My Credit Union
Online Banking
Apply Online
Credit Card Info
Reorder Checks
ATM Locator
Shared Branch Locator
Contact Us

        Info Desk - Auto Buying Tips    


Related Links


Car Buyers' Worst Mistakes 



How much money do you think educated car buyers can save over uneducated buyers when buying the same car? Would $5,000 get your attention?

While you may not save as much as $5,000, you'll save a bunch if you avoid these classic car-buying errors.

1. Showing enthusiasm. If you act excited, the sellers know they have a unique product you want. The price goes up instantly. Keep that enthusiasm in check until you've driven home. Sneer a little if you like the car.

2. Buying in a hurry. If you buy on your first visit to a dealership, you don't have time to compare. Take your time. Be willing to walk away. The price at most dealerships falls quickly if you move slowly.

3. Giving deposits before the dealer approves your offer on a vehicle. Feel free to give a deposit, if you really want a vehicle. But don't give it until the boss has said "yes." Some dealerships use deposits to keep you there while they try to convince you to pay more. And you can't leave if they have your deposit--money, a credit card, a driver's license, or your kids.

4. Being switched to leasing without doing your homework. Because dealerships make a much larger profit if they lease rather than sell, even the best dealership is going to try to "switch" you. They'll try to convince you leasing is cheaper than buying. In most instances, it isn't. If you want to lease, fine. Just don't do it on the spur of the moment.

5. Trading in your old car without knowing its value in advance. A dealership has the right to give you the least you will take for your old car. But you have a right to get the most your car is worth. To know that value, simply clean it up, and try to sell it to several used car departments. The highest amount you're offered for it is your car's real value right now. Don't accept less than that in trade.

6. Financing automatically at the dealership. Dealerships may be the cheapest place to finance. To find out, simply bring a copy of the filled-out dealer contract to your credit union and compare contracts. If the dealership won't give you a copy, they're probably telling you they're not really the cheapest.

Big mistakes, big bucks out the window. We like to help you preserve your money--that's what credit unions are all about. Avoid these mistakes, and put that money to work rather than throwing it away.

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice.


Tune Up Your Car Loan

"Refinancing can be ... the most profitable legal act many humans are capable of performing," says consumer author Andrew Feinberg.

Think about it: At a time when it's hard to earn as little as an extra half a percentage point or more on your savings, you might be able to "earn" two or three percentage points by improving your auto loan rate.

Buying a new car or truck is a thrill. Many buyers will do just about anything to acquire the vehicle they want. Sometimes, that includes going for a "right now" loan instead of the best loan rate. If that happened to you, don't passively suffer buyer's remorse. Call [INSERT NAME/NUMBER OF THE LOAN OFFICER HANDLING VEHICLE LOAN REFINANCING]. If the vehicle's still fairly new, and you qualify, we'll help you trade in that costly loan on one that won't dent your fenders.

How much can you save? Say you've had a 60-month car loan at 6.3% annual percentage rate (APR) for one year, and you financed $15,000. At monthly payments of about $292, your current balance is about $12,365. If you can refinance at 4.75% APR for the remaining four years of your loan, monthly payments will go down slightly, to about $283. But you'll pay about $419 less in total finance charges for the remainder of the loan. That's a deal with real road appeal.

Contact a loan officer today at 888-USE-MYCU to discuss refinancing an auto loan you have with another lender or a dealer.   

Copyright 2008 Credit Union National Association Inc. Information subject to change without notice.

Why Credit Unions Aren't Banks

Credit Unions Top Satisfaction Survey

Car Buyers' Worst Mistakes

Tune Up Your Car Loan

Teach Your Children Financial Independence

Sharpen Your Savings Skills

Help Your Teen Driver Choose the Right Car






[ Home | What's New | Rates | Products | Services | Online Services | About Us | Contact Us ]
Privacy Policy Notices, Terms, and Conditions | Design & Hosting by Harland Financial Solutions, Inc.
Browser Requirements | Copyright D+H All Rights Reserved.