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MILES -
Military Installment Loan and Education Services Heritage
Motor Company (Authorized Dealer)
Am I eligible to apply for a loan?
If you are an active duty Service Member, E1 and above, you
are eligible to apply for a loan through the MILES Program.
However, other requirements may apply.
Do I need good credit to apply?
No, MILES is a non-credit score criteria based program.
What loan amount do I qualify for?
The MILES Program wishes to prevent you from committing to a
loan payment larger than your income and spending plan can
afford. Your maximum loan payment will be the lesser of:
· A
percentage of your monthly base Pay, OR
·
total income less your monthly financial obligations, such
as credit card balances, repay advances, installment
payments, rent/mortgage payments(not offset by BAH), or
child support, alimony, and garnishments.
This formula, of course, assumes you are prepared to take on
the responsibilities of loan payments and vehicle ownership.
What is the status of my loan application?
Click here Contact your
Authorized Heritage Motor Company Sales Associate
1-800-605-9258
How is the term of my loan determined?
Our lender, US Bank, has agreed to authorize the term of
your loan up to twice your remaining time on your active
duty contract, to a maximum term of 60 months. For example,
if you have 24 months remaining on active duty, you will be
authorized for a term of up to 48 months.
When is my first payment due?
The first payment due date of the loan is the first day of
the month following the full month after the date of your
loan contract. For example, if your contract date is anytime
during the month of April, your first payment due date will
be the 1st of June.
What type of vehicle standards are enforced with the
MILES Program?
To maximize the quality and value of your vehicle purchase,
the following standards are required for vehicles purchased
through the MILES Program:
·
Used vehicles must have less than 65,000 miles.
·
The vehicle cannot be more than 5 years old
·
High performance and sports vehicles are excluded from the
MILES Program
What happens when I separate from active duty?
Your allotment will normally stop between 60-90 days prior
to your expiration of active duty. Prior to it stopping, you
should contact US Bank customer service to receive
transitional counseling and enroll in an alternative payment
means to protect your credit and the payment investment you
have made.
Can I ship my vehicle overseas?
To accommodate and reward service members with loans
originated through the MILES Program, who have
satisfactorily performed their loan obligations, US Bank may
approve the overseas shipment of a vehicle, provided all of
the following conditions are met:
·
Vehicle shipped must be approved by the military and shipped
at government expense.
·
Service Member must provide the bank a copy of the permanent
change of station (PCS) orders
·
Loan must be current at time of the request, including any
late charges outstanding
·
Loan payment allotment must be in force and being received
on a consistent basis
·
Insurance for vehicle must be verified
·
Service Member must pay an amount equal to one (1) monthly
contract payment which shall be applied towards the
principle balance of the loan.
What is a credit score and how do lenders use it?
Credit is a transaction in which a person receives
merchandise, an automobile, money or services for little or
no money up front, and promises to pay in a specified time
period (term). How well, or not so well you pay for these
items are the ingredients which determine your credit score.
Your credit record means everything when it comes to
borrowing money. Credit reporting agencies collect
information about a person to build an individual’s credit
record. If you have a positive credit history, you have more
options than the consumer with little or no credit or a poor
credit record. For a bank or credit union to lend you money,
they need to know how reliable you will be in repaying the
loan. Lenders base their decision to lend money on several
criteria; the most important of these is a credit score. A
credit score takes into account the following factors:
·
Past payment history
·
Current amounts owed/outstanding debts
·
Your length of credit history
·
The number of recent new credit requests
·
Types of credit used
You may have a low credit score and thus have trouble
purchasing a vehicle at a fair price and with favorable
financing terms if you have:
· No
or poor credit
·
Low credit score
· No
co-signer
·
Past bankruptcy or repossession
The good news, however, is sometimes these obstacles can be
overcome. Some companies, such as MILES, specialize in
helping you finance a vehicle despite your credit problems.
Be prepared to pay a higher interest rate if you have any of
these credit problems. Unfortunately, too many companies
take advantage of individuals with past credit blemishes
because these buyers feel they have no other alternative but
to pay the extremely high interest rates or pay far more
than the actual value of the vehicle.
I have a previous bankruptcy; can I still qualify for the
MILES Program?
If you have a single bankruptcy and it has been discharged
or dismissed, and you meet all of the other MILES criteria,
you should qualify for the program. However, multiple
bankruptcies, either filed or discharged is a disqualifier
for the program. |
