VEHICLE LOAN PORTAL

STEP BY STEP GUIDES | DOCUMENT UPLOAD

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Eligible Vehicles

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Model Years | 2013-2023

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Maximum Loan | $100,000

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MSRP | Up to 120%

You can borrow up to 120% of the value of your car. This allows you to finance the entire purchase price plus the sales tax.

DEALER PURCHASE

STEPS

1

Step one

Application Submitted

Confirmation email is sent

If you do not receive the email, please check your spam and junk folders.

Step two

2

Approval Email

Includes rate and term

A specialist will call within one business day to confirm all of your information and answer any questions. However, you can proceed to Step 3 before speaking to a specialist.

3

Step three

Go Shopping 

Inform the dealer that you have already been Approved for an auto loan and that you do not need financing.

Step four

4

You Found a Vehicle

Upload required documents.

Purchase & Sale Agreement

Registration & Title Application

5

Step five

Document Confirmation

We will process the documents you provided and email the Note & Agreement and Title and Insurance Requirements for you to sign via DocuSign.

Step six

6

Finalize Purchase

Once we receive and process the required documents, the dealer will receive a check for your new vehicle via overnight delivery.

7

Step seven

Title

To ensure we receive your title, either you or the dealer must list Direct FCU as first lien holder on the Registration and Title Application. Dealership will submit in most cases. 

DOCUMENTS

Below are documents for completing an auto loan purchase with a dealership

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DOCUMENT NAME

SUBMIT

PURCHASE & SALE AGREEMENT

Ask the dealer for a Purchase & Sale Agreement on your new vehicle, including any down payment or trade-in.

REGISTRATION & TITLE APPLICATION

List "Direct FCU" as lienholder with an insurance stamp signed by the dealer. 

Outside of Massachusetts? Please visit your RMV/DMV website for state-specific forms.

If Dealer states that this is not available, upload a copy of the Insurance Binder listing "Direct FCU". as lienholder.

SIGNED NOTE & AGREEMENT

Will be sent via DocuSign

The contract to be signed.

SIGNED TITLE & INSURANCE REQUIREMENTS

Will be sent via DocuSign

The contract to be signed.

TITLE

Dealership may complete the title application paperwork and send it to your local RMV. Please make sure the title application is accurate with your dealership. The RMV will then issue a lien recorded title to Direct Federal. 


The dealership may instead give the title to you to complete the title work with the RMV.

Will be sent via DocuSign

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

REFINANCE

STEPS

Step one

1

Application Submitted

Confirmation email is sent

If you do not receive the email, please check your spam and junk folders.

Step two

2

Approval Email

Includes rate and term

A specialist will call within one business day to confirm all of your information and answer any questions. However, you can proceed to Step 3 before speaking to a specialist.

Step three

3

10-Day Payoff

Request a 10-Day Payoff document from your current lender with an overnight mailing address (No P.O. Boxes) and upload a copy.

Step four

4

Document Confirmation

We will process the documents you provided and email you the Note & AgreementRelease of Title Form, and the  Insurance and Title Requirements via DocuSign.

Step five

5

Finalize Purchase

Once we receive and process the required documents, your current lender will be sent payment.

Step six

6

Title 
The prior lien holder will forward the title to Direct Federal. If you are registered in Massachusetts, we will forward the form to add Direct Federal as lien holder. If you are registering outside of MA you will receive your title from us to bring to your local RMV for lien placement.

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

DOCUMENTS

Below are documents for completing a refinance from another financial institution

DOCUMENT NAME

SUBMIT

10-DAY PAYOFF

Provided by current lender.

The amount must be less than or equal to the amount approved.

Please provide overnight mailing address (No P.O. Boxes)

SIGNED NOTE & AGREEMENT

This contract to be signed.

Will be sent via DocuSign

SIGNED TITLE & INSURANCE REQUIREMENTS

Will be sent via DocuSign

For you to sign.

SIGNED RELEASE OF TITLE FORM

Will be sent via DocuSign

For you to sign.

Will be sent via DocuSign

TITLE

The prior lienholder should be instructed to release the title to Direct Federal.

Once we receive your title, we will mail you the forms to add Direct Federal as lienholder.  

