Pay-Lite Loans Our "Lease" Alternative Loan The Credit Union offers a "Lease" like loan with an attractive payment; without the hassles of a lease. NO  Down Payment NO  Mileage Restrictions NO  Worries about Wear and Tear NO  Term Restrictions Unlike a lease, you buy the vehicle at a price that you negotiate with the dealership. The payment is lower because it is calculated differently. Traditional loans are calculated on the purchase price with a term and rate amortizing to a zero balance. The Pay-Lite loan is calculated on the purchase price with a term and rate amortizing to a "re-sale" value. This is the value the vehicle should be worth at the end of the loan.   Loan Amount Rate Payment Traditional Loan $20,000 1.99% $350.47 Pay-Lite Loan $20,000 1.99% $213.24 OK, sounds good, but what about the "re-sale" value. When the initial term it up, you can do any of the following: Trade your vehicle for something newer and have the dealership pay off the balance. Refinance with the credit union - We guarantee that if you pay as agreed we will refinance the vehicle for you. We guarantee it! Pay off the remaining balance. Call our Member Support Department at 800-936-1077 or stop by any branch if you are interested.