Loans & Mortgages
Genesee Co-op is a great place to borrow, when you are looking for a competitive rate, excellent customer service and financial guidance. There are all kinds of ways we go the extra mile to help our members. We are "The Little Credit Union that CAN!" We can help you establish or re-establish credit. We can help you with your auto purchase. We can help you lower your debts and become debt-free if that is your goal. We can help you learn about your credit score and how to improve it or correct your credit report if there are errors. We can assist you in maintaining a perfect payment record through Automatic Payment options. We also offer credit disability and credit life insurance on our loans as a way to provide additional protection for our members and the credit union.
Genesee Co-op FCU is a founding member of New Yorkers for Responsible Lending (NYRL), a statewide coalition that promotes access to fair and affordable financial services and the preservation of assets for all New Yorkers and their communities.
All members' payment histories are provided to the four national credit reporting services. To see our current Loan Rates and Terms, and other lending details, click here.
Genesee Co-op FCU offers a variety of loan products for our CU members! We offer:
- New and Used Auto Loans
- Personal Unsecured & Secured Loans
- Debt Consolidation Loans
- Overdraft Line-of-Credit
- Alternative Payday Line-of-Credit (APLOC)
- Share-Secured Loans
- First Mortgages for Purchases & Refinances
- Home Equity Line-of-Credit
- Home Improvement Loans
- Second Mortgages
Genesee Co-op's loan rates and terms are competitive with, and often times better than, those of other financial institutions. We offer to match any competitor's auto loan rate when possible and we give an additional 0.50% APR discount for vehicles that get 35 MPG as a "green" incentive.
New and Used Auto Loans
We consider an automobile to be NEW and eligible to receive the New Auto interest rate if it is the current model year with less than 6,000 miles or the previous model year with less than 12,000. Our maximum term is 72 months. We MATCH dealer rates when possible for eligible borrowers; and we provide an additional 0.50% discount for "green" cars with at least 35 MPG. We offer monthly, semi-monthly, weekly and bi-weekly payment options on all consumer loans.
We finance USED autos for any model year as long as the vehicle has a National Automobile Dealers Association (NADA) valuation. Depending on the age of the vehicle, we will finance up to sixty months but will always encourage or sometimes require a shorter term so that your auto can be paid for with as little finance charge (interest) as possible while still being an affordable payment. We finance classic vehicles as well as recreational motor homes, motorcycles, scooters and other motorized vehicles.
|Buying a car? See us first and save!|
We want you to get the best car at the best price and with the best financing. Use our resources to ensure that you are buying a reliable car at a fair price. You can apply for a loan even before you shop for a vehicle - we can pre-approve a loan for you so you can compare our interest rates to any other offers you may receive, and know your financing is ready to go when you need it. Members of the credit union can complete a loan application over the phone. You can also pick up our application at the office or here on our website.
Buying or selling a car? We help with more than just loans.
Free valuation of a used vehicle: We subscribe to the National Automobile Dealers Association (NADA) "Blue Book" website; if you provide us the mileage, make/model/year and (ideally) the VIN, too, we can tell you a fair purchase price or trade-in value for a vehicle.
Free access to consumer information on "Used Cars to Avoid" and "Recommended Used Cars": Save yourself grief and money by steering clear of cars that are prone to problems and choosing one with good ratings.
Recommendation on places to evaluate the car BEFORE you buy: Either of two area auto repair businesses can tell you in a brief visit whether the vehicle is likely to need major money put into it for repairs. Having knowledgeable, impartial experts look at a car before you buy can help you choose well and save lots of money and grief.
To take advantage of any of these services, write or call Deniz Akman at 585-461-2230, x16 or .
Personal Unsecured & Secured Loans
Our minimum unsecured loan is $500 and the most we might be able to lend you is tied to your credit score:
MAXIMUM UNSECURED LOAN
|A+ 740 and Up||$25,000|
|A 680 - 739||$25,000|
|B 640 - 679||$15,000|
|C 600 - 639||$10,000|
|D 550 - 599||$5,000|
|E 549 and Less||$5,000|
Unsecured loans can be used for any legal purpose but the purpose must be stated at the time of application. We have provided many types of unsecured loans for: purchasing furniture or appliances, dental work, repair of credit, to assist with a family emergency or unexpected expense such as a funeral or travel to a funeral, "family aid" loans to assist people trying to help families that are oversees or living as refugees, security deposits, college expenses not covered by student loans or for establishing credit.
Whenever possible, we try to lower the rate and our risk by asking for possible collateral, such as a car that is owned outright. This is known as a lien-secured loan; the loan rate matches the auto loan rate even though the loan is not to buy the car, but is for another purpose—for example, repairs to the vehicle.
The maximum term for an unsecured loan is 60 months and the minimum term is 12 months. We offer monthly, semi-monthly, weekly and bi-weekly payment options on all consumer loans.
Debt Consolidation Loans
Our debt consolidation loans can be unsecured, partially-secured or fully lien-secured as well as can be a second mortgage on a home. The rate will depend on the type of collateral, if any is available. We provide debt consolidation loans between $1,500 and $15,000. Above $15,000 requires an A or A+ credit score (above 680). Our maximum term is 60 months.
