A disclosure details all material facts relevant to a transaction. Federal or state laws require financial institutions to provide disclosures containing information on terms to their customers. It can sometimes be difficult to decipher the information you are given.
However, disclosure statements contain the critical information you need to make an informed decision about which financial institution, and its products and services are right for you. Below is a checklist of the important sections when applying for a new loan at AODFCU!
Annual Percentage Rate (APR), including if it can change, how it is calculated and the use of an index on variable-rate or adjustable-rate loans
Terms
Grace period, if any
Fees and costs associated with the loan, including late payment fee, application fee, origination fee, credit report cost, late fees, reoccurring monthly fees, appraisal cost, etc.
Cross-collateralization clause
Property insurance requirements and collateral protection insurance if adequate insurance is not maintained (home and property loans)
Co-signor notice
In the market for a new vehicle? Apply today for our Auto Loan and enjoy no payments for 90 days! Ends May 31st. 
https://www.aodfcu.com/auto-loans-2022/
