
|
Motor Vehicle Loan Policy Guidelines
PRIVATE MOTOR VEHICLES
| YEARS | INTEREST RATE | TERMS | % OF VALUE USED |
|
2011-2010
|
16.50%
|
84 months
|
90
|
|
2009
|
16.50%
|
72 months
|
85
|
|
2008-2007
|
16.50%
|
60 months
|
80
|
|
2006
|
16.50%
|
54 months
|
70
|
|
2005-2004
|
16.50%
|
48 months
|
60
|
|
2003-2002
|
16.50%
|
36 months
|
40
|
- Where the member is getting a Duty Concession, the percentage used as collateral is based on the Concession Price and not the Market Value.
- Where the member already owns 2011-20002 vehicle all of the above applies, except for the interest rate, which would be at 23% p.a.
- Where the member already owns 2001-2000 vehicle, 30% of the value may be used as collateral for a maximum loan amount of $300,000 @ 23% and a maximum term of 24 months. In addition, an in-house inspection will be required.
|
|
COMMERCIAL VEHICLES: BUSES & TRUCKS
| YEARS | INTEREST RATE | TERMS | % OF VALUE USED |
|
2010-2009
|
21.75%
|
60 Months
|
70
|
|
2008
|
22.50%
|
48 Months
|
65
|
|
2007
|
23.00%
|
36 Months
|
60
|
|
2006
|
23.00%
|
24 Months
|
50
|
Where the income from the commercial activities is being relied on to service the loan the following additional documents are required:
- Last two years financial statements including Cash Flow Projections for at least the loan term
- Copy(ies) of contract(s), where applicable
|
| |
| Vehicles Unacceptable as Collateral |
|
The Credit Union will not accept the following types of motor vehicles as collateral:
- Left-hand drive vehicles – e.g. Chevrolette Aveo
- Cherry QQ
- Hyundai
- Honda Fit - as some companies will not insure these vehicles
|
|
|
| Motor Vehicle Lien-Sharing Agreement |
GSB has entered into an agreement to accept a 2nd lien on the Titles for motor vehicles being purchased by approved government employees, with the 1st lien being in favour of the Accountant General Department. Details are outlined below:
Accountant General
| Age of M/V | Loan Amount | Int. Rate | Max Term |
|
2011-2010
|
$1,100,000.00
|
0%
|
9 years
|
|
2007 - 2009
|
$800,000.00
|
0%
|
7 years
|
GSB
| Age of M/V | Shares | Loan/Value | Term | Rate |
|
2011-2010
|
7.5%
|
90%
|
84 months
|
18.50%
|
|
2009
|
7.5%
|
85%
|
72 months
|
18.50%
|
|
2008
|
7.5%
|
80%
|
60 months
|
18.50%
|
|
2007
|
7.5%
|
70%
|
54 months
|
18.50%
|
|
| |
|
Criteria for approval
- Maximum loan of $2.5M per member (excluding the AGs portion)
- Aggregate loan must not exceed the respective loan/value ratios based on the concessionary price/market value of the vehicle, whichever is lower
- Minimum of 7.5% share requirement
- GSB Golden Harvest Savings Plan -R.E.A.P. to be strongly recommended
- Annual valuation report is required
- The first year’s premium for comprehensive insurance must be paid at the time of the transfer
- Debt Service Ratio of 35% & Total Debt Service Ratio of 45%
- Availability of supporting documentation (see general loan application guidelines)
|
| |
| Panel of Valuers |
|
MOTOR VEHICLE VALUATORS
|
|
MANAGEMENT SECURITIES CONSULTANTS LTD
|
27 Lady Musgrave Road, Kingston 5
msckingston@mscmckay.com
|
978-3016
|
978-6052
|
|
MOTOR INSURANCE ADJUSTERS LIMITED
|
2 Grasso Close, Kingston 19
|
765-5765
|
|
|
AUTOMOBLE VALUATORS & CONSULTANTS (AVC)
|
28 Haining Road, Kingston 5
avcjam@hotmail.com
|
754-6861-2
|
754-6862
|
|
CARIBBEAN LOSS ADJUSTERS
|
1 Brompton Road, Kingston 5
|
978-4536
|
946-9674
|
|
