Loan – Frequently Asked Questions

Yes, we pull credit for every loan application.

A lending specialist will contact you within two hours during normal business hours, otherwise you will be contacted the following business day. We are eager to loan!

Here are some general guidelines for documents needed to close a loan. The credit union reserves the right to ask for additional documentation not listed below. When your loan is sent to processing you will be contacted with documents needed specifically for your loan.

Personal Loans/ Debt Consolidation Loans (Unsecured):

• Income within 30 days*
• Credit card statements showing payoff amounts, payoff addresses, and full account numbers

Auto Purchase from a Dealer:**

• Write-up from your dealership showing the vehicle information and that ELGA Credit Union will be listed as lien holder.
• Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
• Income within 30 days

Auto Purchase from a Private Seller:

• Copy of the title
• 10 day payoff letter if the title shows a lien
• Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
• Income within 30 days

Refinance from another institution:

• Copy of your title (original will be needed at closing)
• Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
• Income within 30 days

Personal Loan Using your Vehicle as Collateral:

• Copy of your title (original will be needed at closing)
• Copy of your new insurance showing your deductibles for comprehensive and collision insurance (must be $1,000 or less) and ELGA Credit Union listed as lien holder
• Income within 30 days

You can text, email, or call the Loan Processing Department with any questions you have, processing would love to help you! Because our processors are working hard to close your loans, they may not be able to always answer the phone, but you can leave a message. If you have a matter you need an answer on urgently, please email your question into the department at loanprocessing@elgacu.com or text (877) 644-2402. If you prefer a phone call, the Loan Processing Department can be reached at (810) 600-2533. If you simply want to know how to submit your documentation, please refer to the next FAQ.

Once your Lending Specialist has forwarded your application to the Loan Processing Department, they are now your point of contact on your loan. You can email, text, or fax any documentation to the Loan Processing Department. If those options don’t work for you, you can drop your documents off to any ELGA branch and the branch associate will ensure your items get to the Loan Processing Department. Processing’s email address is loanprocessing@elgacu.com, and the fax number is (810) 600-1870. To text pictures of your documentation to Processing, text the word UPLOAD to (877) 644-2402 to receive a link to submit your documentation securely.

If there is not a lien on the vehicle you can go right away once you have signed! The credit union does ask that you complete the process of transferring the title in your name with ELGA Credit Union listed as lien holder within 10 days from your closing date.

If your seller has an existing lien on the vehicle, this may take longer depending on the institution the lien is through. ELGA Credit Union will ensure the lien is paid in full using the proceeds by making a check payable to the current lienholder, and the remaining will go to the seller. Once the institution receives the check, they usually hold this check anywhere from 10-45 days before they send out a Release of Lien. The Release of Lien will be sent to the seller. You will want to keep in touch with your seller so they can notify you when they receive the paperwork. At that point you can take the Release of Lien to the Secretary of State along with the title to have the title transfer completed, and then legally drive the vehicle.

Yes, ELGA offers Credit Life and Disability protection at great rates. These products are very beneficial and the majority of our members do elect to have the peace of mind of knowing that their loan and credit is protected.

ELGA also offers a very competitively priced Guaranteed Asset Protection (GAP) policy that the majority of borrowers purchase on their secured loans. This product is to help cover the difference between what you owe on your loan and what your insurance company will pay out if your vehicle is totaled in an accident. In addition, the policy provides a $1,000 down payment toward your next vehicle purchase if you finance it through ELGA Credit Union.

Additionally, ELGA offers mechanical breakdown coverage (extended warranty) that you can purchase to cover car repairs in the event your vehicle were to have a mechanical failure.

Please be sure to ask your Lending Specialist about the benefits of these valuable products!

Please use XpressPay  to pay on your ELGA VISA or Loan when using funds from a non-ELGA account. It’s free and you can set up multiple payments easily.

If you need a release of lien for a loan that has been paid in full for at least 10 days, please contact us at 810-715-3542.

If you have a paper MI title, you will need to contact the Secretary of State or apply for a duplicate online at  Secretary of State – Duplicate Title and you will also need a letter of authorization from the credit union since we are the lien holder.

If you have an electronic MI title, you will not receive a paper title until the loan is paid in full.

Paid in Full letters release the customer from any monetary obligations, whereas the lien release is only for title purposes.

Bring your title into a local branch so that we can correct the title and place ELGA Credit Union’s lien.

Email a copy of the proof of ownership with ELGA Credit Union’s lien on the title to title.processing@elgacu.com.

Within 30 days of purchasing or refinancing your car, motorcycle, boat, aircraft or leisure vehicle, a Certificate of Title or other proof of ownership showing ELGA Credit Union as the first lienholder must be submitted to ELGA Credit Union.

We ask that you bring in your physical title to one of our local branches or mail in your title to our mailing address. If you receive a lien release from your previous lienholder, please email a copy of it to title.processing@elgacu.com so that we can remove the previous lienholder.

YES, we will pull credit for every VISA application

A lending specialist will contact you within a few short hours during normal business hours; otherwise you will be contacted the following business day. We are eager to lend!

