UPSide News June 2006
This month marks the end of an era for the UPS Employees Federal Credit
Union. After 12 years of dedicated service, our President and CEO, Mike
Scott is retiring. Mike began his tenure in 1994 and his retirement will
become effective on June 30, 2006. During his presidency here the Credit
Union has tripled in asset size. The Board of Directors and staff wish Mike
the best of luck and happiness in all his new endeavors.
UPS Employees FCU celebrated its 32nd Annual Member Meeting
With temperatures in the 90’s and the sound of laughter and roller coasters in the
background, UPSEFCU held their Annual Member Meeting at Castle Park on
Saturday, June 10, 2006. This annual event was a great success.
Congratulations to Marvin W. Williams, Charlie Smith Sr., and Vince Pon, you’re
newly elected Board Members. Our raffle recipients were: Cindy Williams who
won 4 Disneyland tickets, Gary Ibanez-$50.00 gas card, Sophia Serrano-$50.00
gas card, Adriana Virgen – I-pod shuffle, Charlie Vander-Hyde I-pod shuffle, and
Xinia Quesada who won the 4-day Carnival Cruise.
Congratulations to all our winners. Hope to see you next year!!!
UPS Employees Federal Credit Union
Main Office – 8000 S. Painter Ave., Whittier, Ca. 90602
Post Office Box 831, Whittier, Ca. 90608-0831
Phone: 562-907-1965 or 800-287-7332 – Fax 562-789-9192
Branch – 730 N. Archibald Av., Suite C, Ontario, Ca. 91764-4646
Phone: 909-481-2805 OR 866-9UPSONT Fax 909-484-1167
Hours: Mon – thru Fri: 8 AM to 5 PM
UPS Employees FCU will be CLOSED ON:
July 4, 2006 in observance of
September 4, 2006 in observance of
Help! Mortgage Rates are rising!
If you’re at the mercy of this recent trend of rising interest rates, don’t panic. You still
have options that will keep your rates and payments low. Here are a few points to
Look into new loan products. Today’s mortgage market features a wide array of
products. If the payments on a fixed-rate, 30-year mortgage at 6% are too high,
consider a 5/1 ‘Hybrid’. This Hybrid loan has a fixed rate for the first five years at more
than ½% below the 30-year fixed rate. That way, you get a rate you can afford for
several years and can wait for a dip in rates to refinance to a long-term fixed loan.
Hybrids fixed for 3,7, and 10 years are also available. The longer the fixed period, the
less the interest rate saving will be.
Pay more points to lower your rate. On just about any mortgage program, you can pay
additional points up front to lower the interest rate. Each point will cost you 1% of the
loan amount, so it’s not an inexpensive option. Each point you pay lowers your interest
rate between 1/8% and 3/8%, depending upon the product you choose.
Consult with a loan officer at UPSEFCU! For more ideas and home financing options,
talk to one of the knowledgeable mortgage professionals at UPSEFCU. If you have any
questions, contact Fred Kreger at (888) 317-9883 ext. 111
DATELINE NBC “STINGS” CAR DEALERSHIPS, PRAISES CREDIT UNIONS
Dateline NBC put the car-buying business on the hot seat; they put credit unions in the
spotlight as an example of “how to do it right.”
Using a hidden camera, the show documented outright fraud in dealerships consisting of
fast talk, forgery and shady financing arrangements. The car dealer’s finance manager
coerced a young woman trying to purchase a Ford Mustang into signing papers for a
10.9% loan. A consumer expert, who helped her secure financing from her credit union
at 4.9%, accompanied the woman later. The cooperative and nonprofit status of credit
unions enables them to pass savings on to members, resulting in lower rates and higher
Remar Sutton, president of the Consumer Task Force for Automotive issues, offered
consumer survival tips in the car-buying process. He suggested skipping the dealership
financing arrangements in favor of joining a credit union as the best option for a fair loan
and honest answers. Other tips: Don’t feel pressured don’t exceed your budget, don’t
sign a mandatory arbitration agreement, and don’t buy on your first visit to the
dealership. For more information, ask UPS Employees Federal Credit Union for resources
about car buying in general.