An Oasis Amidst All The Hype

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Auto Dealership Pressure on Customers Never Goes Away

February/March 2005

Here’s a piece of StraightTalk: Stop right now if you’re thinking about buying or financing a vehicle. More than ever, everything in the car business has become negotiable: the price of the car; the price of the loan; the value of your car; the cost of “add-ons” — even the cost of insurance or service agreements. Quite frankly, you can’t relax for a minute if you want the best deal or the best vehicle.

That’s why we want you to stop and visit StraightTalk before you start the car buying process.

At CCU StraightTalk, there is no pressure.

We provide a range of tools and services that can help you cut through the hype and buy a vehicle on your terms.

• Shop smart. Using the tips from the StraightTalk Car Buying Guide, you can shop for a car that fits your needs …and your budget. The guide shows you how to find out what that new vehicle cost the dealer, how to plan your budget and how to find the facts and use the techniques that help you control the negotiation for the new vehicle. Why not check it out now.
• Get pre-approved for a loan. You can get pre-approved for a vehicle loan at CCU. It’s easy to apply online. And at your credit union, you always get the best loan terms, regardless of your bargaining skills. Want help in person? A CCU Loan Specialist is always happy to talk to you: 800-677-8506 or 607-962-3144. Being pre-approved makes it easier to compare loan offers — which allow you to make the best decision for you.
• Enjoy convenience. Over the years, I’ve heard some credit union members complain that they had to drop by the credit union to pick up their auto loan check, when they could complete a dealership loan right on the spot. Unfortunately, saving that 15 or 30 minutes (possibly getting those new wheels today, not tomorrow) often cost those folks thousands of dollars. “Spot delivery”—putting you in the car today—is a favorite dealership technique: customers are so eager to get in and go, they say, “Well, what’s the difference between a 5.9% loan here and 4.5% at the credit union?” On one loan that CCU recently refinanced for a member in our 2nd Chance Program, the difference was over $1,000 and 3 months of payments saved with the lower credit union loan rate. CCU makes your loan experience as quick and convenient as possible while saving you money. Check out CCU's Qwik LoanCheck that allows you to pay "cash" for your new car while avoiding the risks of dealer financing.

Already have an auto loan with another lender?
The 2nd Chance Auto Loan Program may save you big bucks.

As of March 2007, CCU has saved members over $4 million in interest by refinancing auto loans they had with other lenders — giving them the opportunity to take advantage of CCU’s great loan rates.

• One member was able to lower his loan term from 84 months to 66 months and saved $4,092 in interest with an affordable monthly payment.
• Another member had a loan from another lender at 29%. She qualified for a CCU loan at 5.75%.

If this last member had been you, how much could you save with a 2nd Chance Loan? Well, if you had borrowed $12,000 at 29% for 48 months at that other lender, your monthly payment would be $425 and you’d pay about $8,400 in interest over the 4 years. But a 48-month loan at 5.75% at CCU would give you a payment of $280 and only $1,461 in interest—a savings of about $7,000. Of course, the real savings figures would depend on how long you’ve been in the current 29% loan and other factors—but you can see the savings would be huge.

You can find out more about the 2nd Chance Loan Program on the CCU Web site. I recommend that you go there and check it out. You can complete an online application. The credit union will evaluate your existing loan to see if a CCU loan can save you money. If CCU can’t, they tell you—no sweat, no hassle. (No computer? You can call and do the same thing: 800-677-8506 or 607-962-3144.)

A final piece of StraightTalk: Shopping for a new vehicle (or new to you) is exciting. The ads are enticing. The atmosphere online and down at the dealership is friendly. It’s easy to forget that everything is negotiable and that the negotiations are aimed at your wallet. Doing your homework using StraightTalkresources can help you prepare. Comparing any other financing offers with a pre-approved CCU auto loan can help you make the best financial decision. Put StraightTalk’s Ten Tips for Car Buyers to work for you. And if you think it’s already too late, don’t despair; check out a 2nd Chance Auto Loan.

Prepared for Corning Credit Union by Remar Sutton & Associates, February 2005. Reviewed and updated March 2007. All rights reserved.