US Equity Advantage FAQ about AutoPayPlus

We've compiled a list of the most common questions we are asked about US Equity Advantage and the AutoPayPlus™ service with answers below.  If you don't see the answer to your question in the FAQ, call us (800) 894-5000 and we'll be happy to help.

General Questions

• What is AutoPayPlus™?
• How does it work?
• Why do I need AutoPayPlus™, can't I do this on my own?
• How much does it cost?
• Who is US Equity Advantage®?
• How will US Equity Advantage® help me pay off loans faster?
• Do I have to refinance my loan?
• What do I do if I sell my car or home?
• Is US Equity Advantage® a lender?
• Is it secure?
• I need to change my debit date. How do I do that?

Enrollment

• What loans can I enroll in AutoPayPlus®? Is it just for loans?
• Which family members can I enroll under my household?
• What if I sell or trade-in my vehicle early, what if I sell my home, etc.?
• What if I want to cancel?
• Are there cancellation fees?
• What does my service fee cover?
• Do I have to pay anything upfront when I enroll?
• Once my information is verified, when do my payments begin?
• Why do I need to send you my lender statement / loan account number from the lender?  Can you still make my payments without it?

General Questions

• What is AutoPayPlus™?
• AutoPayPlus™ is service for people who want a quicker way to payoff their loans so they can meet their financial goals faster.  We help our members shorten the terms of their loans, save money in interest, build equity, improve their credit, and develop strategies to pay down debt by creating accelerated payment plans matched to their pay schedules. By enrolling one loan or bill, you become a lifetime member of US Equity Advantage®, which entitles you to enroll as many additional household loans or bills as you would like under one membership fee.

• How does it work?
• There are no gimmicks, it’s just good math!  By example, if you purchase a $250,000 home loan at 4.3% APR for 30 years, we can help you save $31,390 and pay off your mortgage 52 months early by making a half payment every two weeks instead of one full payment a month. This strategy gives you 26 half payments or 13 full payments every year and that extra payment is applied to principal, which creates interest savings and lessens the term of your loan.
  
  AutoPayPlus™ offers weekly, biweekly, monthly and custom payment plans to accommodate different pay cycles and needs. Results vary according to the payment plan and how aggressively you want to pay-down a loan.

• Why do I need AutoPayPlus™, can't I do this on my own?
• If you have the discipline to make your payments in an accelerated manner and consistently follow up with your financial institution to ensure the payments have been properly applied to principal, it's possible to do-it-yourself.   But, with AutoPayPlus™ you can set-up your debit schedule and rest easy that we are making your payments on time, every time, and making sure your lender is applying extra payments to principal, not future payments.  

• How much does it cost?
• We're set up differently from other biweekly loan services.  We are a membership organization and once you've paid your one-time membership fee, you and your family can enroll as many loans as you like over your lifetime.  The membership fee is $399. The fee is automatically deducted from your first payment to principal, so there are no out-of-pocket costs.   Other fees include a 95 cent account verification fee and a $1.45 bank service fee for each debit.  

• Who is US Equity Advantage®?
• US Equity Advantage owns and operates the AutoPayPlus™ service. Since 2005, US Equity Advantage® has helped tens of thousands of consumers reach their financial objectives, faster. We are dedicated to helping people reduce debt, save for the future and gain access to related products and services at better than retail cost.  We have transmitted more than $700 million on behalf of our members safely and securely.

• How will US Equity Advantage® help me pay off loans faster?
• AutoPayPlus™ gives you the discipline to stick to a rapid loan payoff schedule.  With the biweekly payment option, we match payments to your pay cycle so you are automatically budgeting for 26 half payments or one extra full payment a year. Because we apply the extra payment to your principal balance, your principal is paid down faster and your interest decreases accordingly.

• Do I have to refinance my loan?
• No, you don’t need to go to the trouble or cost of refinancing; you stay with the same lender and we facilitate the payment process with them.  In fact, biweekly payment is a solution for homeowners who don't want to refinance or aren't in a good place to refinance.  Instead of paying appraisal costs, closing costs, and taxes in some states, you can put that money directly to principal.

• What do I do if I sell my car or home?

• If you trade-in or sell your car, sell or refinance your home, or do anything that changes the pattern of payment or requires a stop payment, notify USEA so we can make the proper adjustments to your transaction schedule.   

• Is US Equity Advantage® a lender?
• We are not a lender. Think of us as your personal advocate, working on your behalf to ensure that your payments are being accurately applied to your account with your lender.  Even in today’s modern world, some lenders are still working in yesterday's financial systems. Tracking down a misapplied payment can be time-consuming and confusing for the consumer who wants to “beat the bank."

• Is it secure?
• US Equity Advantage® considers the safety of your money its top priority and we use a full range of Internet security measures, including routers and firewalls, cryptography, and business processes to safeguard your money and your personal information.

•  I need to change my debit date.  How do I do that?

• Please contact us 5 business days before your debit date if you need to make any changes. 

Enrollment

• What loans can I enroll in AutoPayPlus™? Is it just for loans?
• You can enroll any fixed rate loan: home, auto, RV, boat, student, or personal loan; and it’s not just for loans, many members pay other household bills with our service.

• Which family members can I enroll under my household?
• Your spouse, partner, children, and any family member with proof of residency at the same address as the primary account holder can participate under the original membership fee.

• What if I sell or trade-in my vehicle early, what if I sell my home, etc.?
• You’ll be ahead! On average, AutoPayPlus™ shortens the term of auto loans by 5 months, so you’ll have more equity in your vehicle and be in a better position when you trade or sell your car.  Home mortgages and credit cards have even more dramatic savings and benefits.  Be sure to let us know when you make any changes regarding your payments, so we can adjust your transaction schedule.

• What if I want to cancel, are there cancellation fees?

• We do not charge cancellation fees like our competitors.  However, if your annual membership fee has already been deducted from your account (this happens at the first extra payment of the calendar year and varies year to year), we cannot refund your membership fee.  

  You can always add another household loan so you can continue to take advantage of the service.
• Why do I need to send you my lender statement / loan account number from the lender? Can you still make my payments without it?
• Having a copy of your lender statement is the best way to assure your payments are made accurately.  Until we receive it, we will use other key identifiers to make your payments. For our members with auto loans, it often takes several weeks before a loan account number is assigned after purchasing a vehicle.  You can FAX (800) 409-4799 or email a copy to members@usequityadvantage.com. 

• What does my service fee cover?

• We have a hands-on member services team to work with you on the set-up of your account and to provide on-going telephone and live chat service. We also are very proud of our commitment to deliver a high value service, which means seeking out new and innovative products and services included in your membership.

• Do I have to pay anything upfront when I enroll?
• There are no upfront membership fees.  When you enroll with AutoPayPlus™, you become a lifetime member and cost of membership is $399. Other costs include the 95¢ fee to verify the bank account and routing information, and a service fee for each debit made to your account.  The service fee is $1.45 on all biweekly loan types, except Home mortgages, which have a $1.95 service fee per debit.  Debits made to match weekly pay cycles have a 95¢ service fee.

• Once my information is verified, when do my payments begin?
• You decide when to start. Once your information is verified, you can begin when you are ready.