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

TITLE AMENDMENT

Return envelope will be provided.

Include a $25 check made payable to "Mass DOT"

Form will be mailed to you for signature and then will need to be mailed back.

If you are registering outside of MA you will receive your title from us to bring to your local RMV for lien placement

Address:
Direct Federal Credit Union

Attn: Loan Servicing 50 Cabot Street Needham, MA 02494

LEASE BUYOUT

STEPS

Step one

1

Application Submitted

Confirmation email is sent

If you do not receive the email, please check your spam and junk folders.

Step two

2

Approval Email

Includes rate and term

A specialist will call within one business day to confirm all of your information and answer any questions. However, you can proceed to Step 3 before speaking to a specialist.

Step three

3

Lease Buyout Agreement
+ Odometer Statement
Request documents from your current lender with overnight mailing address (No P.O. Boxes) and sign the Odometer Statement. 

Step four

4

Document Confirmation

We will process the documents you provided and send you the Note & Agreement, Release of Title Form, and the Insurance and Title Requirements  for signature via DocuSign.

Step five

5

Finalize Purchase

Once we receive and process the required documents, your current lender will be sent payment.

Step six

6

Title 
Your leasing company will send the title to Direct, we will forward all documentation to you so that you may register the vehicle in your name and list "Direct FCU" as lienholder.

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

DOCUMENTS

Below are documents for completing a lease buyout

DOCUMENT NAME

SUBMIT

LEASE BUYOUT AGREEMENT

Provided by current lender.

The amount must be less than or equal to the amount approved.

Lease Buyout amount does not include sales tax. If you would like to finance your sales tax and did not include it in requested amount, please let your loan processor know.

Please include signed Odometer Statement

SIGNED NOTE & AGREEMENT

Will be sent via DocuSign

Contract to be signed.

SIGNED TITLE & INSURANCE REQUIREMENTS

Will be sent via DocuSign

For you to sign.

SIGNED RELEASE OF TITLE FORM

This will be emailed to you with the Note + Agreement.

Will be sent via DocuSign

TITLE

The leasing company should provide you with the title, bill of sale, and other required documents to take to your local RMV. The RMV will then issue a perfected title to Direct Federal with you listed as the new owner. 


Sometimes the leasing company will send the paperwork directly to Direct Federal. In that case, we will send the title to you with the pertinent documents for you to register the vehicle in your name on the title and get Direct Federal listed as lienholder with the RMV.  

Will be sent via DocuSign

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

PRIVATE SALE

STEPS

1

Step one

Application Submitted

Confirmation email is sent

If you do not receive the email, please check your spam and junk folders.

Step two

2

Approval Email

Includes rate and term

A specialist will call within one business day to confirm all of your information and answer any questions. However, you can proceed to Step 3 before speaking to a specialist.

3

Step three

You Found a Vehicle

Upload required documents.

Bill of Sale

Registration & Title Application

Copy of Title

Step four

4

Document Confirmation

We will process the documents you provided and email the Note & Agreement and  Insurance and Title Requirements via DocuSign.

5

Step five

Finalize Purchase

Once we receive and process the required documents, you will receive a check for your new vehicle via overnight delivery.

Step six

6

Title

When you go to register the vehicle in your name list "Direct FCU" as first lien holder on the Registration and Title Application.

DOCUMENTS

Below are documents for completing an auto loan with a private seller

DOCUMENT NAME

SUBMIT

Bill of Sale

The document that serves as proof of a transaction.

REGISTRATION + TITLE APPLICATION

List "Direct FCU" as lienholder 

Outside of Massachusetts? Please visit your RMV/DMV website for state-specific forms.

SIGNED NOTE & AGREEMENT

This contract along with the Insurance and Title Requirements will be emailed to you.

Will be sent via DocuSign

SIGNED TITLE & INSURANCE REQUIREMENTS

Will be sent via DocuSign

For you to sign.

TITLE

Will be sent via DocuSign

Request the title from the private seller and take it to the RMV to transfer the ownership to your name. Once the RMV has those documents, they will send the perfected title to us. 

Title must be received within 90 days of the vehicle's funding or your interest rate will increase to 18%.