BALANCE TRANSFER- Credit card statements showing payoff amounts, payoff addresses, and full account numbers

* If you have direct deposit, we can use this instead of a paystub. If you have partial direct deposit, we will still need a paystub. If you are self-employed, we will need your previous year’s business & personal tax returns. If you have social security or pension direct deposited somewhere else, we can use a statement from that institution showing the deposit. *Please note we do send Balance Transfer checks through regular mail, it does take around 7-10 business days for checks/payments to reflect. We recommend for minimum payments to be made prior to doing the balance transfer.

You can text, email, or call the Processing Department with any questions you have; they would love to help! Because our processors are working hard to close your loans and VISA’s, they may not be able to always answer the phone, but you can leave a message. If you have an urgent matter, please email your question into the department at loanprocessing@elgacu.com or send a text to (877) 644-2402. If you need to call, the Processing Department can be reached at (810) 600-2533. If you want to know how to send us your documents, please look at the next question.

Once your Lending Specialist has forwarded your application to the Loan Processing Department, they are now your point of contact on your loan. You can email, text, or fax any documentation to the Loan Processing Department. If those options don’t work for you, you can drop your documents off to any ELGA branch and the branch associate will ensure your items get to the Loan Processing Department. Processing’s email address is loanprocessing@elgacu.com, and the fax number is (810) 600-1870. To text pictures of your documentation to Processing, text the word UPLOAD to (877) 644-2402 to receive a link to submit your documentation securely.

Please use XpressPay  to pay on your ELGA VISA or Loan when using funds from a non-ELGA account. It’s free and you can set up multiple payments easily.

• Most recent paystub
• Last 2 years W2s (if self employed we will need last 2 years tax returns and Year to Date Financial Statement)
• Most recent bank statements, 401k statements, CD statements, IRA or retirement account statements
• If you’re refinancing a mortgage, you will also need to include:
  • Home Owners Insurance Policy (declaration page showing premium and policy term, agents name and phone #)
  • Tax bill or mortgage statement showing amount of property taxes (summer & winter)

General time frames to closing are 30 days on a purchase from the time we receive a purchase agreement and 45 days on a refinance.

We offer conventional and FHA loans that are sold to the secondary market and we also offer portfolio loans that are held by ELGA. 30 and 20 year mortgages are only available through the secondary market.

Closing costs estimate for portfolio loans are $2,000 plus escrow. Secondary market closing costs estimate is $3,000 plus escrow.

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

Fixed rate loans are available for purchases, refinances and cash-out refinances

• 3.5% down payment requirement
• No prepayment penalty. However, the member is required to pay the interest due for the full month at the time the loan is paid off, without pro‐ration
• Down payment can be a gift
• Escrow waiver not permitted
• Minimum credit score of 620

Available in 10 year, 15 year, 20 year and 30 year terms

• Fixed rate of interest for the life of the loan
• Fixed monthly principal and interest payment for the life of the loan
• Available for purchases, refinances, and cash-out refinances
• Minimum down payment of 5%
• Minimum credit score of 620
• Gift funds allowable-purchase
• No prepayment penalties
• Not assumable
• PMI required when LTV exceeds 80%
• Tax and Insurance Escrow required when LTV exceeds 80%

Log in to Online Banking and click enroll.  Use the information on your welcome letter for your account number and loan ID.  You do not need to re-enroll if you already use Online Banking. Select Transfers & Payments, then External Accounts.  Select Add New Payee and enter in your external financial institutions information you would like the payments to come from. We’ll make two small deposits into this external account to confirm that it is yours. Once you see these deposits go through (usually within 48 hours), return to Transfers & Payments, and confirm the two small deposits. Then you can use this account for transfers.

We are not able to offer this service at this time.

The ACH form allows ELGA to request the payment from an external institution for the monthly payment.  Fill out the external banking information and sign the bottom of the form and return in the prepaid envelope. The return address is 6065 Grand Pointe Blvd, Grand Blanc MI 48439.

Yes, you can call 810-715-3542. There is a $10 phone fee.

Yes, you can. You can mail a check to 6065 Grand Point Blvd, Grand Blanc, MI 48439. You will just want to send in your coupon with your check.

A coupon book will be mailed and received 3-4 weeks after you receive your auto loan.  The coupon book is an 8×10 paper with multiple coupons on each sheet and will be mailed out every 12 months.  It will state Payment Coupons Enclosed in the window of the envelope.

Yes, Use the welcome letter you received for the MICR number for the payment to go to.  Our address is ELGA Credit Union 6065 Grand Pointe Blvd, Grand Blanc MI 48439 and our phone number is 810-715-3542.

Yes, you may call 810-715-3542 and an agent will be able to set up the transfer.  You may also log into Online Banking, choosing Transfers & Payments and Make a Transfer.  You may set up recurring payments on a computer only.  Mobile app will not allow recurring payments but will allow once a month payment.

There is a 10-day grace period before a late fee is assessed.  The late fee is 5% of your monthly payment.

No. Since a lease is like renting your automobile, it cannot be paid ahead. The payment must be the exact contractual monthly payment.

Fusion at 631-454-7500

The dealership will be able help you with buying out your lease.

No, your due date must remain the same.