Eligibility
All serving clergy, deaconesses and licensed lay workers paid
through the Church Commissioners' Clergy Payroll. Loans are only
made for the acquisition of a vehicle.
Term
Normally up to 4 years. Rate of Interest - Interest will be charged
for the duration of the loan at the Commissioners' National Car
Loan Scheme rate in force when the loan commences. It will be
calculated on the outstanding balance at the end of each
month.
Repayments
By equal monthly deduction from stipend or subsequent
pension. We will send you a schedule of repayments. In the event of
a full month's repayment not being made, the Commissioners may add
further interest due to the capital sum outstanding.
Redemption in full
Voluntarily at any time (figure available on request from
the Commissioners' Office). Full redemption will be required on
leaving the Commissioners' payroll (i.e. resignation or death but
not retirement unless there is insufficient church pension to cover
the repayments). Full redemption will also be required on the sale,
theft, writing off through accident or other disposal of the
vehicle or should the vehicle become permanently
unserviceable.
Lump Sum
Voluntarily at any time. If a loan is repaid in part
either the level of monthly repayment or the term of the loan may
be reduced, or both, as preferred. The repayment will take effect
in the following month. We will send you a revised schedule of
repayments.
Replacement Loans
A loan will not be granted within two years of the grant
of a previous loan. If an applicant has an outstanding loan from
the Commissioners, this must be repaid as part of the new loan
granted (see 3a on application form). The outstanding balance will
be deducted from the sum sent to you. Please note that the scheme
aims to provide finance towards one vehicle and a new loan will be
granted only when the vehicle is changed. If the applicant wishes
to retain the previous vehicle, the total value of the new loan
granted by the Commissioners, including the capital outstanding on
the previous loan, will not exceed the value of the new vehicle.
Repayments on the new loan will commence in the following month.
Interest will be charged on replacement loans at the rate in force
from the first day of that month.
Maximum Loan
The total loan must not exceed the lesser of either the
value of the new vehicle or half the National Minimum
Stipend.
LPG conversions
Providing that the total loan does not exceed the maximum
loan, you may apply part of the loan to enable the vehicle you
purchase to be converted to run on Liquid Petroleum Gas (LPG). You
will undertake to provide a receipted invoice on completion of the
LPG conversion.
General
The vehicle to which the loan applies will be the property
of the borrower. A Vehicle History Inspection Report is required
for all secondhand vehicles. We also recommend that an independent
engineer's report is sought in these cases. Comprehensive insurance
with a recognised company must be held throughout the term of the
loan. The Commissioners reserve the right to refuse any particular
application. In such cases, the Commissioners will give the
applicant the reason(s) for refusal.