FAQ

WHAT IS CONSIDERED A "NEW AUTO" VERSUS A "USED AUTO"?

At Direct Federal, the most recent two model years are considered "new." Model years earlier than the most recent two are considered "used." We add a new model year each year on June 1st. 

2022-2023 | New 

2013-2021 | Used 


HOW MUCH CAN I BORROW?
You can borrow up to 120% of the value of your car (subject to our maximum auto loan limit of $100,000). This allows you to finance the entire purchase price plus the sales tax.

NADA Pricing Guide >

HOW LONG DO I HAVE TO USE MY DIRECT FEDERAL AUTO LOAN?

You have 60 days. If, for whatever reason, you do not use the loan during that time period and need another one, please contact us.

WHAT HAPPENS IF INTEREST RATES CHANGE BETWEEN THE TIME I APPLY AND THE TIME I PURCHASE A VEHICLE?

If rates rise from the time you apply until the time you use your loan, you will get the lower rate that was in effect when you applied. If rates fall from the time you apply until the time you use your loan, you will get the lower rate in effect at the time of purchase.


WHAT IF I NEED MORE MONEY?

If you realize you need more money to finance your purchase once you start shopping for your car, please contact our loan processing team through our secure application portal >


WHAT TYPES OF VEHICLES CAN I FINANCE?

You may finance automobiles, SUVs, pickup trucks, and minivans for consumer use. You may not use your Direct Federal auto loan to finance boats, motorcycles, RVs or campers. View Commercial Auto Loans here > 


WHEN IS MY FIRST PAYMENT DUE?

Your first payment is due on the 30th of the month following the month you use your auto loan. For example, if you use your loan during September, your first payment will be due on October 30.


LIENHOLDER INFORMATION
Direct Federal Credit Union
ISAOA/ATIMA

50 Cabot Street

Needham, MA 02494


MA Lienholder Code: C01769

TITLE INFORMATION

WHAT IS THE DIFFERENCE BETWEEN A TITLE AND REGISTRATION?
The title proves that you own the vehicle. The registration is permission from the state to operate it on the road. It will come to you with license plates and/or a sticker to display on the vehicle. In most states, your registration should always be with your vehicle, just like your license plates. 


The final step of owning your new vehicle is to register and title it at your state’s Department of Motor Vehicles (RMV). It may also be known as the Bureau of Motor Vehicles (BMV), the Registry of Motor Vehicles (RMV), or the Department of Transportation (DOT), depending on your state. For simplicity here, we will refer to it as the RMV. 


Direct Federal only holds onto the title while your auto loan is open if you do not live in an owner retained state. If you live in an owner retained state, the RMV will send you the title to keep safe until your loan is paid in full. 


HOW DO I PROVIDE DIRECT FEDERAL MY TITLE?
As part of your loan agreement with Direct Federal, and because your car is serving as the collateral for the loan, you are required to provide the title to us within 90 days of opening the loan. The title must display your name as the owner and list Direct Federal as a lienholder. Being a lienholder means we have an interest in the property that is on the title until the loan is paid in full.

WHAT IF YOU DO NOT RECEIVE MY TITLE WITH DIRECT FEDERAL LISTED AS LIENHOLDER?
You will receive three letters notifying you that your title, with Direct Federal listed as lienholder, has not been received. If the title is not received within 90 days of your loan funds being disbursed, your interest rate may be increased to 18.00% APR (Annual Percentage Rate). Once we receive the perfected title, we will revert the rate to the rate on your loan agreement. This will not affect your credit history. 


HOW WILL I KNOW THAT THE TITLE HAS BEEN RECEIVED?

If we receive a title with “Direct FCU” listed as lienholder, you will no longer get any missing title letters from Direct Federal. 


If we receive a title for your vehicle that does not have “Direct FCU” listed as lienholder,  forms to add lienholder will be mailed to you. Please complete the highlighted sections and return them in the envelope provided along with a check made payable to the applicable RMV so we can file for lien placement on your behalf.  


Note: If the envelope is lost, please send documents to:

Direct Federal Credit Union

Attn: Loan Servicing

50 Cabot Street

Needham, MA 02494


WHAT INFORMATION NEEDS TO BE ON THE TITLE?

