Help & FAQs | Credit Union | Questions

Find the answers you need to the questions you have – anytime.

When you have questions about your South Carolina Federal Credit Union accounts or our products and services, start here. We compiled the questions we receive most frequently from members so you can quickly find valuable information. If you need more assistance, please contact us. We are always happy to help.

Loans

Where do I send my loan payoff?

South Carolina Federal Credit Union
P.O. Box 62349
North Charleston, SC 29419-2349

What is my loan payoff amount?

A payoff quote is available for all loans and will include accrued interest and the daily per diem.

Auto, boat, recreational vehicle, credit cards or personal loans:

To obtain today's payoff or a 10 business day payoff quote:
• Visit a local financial center.
• Contact Us.
Any overage of your payoff will be deposited into your savings account or returned to you in an overpayment check.

First Mortgage:
Contact Dovenmuehle at (877) 636-9534
Second Mortgage/HELOC:

Fax payoff request to Fulfillment at (843) 737-7400. Request must include:

Member Name.
Member Social Security Number.
Account Number.
Payoff (good through) date.
Return Fax Number.
Copy of a signed authorization of release form from member requesting this information.
Once payoff is given, Second Mortgage/HELOC will be locked and no advances can be taken.

Or visit a local financial center.

How do I get help on my past due loan?

If you would like to make short term payment arrangements, you may also contact our Loss Prevention Team at (843) 569-5045 or (800) 845-0349.

How long will it take to get my title?

Titles are released once the loan balance is satisfied:

For loans paid off by certified funds (cashier’s check, cash or money order), the title will be mailed within 48 business hours of receiving Release Form.
For loans paid off with a personal check, the title will be mailed within 7-10 business days.
Third Party releases take up to 5 days.

How is interest accrued on my loan?

Our loans are calculated with simple interest.

Simple interest is the calculation of daily accrued interest on your principal loan balance.
Interest accrues from the date of your last payment through the date of the next received payment.
If a payment is received 29 days from the last payment, there will be 29 days of interest charged on the unpaid principal balance of the loan. The remainder of the loan payment is credited to principal and reduces the unpaid principal balance on the loan.

For example, a $25,000 loan at a 7% interest rate would be calculated using the formula (Principal Balance x rate)/ 365 days:
$25,000 x 7% =$1,750
$1,750/365 days = $4.80 per day

As the principal balance is paid down, the daily interest will decrease as well.

What information is needed for a loan application?

For all loan requests you will be asked to provide personal information:

Name of each applicant.
Physical Address (P.O. Box does not apply).
Length of time at address.
Contact Phone Number.
E-mail Address.
Social Security number.
Date of Birth.
Income Information.
Name of current Employer.
Address and Phone Number of Employer.
Length of Employment.
Salary.
Position Held.
Other applicable income (Retirement, Pension, Disability, Court-Ordered Child Support).
Current mortgage or rent obligations.
Name and phone number of nearest relative not living with you.
Reason for loan application.

To apply now:
Get started with an online loan inquiry, visit a local financial center or Contact Us.

When is my loan payment due?

Loan payment due dates are generally 30-45 days from the loan closing date. The payment due date is notated in your loan documents and agreed upon before disbursement of your loan. Due dates and loan payment amounts can also be viewed through Online Banking, Mobile Banking or statements.

Can my loan be transferred to another individual?

Loans cannot be transferred; however you can sell your vehicle to another individual. For more information on how to sell your vehicle visit www.scdmvonline.com.

What title and tax fees may apply to my loan?

For the current auto fee schedule, please visit the South Carolina DMV website at http://www.scdmvonline.com
For the current boat fee schedule, please visit the South Carolina DNR website at https://www.dnr.sc.gov//boating/Titling_and_Registration/Fees.html
South Carolina sales tax is generally 5% of the sale price with a maximum of $300. To calculate sales tax, use the calculator link below http://www.convertit.com/Go/ConvertIt/Calculators/Finance/Sales_Tax_Calc.ASP

What vehicle information do I need before I apply?

For all vehicle loan requests you will be asked to provide the following information:

Year.
Make, model, and vehicle identification number.
Mileage.
Additional equipment or options.
A copy of the purchase agreement or bill of sale will be required at or prior to loan closing
For all unsecured loan requests over $10,000 a Personal Financial Statement will need to be completed.

To apply now:
Get started with an online loan inquiry, visit a local financial center or Contact Us.

Will I receive a statement for my loan?

Monthly statements will be issued at the beginning of each month if the loan account:

Has a checking or a savings account with monthly debits or credits,
Has a Money Market, or
Quarterly statements will be issued for all other loan accounts.

Current loan information will always be available through Online Banking or Mobile Banking.

Can I purchase a vehicle out-of-state or online?

Vehicles can be purchased out-of-state and online.

To determine eligibility, an application must be submitted with all buyer and vehicle information in addition to:

Name of dealership or individual.
Current vehicle financing institution or a clear title.
State vehicle is currently registered in.
Certain documents may be required but are not limited to the following:
Titling Approval Letter.
Original Title.
Supporting Titling Documents.
Copy of Buyer’s Order with account number.
Form 400.
Power Of Attorney (signed by buyer).
Property tax receipt or current registration card.
DMV titling fees.

All South Carolina DMV forms may be printed from www.scdmvonline.com.
To apply now, visit a local financial center or Contact Us.

Financial Assistance

If you are experiencing financial difficulties or worrying about your situation, please reach out to us.

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