Pick-A-Pay - Lower Your Monthly Car Payments | RBFCU - Credit Union

Pick-A-Pay - Lower Your Monthly Car Payments | RBFCU - Credit Union
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RBFCU Mobile
®
app
Download our app for a better mobile banking experience.
Get
Pick-A-Pay
Lower your monthly car payments
Pick-A-Pay is a flexible loan modification option that allows eligible members to lower the monthly payment on their eligible
auto loan
by extending the term of their existing auto loan and slightly increasing the interest rate. This can be especially helpful if you’re working within a tighter budget and need to free up monthly cash flow.
Lower Monthly Payments
Reduce your monthly car loan payment by extending the term of your existing eligible RBFCU auto loan.
Decide Your Terms
Loan can be extended from 6 months to an additional 18 months to help you find the payment that is right for you.
No Credit Check
Credit is not pulled for members to qualify for this offer.
Need an idea on calculating payments, terms or other vehicle needs? Use our helpful Auto & Truck Loan Calculators.
Pick-A-Pay
Requirements
Eligible members can lower monthly eligible car payments by extending loan terms.
How to Pick-A-Pay from Online Banking
Sign in to your Online Banking account
Under Loans on your Account Summary page,
select the loan
on which you’d like to reduce your payments
Select the ⋮ icon
next to the Scheduled Payment for more options
Select “Reduce Payment”
and follow the prompts to complete
How to Pick-A-Pay from RBFCU Mobile® App
Sign in to the
RBFCU Mobile app
Under Loans on your Account Summary page,
select the loan
on which you’d like to reduce your payments
Tap the + icon
for more options
Select “Reduce Payment”
and follow the prompts to complete
Pick-A-Pay FAQs
What is Pick-A-Pay?
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Pick-A-Pay allows eligible members to lower their eligible auto loan payments by extending their auto loan term and slightly increasing the interest rate.
Members are responsible for updating any automatic payments that exist when processing a Pick-A-Pay.
What are the benefits of Pick-A-Pay?
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The benefits of Pick-A-Pay are:
Allows members to reduce their expenses and add to their monthly cash flow without applying for a new loan
After we receive e-signatures, modify the loan, and a new payment begins
No new authentication or login required for the member's online account
Loans may be extended from as few as six months up to an additional 18 months, not to exceed 84 months total
The minimum and maximum months to extend are individually calculated based on total new term
Loans that include Guaranteed Asset Protection (GAP) and insurance policies are not eligible for Pick-A-Pay
The process is simple to understand and only requires an e-signature
Which loan types are eligible for Pick-A-Pay?
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The following loan types are eligible for Pick-A-Pay:
New or used car
New or used truck
Why is Pick-A-Pay not offered now that I have clicked on it?
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To avoid delays, please be aware that if you click the offer and exit the screen without completing the request, you will need to wait 24 hours before trying again. Similarly, if you reach the paperwork section and exit without completing the request, you will need to wait five days before attempting to try again.
What is my interest rate if I take advantage of the Pick-A-Pay program?
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Your existing rate increases according to the number of months extended. To determine the rates based on loan terms, reference the chart below.
Term
Rate
6 - 9 months
0.25%
10 - 12 months
0.40%
13 - 15 months
0.70%
16 - 18 months
1.00%
The actual number of extended months the loan is eligible varies.
Can I change my auto loan payment due date?
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You must make your first auto payment on its original due date. After that payment has been made, call our Collections Team at
210-945-3300
.
Find Your Next Car
Auto Insurance
Auto Loans
Other Vehicle Loans
For qualified members only.
Pick-A-Pay allows eligible members to lower their eligible auto loan payments by extending their auto loan term and slightly increasing the interest rate.
Rate increases will be determined by the number of eligible months extended.
Savings is a reduction in your monthly payment and not necessarily a reduction in the finance charges assessed over the life of your loan.
RBFCU does not charge a fee for the RBFCU Mobile app, but you may be charged for data by your mobile wireless provider.