Once you get your title, there may be some changes that need to be made before the title is ready to be given to Direct Federal. Please do not write on your title, as this will void the title. In the Names and Mailing Address of Owners section, it must list you as the owner and your current address. If the title application with the RMV is completed properly, we will be notified that the title has been created with "Direct FCU" as lienholder.  


IMPORTANT: The VIN (Vehicle Identification Number) on your Loan Note and Agreement must match the VIN on your title. If you are aware of any discrepancies, please contact us as soon as possible. 


If the vehicle you are titling is for your business and you would like it in your business name, you must open a business membership and apply for a commercial loan. If you have started the loan as a personal vehicle loan, the title will need to be in your name.  


Direct Federal’s lienholder information: 

Direct Federal Credit Union

ISAOA/ATIMA

50 Cabot Street

Needham, MA 02494 


WHAT ARE THE DIFFERENT WAYS TO PURCHASE A VEHICLE?
Dealer purchase

If you purchase your vehicle from a dealership, they may complete the title application paperwork and send it to your local RMV. Please make sure the title application is accurate with your dealership. The RMV will then issue a lien recorded title to Direct Federal. 


The dealership may instead give the title to you to complete the title work with the RMV. Please be sure to give the RMV the correct lienholder address and code, which are listed in the glossary of terms below. 


If there is a delay in receiving the title, contact your dealer to confirm they submitted the necessary paperwork to the RMV. If they did, contact your state’s RMV.


IMPORTANT: Even though the purchase was made through a dealership, you are responsible for ensuring the title is issued to Direct Federal. 


Buying your leased vehicle
If you are purchasing a vehicle off a lease, the leasing company should provide you with the title, bill of sale, and other required documents to take to your local RMV. The RMV will then issue a perfected title to Direct Federal with you listed as the new owner. 


Sometimes the leasing company will send the paperwork directly to Direct Federal. In that case, we will send the title to you with the pertinent documents for you to register the title in your name and get Direct Federal listed as lien holder with the RMV


Purchasing a vehicle from another person (also known as private sale) 

If you purchased your vehicle through a private sale, a bill of sale is necessary. It must be signed by both parties and list all pertinent information about the vehicle and money exchanged. Check with your state’s RMV to make sure you have the required paperwork to complete the transaction. Per your loan agreement, it is your responsibility to get the title from the private seller and take it to the RMV to transfer the ownership to your name. Once the RMV has those documents, they will send the perfected title to us.


Refinancing your vehicle loan from another financial institution to Direct Federal

If you are refinancing your vehicle with us, the prior lienholder should be instructed to release the title to Direct Federal. Per your loan agreement, it is your responsibility to confirm that the previous lienholder has released the title to Direct Federal. Once we receive your title, we will mail you the forms to add Direct Federal as lienholder.  


WHAT DO I NEED TO DO WITH MY TITLE IF I AM MOVING TO ANOTHER STATE?

If you are moving to a different state within the U.S., a state change request should first be submitted through Online Banking or by calling our Contact Center at 888.2DIRECT. 


IMPORTANT: Direct Federal cannot process the state change for you. You must complete this process with the applicable RMV. 


This request allows us to print/prepare the title so you can process the state change at the RMV. We will mail the title to you at the address we have on file. Then bring it to the RMV to complete the title and registration in your new state. We cannot do this for you. 


IMPORTANT: The process is different for owner retained states. If you live in an owner retained state, you do not have to file a state change with us. Simply go to your new RMV to title and register there. Please make sure all Direct Federal’s information is correct on all documentation so that we get notified of the state change. 


Going to the RMV before filing a request with us will result in delayed processing of your forms. The RMV will contact us to request that the title be mailed to them, resulting in a higher chance of title loss. In this case, we will not be able to provide you with a duplicate title unless Direct Federal is listed as lienholder. 


HOW DO I CHANGE OR REMOVE NAMES ON MY TITLE?
If you are adding, changing, or removing a name on the title, you can submit a name change request through Online Banking or by calling our Contact Center at 888.2DIRECT.

IMPORTANT: Direct Federal cannot process the name change for you. You must complete this process with the applicable RMV. 

