Payment Reset Option
Payment Reset Option:
Genisys will offer a “Payment Reset Option” on automobile loans. This option will be available to borrowers one time during the term of the original loan and will not be extended to the modified loan after the member exercises the option. The member may have the rate and payment reduced on their current loan if:
- The borrower has improved their credit score since the origination of the loan and qualifies for a lower rate in effect at the time of refinance; or
- The current loan interest rate that the borrower is qualified to receive at the time of the refinance is lower than the rate that was in effect at the time they received their loan.
In addition, a member may opt to lower their payment by extending their payment term an additional twelve (12) months for auto loans with original terms of 36 to 72 months.
To qualify for the Payment Reset Option, the member must have made at least six monthly on-time payments, and not had any prior delinquent payments of 30 days or more during the term of their loan.
The offer may be revoked at any time and a new credit report and vehicle valuation will be required to ensure the borrower meets the qualifications at the time of the refinance. GAP claims could be affected by taking advantage of the Payment Reset option.
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