Loans

Power Draft FAQ's

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• What is the Power Draft and how do I use it?
• Do I have to purchase my vehicle from any specific dealer?
• What types of vehicles are eligible with this closing option?
• Are there any types of vehicles that are not eligible?
• Are there any special requirements needed in order to utilize Power Draft?
• Why do I need to know if I'm purchasing a new or used vehicle?
• How do I apply?
• If I have questions after I've applied for the Power Draft who should I contact?
• Are there any hidden fees?
• How soon will I know if my application is approved?
• After I'm approved how long will it take for me to receive my Power Draft?
• How long do I have to use the Power Draft?
• How long is my interest rate valid?
• If the Power Draft expires today can I still use it?
• If I decide not to use the Power Draft, what should I do?
• Do I have to use the maximum approved loan amount?
• What is "Loan to Value" ratio (LTV)?
• What should I do if my Power Draft is lost or stolen?
• Do I need to re-apply if I decide I need a higher loan amount?
• Are there any insurance requirements?
• How should I negotiate the vehicle price with the dealer?
• Do both parties to a joint application need to sign the Power Draft?

Q. What is the Power Draft and how do I use it?
A. Power Draft is a convenient new closing option on auto loans. Power Draft gives you the ability to complete an entire loan process without ever leaving your home or office. Power Draft will give you the negotiating power of cash when you are purchasing your new vehicle. It will work like your own personal draft. When you have found the vehicle you want, you simply fill out the draft for the amount of the total purchase price (up to the pre-approved amount printed on the draft) and make the draft payable to the dealer.

   

Q. Do I have to purchase my vehicle from any specific dealer?
A. Your Power Draft can be used at any Licensed Franchised Dealer; Licensed Franchised Dealers are those who have been authorized by an auto manufacturer to sell new/used vehicles and often incorporates the manufacturer's name in their dealership name i.e., Chevy, Ford, Honda.

Q. What types of vehicles are eligible with this closing option?
A. New vehicles, model years 2002 and newer, with a maximum mileage of 45,000; and, used vehicles model years 1998 to 2001, with a maximum mileage of 75,000. Vehicles must also be purchased from a Licensed Franchised Dealer.

Q. Are there any types of vehicles that are not eligible?
A. Yes. This closing option cannot be used for: private party purchases; vehicles purchased from Brokers or Auto Auctions; vehicles purchased from a NON Licensed Franchised Dealer; vehicles that have a payload greater than one (1) ton; vehicles operated for business or commercial purposes or titled in a business name. Recreational Vehicles, motor homes, ATVs or motorcycles and vehicles that have a salvaged, rebuilt or branded title are also not eligible.

Q. Are there any special requirements needed in order to utilize Power Draft?
A. The only thing you will need to do is decide if you are purchasing a new or used vehicle. (see above)

Q. Why do I need to know if I'm purchasing a new or used vehicle?
A. SunWest rates are based on: your FICO score, term and if your vehicle is considered new or used. The low interest rate disclosed on your Security Agreement is based on these factors; therefore, if the term is extended or the applicable vehicle year has changed, the disclosed interest rate will also change. This will result in your Power Draft not being valid for the established interest rate, therefore, would delay your vehicle purchase. current rates

   

Q. How do I apply?
A. Power Draft is a convenient loan closing option available to our current members. You can apply at any of our 8 branches, over the internet or by calling our Centralized Lending Department at 602-866-1129 or toll-free at 1-800-533-4133.

Q. If I have questions after I've applied for the Power Draft who should I contact?
A. We have a specialized Power Draft Team that can help you with any questions. They are available during our normal business hours and can be reached at 602-866-1181 or toll-free at 1-800-352-4055, ext 181.

Q. Are there any hidden fees?
A. There is a minimal charge if you choose to have your Power Draft sent overnight delivery.

Q. How soon will I know if my application is approved?
A. If you applied during normal business hours you will generally get a response within an hour. If you apply during off hours or on a weekend it could take up to 48 hours.

Q. After I'm approved how long will it take for me to receive my Power Draft?
A. You should receive your Power Draft within 3 to 5 business days with regular mail delivery. For a minimal fee, your draft can be sent via overnight delivery, and you should receive it the next business day.

Q. How long do I have to use the Power Draft?
A. Your Power Draft will expire 45 days from the date it was issued.

Q. How long is my interest rate valid?
A. Your interest rate is guaranteed for a maximum of 45 days from the date the Draft is issued. Once you negotiate the Power Draft and your loan has been activated, your interest rate is locked for the term of that loan.

   

Q. If the Power Draft expires today can I still use it?
A. As long as the vehicle purchase is made on or prior to the expiration date printed on the Draft it will be honored. If it's after the expiration date, it may be necessary for you to reapply; you can contact us at 602-866-1129. If a new application is needed, it's important to note that your credit history may have changed even in a matter of weeks, which could cause your rate to change.

Q. If I decide not to use the Power Draft, what should I do?
A. You are under no obligation to SunWest until you actually use your Power Draft. By signing the Draft, you will be accepting the terms and conditions as described in your Note and Security Agreement. If you choose not to use it, please tear it up and discard it.

Q. Do I have to use the maximum approved loan amount?
A. No. Use only what you need, providing it falls within the minimum and maximum approved loan amounts and is less than or equal to the Loan To Value Ratio (LTV). You may have the ability to add additional aftermarket accessories or extended service plans through the dealership if it does not exceed the maximum loan amount.

Q. What is "Loan to Value" ratio (LTV)?
A. This is a number calculated for NEW/USED vehicles by dividing the amount of the loan by the Manufacturer Suggested Retail Price (MSRP) or Kelley Blue Book value of the vehicle.

Q. What should I do if my Power Draft is lost or stolen?
A. Please contact us at 602-866-1181 or 1-800-352-4055, ext 181 during our business hours so we can void your present draft and send you a new one.

Q. Do I need to re-apply if I decide I need a higher loan amount?
A. Yes. If you think you will need more money to purchase the vehicle you want, you would need to reapply. You can either re-submit an application from our website or call us at 602-866-1129 or 1-800-533-4133.

   

Q. Are there any insurance requirements?
A. Yes. SunWest requires that you have both comprehensive and collision insurance with maximum deductibles of $1000.00, in addition to any state required liability insurance. You will simply need to provide proof of insurance at the dealership when you finalize your deal.

Q. How should I negotiate the vehicle price with the dealer?
A. We suggest that you shop around and speak with the Fleet Sales Department before using your Power Draft; we also recommend that you do not disclose your pre-approved amount to the dealer. The key to negotiating the best price is to focus solely on the vehicle price and not get distracted by financing. When you shop with your Power Draft it's just like shopping with cash, allowing you to focus on the price of the vehicle.

Q. Do both parties to a joint application need to sign the Power Draft?
A. Yes. All parties names that appear on the front of the Power Draft are required to endorse the back of the Draft in order for it to be negotiated and honored.

We've always made it easy to get pre-approved, now take advantageof this convenient, easy to use loan closing option!

Apply Online, Contact Any Branch Office or Call Our Centralized Lending Department at 602-866-1129 or toll-free at 1-800-533-4133