Complete Share and Risk Coverage: When a member’s share multiplier and risk factor are sufficient to cover the total cost of importing the vehicle(s) then the cheque in the full amount will be made out to the member as they will need to cover the different costs at the different stages in the shipping, importing and registration process. When the vehicle has been registered and insured by the relevant authorized bodies in Trinidad and Tobago the member shall provide the documentation indicating said registration and the successful completion of the importation of the desired vehicle(s)

Share Coverage Only: When a member’s share multiplier sufficiently covers the total cost of importing the vehicle but the cost falls above the member’s risk limit then the following assessment will apply:

1. Landing Cost Coverage: The member’s risk limit is enough to cover the cost of purchasing and shipping the vehicle(s) into the country referred to here as the landing cost of the vehicle(s). The member shall be granted the landing cost only to bring the vehicle into Trinidad and Tobago after which the remaining costs will be provided to the relevant authorized bodies or the member themselves (where applicable) and an Instrument of Charge (IOC) or Mortgage Bill of Sale (MBS) will be done on the vehicle to cover the rest of the loan that falls above the calculated risk limit

2. Alternative Collateral Coverage: The member’s risk limit is not enough to cover the cost of purchasing and shipping the vehicle(s) into the country, the landing cost, then the member can provide an alternative source of collateral to be used to stand as collateral until the vehicle(s) is/are registered and insured and can stand as collateral to cover the loan in the amount exceeding the risk factor

N.B. If the member decides to use a current vehicle(s) as collateral then the vehicle must be in the member’s name along with fulfilling all other criteria set out by the credit union for holding vehicle(s) as assets. If the member is a joint owner of the vehicle, then the other party/parties will be required to write a letter stating that the vehicle(s) can be held as collateral by the credit union along with providing copies of two ID’s.

No Collateral Coverage: The member’s calculated risk limit is not enough to cover the landing cost of the vehicle and has no means of providing alternative collateral the credit committee reserves the right to grant the member the landing cost (only) of the vehicle after which the vehicle would be used as collateral coverage to secure the remainder of the loan or deny the member the loan based on an individual assessment and the member’s character