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News Now

CU System
CUs take measures to ease gas prices impact
MADISON, Wis. (8/22/08)--Credit unions continue to help members struggling with high gas prices with special deals. Aside from what News Now has already reported about high gas prices:
* Truliant FCU, Winston-Salem, N.C., is offering a fuel-efficient auto loan for any new or used vehicle that receives 29 miles a gallon or more on the highway (CarolinaNewswire.com Aug. 18). The loan offers a 0.5% rate discount to help individuals save on financing. Members also can finance up to 135% of the vehicle’s total value, said Joseph Whitaker, executive vice president/CEO; * Cabrillo CU, San Diego, is allowing members to skip their auto, computer or personal loan payments next month. “We recognize that high gas prices are affecting our members’ budgets,” said Robin Lentz, Cabrillo CEO. Cabrillo members will be notified of the program through online banking next week; * Service CU, Portsmouth, N.H., will match $--up to $25,000--for every $2 contributed by members to the New Hampshire Fuel Assistance Community Action Agencies (Fosters.com Aug. 12). The agencies help residents who can’t afford to heat their homes in winter. The credit union, which recently gave an additional $25,000, expects its contribution could total $100,000. Donations can be made through Sept. 30 ... * NationsHeritage CU, Attleboro, Mass., introduced a “free gas” campaign that brought new members into its lobby (Deposit Growth Strategies Aug. 1). The campaign offers $25 gas cards, discounted car insurance and low-fixed rates on auto loans; * Fitchburg (Mass.) FCU announced that it is offering 0% annual percentage rate loans up to $10,000 for members who install qualified energy efficiency projects. The loans, called HEAT loans, can be used for air and duct sealing; insulation; domestic hot water systems; high-efficiency heating systems; and Energy Star windows. Do-it-yourself installations are ineligible, and borrowers must occupy owners of one- to four-family homes and have an electric account with a local electrical company; and * Credit Union Service Network (CUSN) reminded its credit unions that shared branching can help cut down on the amount of gas members use to travel to credit union branch locations. CUSN offers shared branching for more than 87 credit unions at 244 locations nationwide.
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