Auto Refinance

To complete a purchase from a dealership, we will need a purchase agreement (i.e., purchase contract). The purchase agreement must have:

• Your name
• Vehicle information
• Vehicle identification number (VIN)
• Total purchase price.

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.

Private Purchases
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

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.

Proof of Insurance
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: 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 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.

If you are refinancing¹ 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

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.