Chatham Federal CU, Payment Shaver

Drive More For Less
Our Payment Shaver Lease-Alternative program beats dealership leasing! Here's how:

It can be written for virtually any make or model of car

Payments are generally lower than a lease and can be up to 30% less than a conventional loan

A payment shaver loan can be used to pay for new cars and used cars up to four years old including autos purchased from private owners

The car is titled in your name
No upfront or lease-end fees
Typically no down payment is required
Select 12K, 15K, or 18K annual mileage
Never a charge for excess wear and tear
You can terminate your loan without penalty simply by paying it off

It is a closed-end loan with some lease-like qualities. At the end of your loan term, the residual value will remain. At that point, you have 4 options:

Sell the car, pay off the loan balance and if there's equity, keep it
Trade the car, the dealership pays off the credit union
Keep the car and refinance the amount owed-pay no additional sales taxes
Return the car to the credit union and the balance will be paid off subject to charges for excess mileage, missing equipment, and any unrepaired damage


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