 

This request allows us to print/prepare the title so you can process the name change at the RMV. We will mail the title and permission letter to the address you have on file with us. Then bring those documents to your RMV so they can process the name change and send the title back to us. 


WHAT IF I OR THE RMV LOSE MY TITLE WHILE DOING A STATE OR NAME CHANGE?

One of the following must be done if you have lost or misplaced the title that was mailed to you while the loan is still open: 


Contact Direct Federal at 888.2DIRECT to request a duplicate title. Processing time will depend on the RMV. You will be responsible for the state’s duplicate title fee. 


Contact your state’s RMV if you live in an owner retained title state for a duplicate title. You will be responsible for the state’s duplicate title fee. 


WHAT HAPPENS TO MY TITLE AFTER MY LOAN IS PAID IN FULL?
Before paying off your loan in full, please make sure your address with us is current. Once your vehicle loan is paid in full, we will release our lien and mail you the title within 3-10 business days.  

IMPORTANT: Making sure your address on file is current will make sure that the title gets to you as soon as possible! 


If the title is a paper title:   

We will send the title to the address we have on file. If the vehicle loan was paid in full by a third party, we will send the paper title to the address provided in the payoff instructions. Please consider standard mailing time.  


If the title is held electronically:

Direct Federal will request the state’s RMV to release the lien and mail a paper title to the address we have on file for you. If the vehicle loan was paid in full by a third party, Direct Federal will request the state’s RMV to release the lien and mail a paper title to the address provided in the payoff instructions. Please consider standard mailing time. We cannot expedite electronic titles. 


IMPORTANT: If Direct Federal had a Florida or Ohio electronic title on file, Direct Federal will request the state’s RMV to release the lien, and you will need to contact the RMV to request a paper title be mailed to you. These RMVs do not allow us to do this on your behalf. 


If we did not receive a title for your vehicle loan, we will send a paid loan letter to you three business days after the loan is paid in full. 


WHAT IF I LOSE MY TITLE AFTER MY LOAN IS PAID IN FULL?

The following must be done if you have lost or misplaced your title after the vehicle loan is paid in full and our lien is released: 


Bring the paid loan letter, which includes the lien release statement, to your RMV to request a new title.  


You will be responsible for all fees. The RMVs do not allow us to apply for a duplicate title on your behalf since we are no longer a lienholder. 


DIRECT'S LIENHOLDER INFORMATION

Direct Federal Credit Union
ISAOA/ATIMA

50 Cabot Street

Needham, MA 02494 


ADDITIONAL LIENHOLDER CODE INFORMATION

Direct Federal lienholder codes: Certain states require you to include Direct Federal’s lienholder code on the title application. Please reference the following:


If your state is not listed here, please use: CO1769

State and Direct Federal Registered Lien Code: 


Arizona: 42177945 


Florida: 241139155 


Georgia: 100807432192 


Maryland: 7599 


Massachusetts: CO1769 


New Hampshire: 0015 


New Jersey: 272 338 000 021940 


New York: 55634 


North Carolina: 21043087 


Oregon: 446599 


Pennsylvania: 04217794501 


South Carolina: 34950983 


Virginia: DFC07 


 

RMV RESOURCES

abctitle.com/50-state-RMV-list

RMV.nv.gov/50_state_RMV_list


TERMS AND DEFINITIONS

Lien Release: A lien release is a document that is signed by the lienholder that states your loan obligation has been satisfied and there is no longer a lien on the vehicle. Since this is a signed document, it cannot be sent electronically. 


Lien Release Statement: a statement that the institution who previously held the loan is no longer lienholder. 


Loan Note and Agreement: Also called the security agreement or loan documents. This document is a legally binding agreement between a borrower and a lender that includes terms of the loan – the payment schedule, due date, principal amount, interest rate, and any prepayment penalties. 


Paid Loan Letter: A document that indicates the loan has been paid in full and includes the lien release statement. 


Perfected Title: A title with correct owner and vehicle information that lists Direct Federal as a lienholder. 


Third Party: Using an auto loan as an example, the member and Direct Federal are considered primary and secondary parties, respectively. A third party could be a dealership or another lender if the loan is being refinanced.

CONTACT

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HOURS

Monday—Friday

8:00am-5:00pm

Equal Opportunity Lender. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

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