FlexDrive
A Low Payment Alternative to Leasing.
How would you like the low monthly payments of a lease, without all the heavy restrictions and hidden costs of leasing? Sounds impossible? It’s not. BHSFFCU's new program FlexDrive offers just that!
Like a lease, FlexDrive offers payments that are considerably lower than conventional financing. But unlike a lease, with FlexDrive you own the vehicle and have all of the flexibility and benefits of vehicle ownership!
Based on the term of the loan, a Guaranteed Future Value (GFV) is established using industry-approved guidelines, similar to leasing. The difference between what you pay for the vehicle and the Guaranteed Future Value (GFV) is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing.
Benefits of our FlexDrive program include:
- Available on new and pre-owned vehicles up to 5 years old.
- Flexible loan terms of up to 72 months.
- No up-front costs or early termination fees.
- Annual mileage options of 7,500, 10,000, 12,000, 15,000 and 18,000 available.
- The vehicle is titled in the borrower’s name – you own the vehicle, meaning no higher insurance premium.
- Trade-in, payoff, refinance or sell at any time.
- Easy “walk-away” option at loan maturity. Our program guarantees the future value – if your vehicle is worth less than what you owe on your loan at maturity, you can turn the vehicle in and "walk away."
- No early payoff penalty.
- Refinance your current vehicle loan with our program to reduce your monthly payments.
- It enables you to easily upgrade and/or change your vehicle every couple of years!
See How LOW Your Monthly Payment Can Be!
- Offered on new or pre-owned vehicles
- Vehicle is titled in your name, meaning you own (not lease) the vehicle
- No security deposit required and no early payoff penalty
- No first and last payments required
- No suprises or gimmicks — you won't be exposed to hidden expenses
- Negotiate the purchase price of the vehicle with the dealer, like any other transaction
- Mileage options – choose the plan that fits your needs, from 7,500 to 18,000 miles per year. If you go over, excess mileage is only $.10 cents per mile, unlike leasing which can cost an upwards of $.25 cents per mile.
- Realistic residual value using standard industry residual values
*APR=Annual Percentage Rate. Repayment example for a vehicle priced at $40,000 with a final payment due for the residual value amount of $23,684 (Guaranteed Future Value).
You have four options to satisfy the final payment, as noted above. If you elect to return the vehicle you will have the following obligations: 1. All original equipment that came with the vehicle when you purchased it must still be with the vehicle. 2. If you exceed your mileage allowance, the excess mileage fee is $.10 per mile, and 3. The condition of the vehicle when returned must comply with the Loan Addendum provided to you at the time of loan disbursement. If you return the vehicle in accordance with the Loan Addendum, you will be charged a low $195 disposition fee and the residual amount is considered to have been fully satisfied and the loan is closed.