A better car & a lower payment
You can enjoy the low monthly payments of a lease without all the confusing restrictions. With the Trax Payment Advantage program, you own the vehicle - and at the end of your loan term, you can keep the car by financing the balance, trade the car in or simply return the car. Sound too good to be true? Check out the details below to learn more.
Key Features
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You own the vehicle
Trade in, pay-off, refinance or sell privately at any time.
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Upgrade Frequently
When you're ready to upgrade just trade it in!
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No up-front costs
No up-front fees or early termination fees.
Why is the payment lower than a traditional vehicle loan?
During a conventional loan, your loan payments remain the same during the term. With a Trax Payment Advantage loan, you make smaller monthly payments in exchange for one larger payment at the end of your term. However, at the end of your loan term, you can keep the car by financing the balance, trade the car in or simply return the car.
What happens at the end of my loan term?
You can choose to trade the vehicle in, finance the remaining balance into a traditional loan or walk away from the vehicle in lieu of paying the final residual value payment.* To walk away from the vehicle, simply pay a vehicle disposition fee of $195. You only pay this fee if you choose to walk away from the vehicle.
Can I sell the car privately?
Yes! With a Trax Payment Advantage Loan, you are the owner of the vehicle and can trade it in to the dealership or sell it privately at any time.
Am I restricted to certain mileage options?
You can choose a mileage plan that works for your driving habits. Excess mileage fees or damage fees may apply when utilizing the “walk-away” option. Like a traditional loan, if you sell or trade the vehicle higher mileage could reduce the value of the vehicle.
Terms: 36, 48, 60, 66, or 72 months
Eligible Vehicle Years: up to 5 years old
Minimum Loan Amount: $20,000.00
Annual Mileage Allowance: Choose from 7,500, 10,000, 12,000, 15,000 or 18,000. Excess mileage is billed at $.10 per mile but only applies when utilizing the “walk-away” option at loan maturity.
Vehicle Disposition Fee: $195
Up-Front Fee: None
Early Payoff Penalty: None
1APR = Annual Percentage Rate. Available on vehicles model years up to 5 years old. $20,000 minimum loan amount. Rates may vary based on creditworthiness, term, and collateral, and are subject to change without notice. All loans, terms and conditions are subject to credit union qualifications and approval. Payment Example: $20,000 financed at 5.25% APR, payments 1-23 mo are $503.60, with a balloon payment of $10,000 at loan maturity. Guaranteed future value determined at the time of origination. $195 disposition fee if turning in vehicle at maturity. Mileage options available: 7,500, 10,000 12,000, 15,000, or 18,000 per year. Excess mileage or damage fees may apply. Some restrictions may apply. Does not apply to loans currently financed through Trax Federal Credit Union. Must have a Credit Union membership established and be in good standing.