In Touch SUMMER 2009 A Newsletter Publication for Members of Community 1 Federal Credit Union Drive Now Pay Later! See page 2 for details Drowning in Debt? Stay afloat with a low rate Home Equity Loan or Personal Loan* Community 1 Federal Credit Union is here to help you during these difficult financial times. We offer many solutions to help meet your changing financial needs. You can use the equity in your home to help with life’s expenses and the benefit is a lower rate. You can also apply for a personal loan or a VISA credit card. There are many options available to you. Stop by one of our branches and talk to a Member Services Representative today! * Certain restrictions apply. Please see a Member Service Representative for details. UNEASY Talking About Your Finances? Lots of people are in your shoes. We know, because they talk to us every day. We might talk about consolidating loans for lower payments or we may review options for restructuring loans during a furlough or layoff. Or we talk about restructuring loans during a furlough or layoff. We talk about refinancing toxic mortgages and overpriced car loans. We can't make tough times go away, but we can make them a lot easier to live through. Talk to us today. Drive Now Pay Later No payments on your LIMITED TIME Auto Loan for 60 days!* OFFER Whether you are refinancing from another institution or purchasing a new or used car, you can relax knowing that you won’t have a payment for 60 days! Have your vehicle loan approved before you get to the dealership. You won’t have to worry about negotiating terms with the salesperson because you will already have affordable Community 1 financing in place! Our vehicle loans offer: • Low interest rates • Express Auto Loans—30 Minutes Or Less Guaranteed • Easy repayment • Free Preapprovals • Flexible Financing Terms & Options *Certain restrictions apply; see a Member Service Representative for details. Loan must be funded during promotional period. Maximum loan amount of $40k, and maximum term of 72 months. Must meet minimum beacon score requirements. 2 8 6 4 • 2 8 1 • 7 6 4 0 8 0 0 • 8 4 5 • 1 0 3 5 ARE YOU COVERED? If Not, We Can Help! If you’re “upside down” on your auto loan—your new loan, or take out an extended-term loan of 60 car is worth less than what you still owe on it— months or longer, the need for gap coverage is and your car is totaled or stolen, you may have to increasing. continue making loan payments on a vehicle you Shop around for gap coverage. Compare credit no longer can drive. union rates with other offers. Dealerships There’s a special type of protection, called GAP rarely offer the best price. If you (guaranteed asset protection) coverage, designed purchase coverage from your auto to cover situations like this. insurance carrier, it’s your Gap protection is not, technically, insurance, responsibility to calculate when though it’s commonly referred to as such. It’s you’re out of the hole—when actually a debt cancellation agreement. It waives you’ve closed the gap by paying the section of your financing agreement that down your loan. If you forget to holds you responsible for the difference between contact your agent to remove the the value of your totaled car and your remaining extra coverage, you’ll pay for loan balance. Regardless of what it’s called, this protection you no longer need. coverage satisfies your liability to pay the gap. To get your gap coverage, call us today As more buyers put little or no money down, roll at 864-281-7640 or stop by one of our an unpaid balance on their old car loan into the branch locations. Take a Hard Look at Extended Warranties When you're itching to drive away in that new car, Know what is NOT covered in your contract. it may be hard to resist dealership arguments to Like regular new-car warranties, most extended just wrap that extended warranty cost into your service contracts exclude recurring maintenance monthly payments. Since many auto makers now items such as brake parts, windshield, headlights, give automatic new-car warranties longer than the light bulbs, and oil and air filters. Additionally, traditional three years or 36,000 miles, an extended some potentially expensive repairs like power warranty might not be necessary. windows and seats sometimes are excluded. However, if you're among those who find the Check the deductible. reassurance of an extended warranty worth the A deductible of $100 before coverage starts often price, here's some advice on getting the best will be required. This seems reasonable because possible deal: you are trying to protect yourself against big bills. You don't have to buy right away. Make sure you can transfer the contract. Review your current warranty. If you still have a If you want to sell your vehicle later as a used car, manufacturer's warranty, you would be wasting an extended warranty that goes with it will enhance your money by paying for double-coverage. You its value. Avoid nontransferable contracts. can always buy an extended warranty just before your original one expires. Find out how repairs are paid for. Some insurance or financial companies will pay Consider mechanical breakdown insurance. repair shops directly. With others, you Sold by insurance agents and some credit unions, pay up front and then collect these contracts—often $500 or less for new-car from the service- coverage up to six years or 100,000 miles—cost contract about half what a dealer will charge for a typical company—often a extended warranty. Community 1 offers the same T E N DE D slow process. EX insurance at a discounted rate. If you are See who is behind the contract. interested in Wherever you buy it, see what financial company W AR Y mechanical RANT backs your extended warranty. When you get your mechanical breakdown insurance from breakdown Community1, you know that you are secure in insurance, let your purchase. Community 1 help! W W W . C O M M U N I T Y 1 F C U . C O M 3 Locations Courtesy Pay AND HOURS Covers You If you inadvertently overdraw your checking account Community1 Federal Credit Union's Courtesy Pay Program is here to help. Funds for overdrafts first will come from your overdraft protection, but if sufficient funds NEW HOURS the fees you would have accumulated without aren't available, we may elect to cover your this protection. For example, without the Main Branch overdrafts up to $500. Monday-Friday 8:30 am – 5:00 pm service you might pay a $32 returned check NEW Wednesday (Lobby) 10:00 am – 5:00 pm We’ll save you the embarrassment and fee from the credit union, as well as a $40 Monday and Friday Drive-thru open @ 8:00 am inconvenience of a returned check as well as returned check fee from the merchant— Simpsonville Branch the fee merchants normally charge. totaling $72. Monday-Friday 9:00 am – 5:30 pm Closed daily 1–2 pm Should an overdraft occur, your account will For more information about our Courtesy LOCATIONS be charged $30 for handling each item paid Pay program, contact a Member Service Main Office by the discretionary Courtesy Pay. Representative today at 864-281-7640. 280 Commonwealth Drive, Greenville, SC 29615 Phone (864) 281-7640 The Courtesy Pay fee will be a lot less than Fax (864) 281-7647 Simpsonville Office 514 N.E. Main Street, Simpsonville, SC 29681 Phone (864) 688-2120 Fax (864) 228-2949 Debit or Credit—What Audio Response System: (864) 281-9812 or 1-800-428-5561 to Choose and When Toll-free 1-800-845-1035 We've all done it. We're out shopping, Website: www.community1fcu.com ready to use our debit cards, and the sales clerk asks "debit or credit? " We Attention Members: In the event of a disaster (natural or other), really don't know what the difference is. Community 1 has developed a plan that would It is a debit card, so we say "debit," ensure the safety of the credit union. If such a case shall arise, please call 1-877-CU-LOCATE right? Wrong. (1-877-285-6228) for further information. Instead, when you're making retail purchases with your debit/ATM card, choose "credit." You'll bypass any potential fees-and the funds still come out of your share draft/checking account. Another good reason: Credit transactions require a signature, which helps against fraud. So save your PIN for ATM use and say "credit" when you're at the mall, gas station, or grocery store. For more information about debit cards contact Community 1. We'll explain the differences between debit and credit cards and how debit cards can work for you.
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