PSECU: AutoDrafts

AutoDrafts

PSECU's AutoDraft makes car buying easier because you are pre-approved for your auto loan prior to making a purchase. The AutoDraft looks and works like a blank check and can be used at any authorized car dealer.

First determine how much you will need to borrow. Use the following formula even if you don't plan to trade in another vehicle.

Purchase price of vehicle			$
-	trade-in allowance	(-)	$
=	cost of vehicle	(=)	$
+	tax and tags	(+)	$
+	pay-off for trade	(+)	$
-	any cash deposits	(-)	$

=	amount to finance for new vehicle	(=)	$
*See the Maximum Financing section for limitations on specific amounts.

These calculators are for information only. The information above is provided for mathematical purposes only and does not necessarily reflect PSECU's current rates.

Once you know how much you need to borrow, apply for your loan with PSECU. You will recieve your AutoDraft by mail. Take it with you to the car dealer. After completing your deal, simply fill out the AutoDraft.

Be sure to fill out all the information on the draft -- including the term of payment (number of months) and method of payment (direct deposit, automatic transfer, etc.). The dealer will take care of the rest!

If you're trading in a vehicle financed by PSECU, the dealer will send a check and title release form to PSECU. PSECU will send the title for the trade directly to the dealer.

Other information about your AutoDraft:

AutoDrafts are fully negotiable instruments
Loan approvals are valid for 60 days. You may request a draft anytime within those 60 days.
AutoDrafts are valid for 120 days and guarantee the lowest rate in effect on the date the draft clears.
No interest accrues until the draft clears
Dealers are not authorized to disburse any portion of the proceeds of the AutoDraft to the borrower or any agent of the borrower.

Form: PSECU #3432 Rev. 01/04