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
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 87 months. New terms may not exceed the maximum 87 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. Not available for loans that have Collateral Protection Insurance (CPI). Proof of lien on the title is required in order to proceed.
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.
For more information Contact a Branch or complete the Payment Reset Form.
Go to main navigation
