Auto Loans for the Road Less Traveled

If you are purchasing a vehicle from a private seller, we will need a copy of the title:

• If the title lists a lien, we will need a 10-day payoff letter from the seller’s financial.
• If the title lists a lien but the seller says it’s been released, we will also need a copy of the lien release.

Information required on a 10-day payoff

• Your name
• Account number
• Vehicle identification number (VIN) and description of the vehicle (e.g., year, make, model, trim, etc.)
• 10-day payoff amount
• Per diem (One day’s worth of interest)
• Address of where to mail the payoff check

If you are refinancing a vehicle from another financial, you must provide a 10-day payoff letter from the current financial to Educators Credit Union.

Information required on a 10-day payoff

• Your name
• Account number
• Vehicle identification number (VIN) and description of the vehicle (e.g., year, make, model, trim, etc.)
• 10-day payoff amount
• Per diem (One day’s worth of interest)
• Address of where to mail the payoff check

To complete a lease buyout, we will need a full Lease Buyout Agreement. The Lease Buyout Agreement must have:

• Leasing company information
• Your name
• Vehicle information
• Vehicle identification number (VIN)
• Purchase Price
• Odometer statement

Please note, lease buyouts may not include the applicable Wisconsin DMV taxes and fees that are due. These may exceed the ‘purchase price’ listed on the Lease Buyout Agreement.

Educators Credit Union offers extended warranties to members at up to 50% less than dealer pricing. We also offer a CARFAX^® Vehicle History Report to members.

If you have a vehicle loan through Educators, you must maintain comprehensive and collision coverage on your vehicle for the term of the loan. You must also provide Educators with proof of insurance. Give us your current insurance information quickly and easily at IMCOVERED.com.

PLEASE NOTE that insurance cards are not permitted as proof of insurance.

What is acceptable proof of insurance?
Acceptable proof of insurance shows the following on the Insurance Declaration:

• Comprehensive AND collision coverage
• Liability insurance is required for older vehicle loans.
• Deductibles for comprehensive and collision (not exceeding $1,000 as set by Educators Credit Union)
• Educators Credit Union listed as loss payee/lien holder as follows:

Educators Credit Union
P.O. Box 081040
Racine, WI 53408

• Correct collateral description including the year, make, model and complete VIN
• Borrower/Insured name
• Policy number
• Coverage effective/renewal date

To verify your income, please provide us with one month worth of your most recent pay stubs from your current employer. This can be:

• Two pay stubs if you are paid bi-weekly.
• Four official pay stubs if you are paid weekly.
• One pay stub if you are paid monthly.

If you receive direct deposit to Educators Credit Union, and it matches the income amount you’ve provided on your application, we are able to verify your account using this information.

If you are self-employed, please provide us with your two most recent annual tax documents.

If you have rental income, please provide us with your two most recent annual tax documents.

Additional documents may be required.

To apply online to become a member or online using WeCU video banking, you’ll need:

• Your Social Security Number (SSN) or Individual Tax Identification Number (ITIN).
• A digital photo of your current state-issued Driver’s License, state-issued ID or passport with your current address.
• Proof of address if it’s different than the address listed on your ID. Proof of address can be on a statement from another financial, utility bill, government document, etc.
• A $5 minimum deposit to open your Prime Share Savings, which represents your ownership in the credit union.

If one of these situations apply to you, please use WeCU video banking to apply or call 262.886.5900:

• You are under the age of 18.
• You are opening a fiduciary account.
• You want to open a business account.

To apply to become a member with WeCU video banking, you’ll need:

• Your Social Security Number (SSN) or Individual Tax Identification Number (ITIN).
• A current U.S. government-issued photo ID (e.g., driver’s license, passport, state or military ID) with your current address.
• Proof of address if it’s different than the address listed on your ID. Proof of address can be on a statement from another financial, utility bill, government document, etc.
• A $5 minimum deposit to open your Prime Share Savings, which represents your ownership in the credit union.
• If you are under the age of 18, you will need a state-issued ID, passport, or current school ID and address verification from a parent or guardian.

If you are not an Educators member or if the primary member cannot sign on a loan, you may be required to establish a new account. Educators Credit Union membership is open to anyone who works or lives in our 11-county service area.

• When verification/proof of address is requested, please provide one of the following to your loan officer: recent paystub, recent tax documents, recent utility bill, valid driver’s license, or mortgage documents.
• When verification/proof of social security number is requested, please provide one of the following to your loan officer: valid social security card, recent tax documents, recent W2, or recent paystub.