Generally, we will want to meet with any member applying for a debt consolidation loan to review all debts to be included in the loan. We offer one-on-one budget counseling and sometime require it prior to making a decision on a debt consolidation loan. We will often require that the borrower signs a "no new debt" agreement with us, to ensure that new indebtedness does not continue. Our goal is to help our members, reduce their debt and increase their savings!
We offer a $100 - $500 overdraft line-of-credit to provide members with an alternative to overdrawing their account or being hit with "NSF" (insufficient funds) fees. However, this only works if members routinely pay down their overdraft LOC balance. Our overdraft Line-of-Credit is payable at the end of each month with a $20 minimum payment. This is a helpful way for members to establish credit as well as provide them with a cushion when using their debit card. The line-of-credit is a revolving account, much like a credit card balance. There is a fixed rate of 13% APR on our Overdraft LOC. A larger line-of-credit is available, based on the following credit scores:
|A+ 740 and Up||$10,000|
|A 680 - 739||$10,000|
|B 640 - 679||$7,500|
|C 600 - 639||$5,000|
|D 550 - 599||$2,500|
|E 549 and Less||$2,500|
Alternative Payday Line-of-Credit (APLOC)
We offer a $500 line-of-credit for emergency purposes and when a CU member does not currently qualify for an Overdraft LOC. The member must have been a members for at least six months and have direct deposit to apply for an APLOC. There is a $35 application fee. There is a fixed rate of 18% APR on our APLOC. The APLOC must be repaid within a three month period, so it is intended as a very short-term loan but can be re-used again when needed.
After one year of positive repayment of an APLOC, the member will automatically qualify for an Overdraft LOC and the rate will be changed to 13% APR and the minimum payment will be reduced to $20 per month.
A share-secured loan is a way to use your own money that is in your savings account at the CU to obtain a loan at the credit union. The money in your account serves as a pledge or as collateral for the loan. The rate for this loan is 5.00% APR above our current declared dividend rate for the regular share savings account. This type of loan is a way to help establish or repair credit and sometimes we ask for a $100 pledge for a $100 share-secured line-of-credit when a member has limited or no credit history. Oftentimes members were going to spend their savings for a purchase but instead obtain a share-secured loan to ensure that they keep their savings intact and prefer to make monthly loan payments at a very affordable rate.
First Mortgages for Purchase & Refinance
For more than 20 years we've worked with Credit Union Center Mortgage Corporation (CUC Mortgage), our credit union-owned mortgage partner, to provide mortgages for members. With CUC Mortgage, Genesee Co-op lends for owner and non-owner occupied 1 to 4 family properties and second homes. Through another mortgage partner, FHA, VA and SONYMA loans are also available.
The CUC Mortgage website offers members many useful tools for the home buying or refinance process: (www.cucmortgage.com/members), including:
We work closely with first-time home buyers to help them get mortgage-ready and have developed ways to assist our lower-income members or those building their credit history to qualify for a mortgage. Homebuyer education workshops, one-on-one budgeting sessions and other resources may be arranged to assist members in preparing for home ownership.
Through our partnership with BALANCE, you can find a valuable financial education tool to help members thinking about becoming a homeowner. This program will cover everything you need to know in order to start the home-buying process off right.
We also recommend that you be in touch with one of the LOCAL Home Buyer Education (Pre and Post-Purchase) and Home Purchase Resource Partners in the area:
- Marketview Heights Neighborhood Association
- NeighborWorks Rochester
- Urban League of Rochester's Home Store
Adjustable Rate Home Equity Line-of-Credit (HELOC)
Our HELOC is a terrific way for members to use the equity in their home to make home improvements or have access to cash for other needs. We offer a very competitive HELOC rate and we pay the closing costs! The minimum HELOC is $10,000 and the maximum is $75,000. This is an adjustable rate line-of-credit with an initial minimum disbursement of $5,000 and $500 minimum disbursements thereafter. Properties must be owner-occupied, and the HELOC credit line and any first mortgage must be the only liens on your home, and together total 90% or less of the property's appraised value. In most cases, interest paid on a HELOC is tax-deductible*. Call the CU if you are interested!
Fixed Rate Home Improvement Loans
If you are in need of money to work on your home, and don't want or qualify for our HELOC product, we offer fixed rate home improvement loans with a maximum term of 10 years. The loan is secured by a second mortgage on your home. There are minimal closing costs, which can often be paid for with proceeds from the loan, and in most cases, interest paid on a home improvement loan is tax-deductible*.
Fixed Rate Second Mortgages
Our fixed rate second mortgage financing can be a great choice for debt consolidation or other borrowing needs, as the rate is lower for a collateralized loan than an unsecured loan, and in most cases, interest paid on second mortgages is tax-deductible*. Your owner-occupied residence serves as the collateral on the loan; there are minimal closing costs, which can often be paid for with the proceeds from the loan.
* Please consult your tax advisor or the IRS to confirm the tax deductibility of interest paid on any mortgage-secured loan.