Payment Reset Form
Genisys Credit Union offers a Payment Reset option on automobile loans. You may qualify for the Payment Reset if you meet one of the following criteria:
- Your credit score has improved since the origination of the loan and you now qualify for a current lower rate.
- The current loan interest rates are now lower than the rate that was in effect at the time of loan origination.
- Your original loan term was 36-72 months and you wish to extend the term an additional twelve (12) months to lower your current payment.
- Additional qualifications for the Payment Reset Option include:
a. six monthly on-time payments
b. no prior delinquent payments of 30+ days during the term of the loan
Payment Reset offers may be revoked at any time. A new credit report, score and vehicle valuation will be required to ensure the borrower meets the qualifications at the time of the refinance. GAP coverage may be affected if a Payment Reset is used.