Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
MSN Money cites CUs for auto financing
NEW YORK (8/9/10)--Exempting car dealerships from the new consumer financial protection bureau amounts to painting a big red target on consumers' backs, but consumers can take four steps to protect their wallets, said MSN Money columnist Liz Pulliam Weston in her "Money Central" column Thursday. Credit unions figure prominently among the four steps. Pulliam Weston outlaws the tricks that dealers can pull on consumers. They include:
* Marking up the interest rate; * Larding the contract with junk fees; * Talking consumers into a more expensive car than they can afford; * Baiting and switching; and * Playing yo-yo with the contract (calling after the consumer takes possession of the new car and changing the loan terms).
"Because the Bureau of Consumer Financial Protection won't have your back, you'll need to approach the car-buying transaction as the minefield that it is," Pulliam Weston wrote. The best approach, she said, includes applying for financing from a credit union or a community bank. "Don't walk onto a car lot until you have a loan approval in hand. You might want to start with your local credit union, because it's member-owned and tends to charge lower rates and fees." The other steps include pulling credit reports and checking FICO fees, setting limits on one's borrowing and saying no to the yo-yo. For the full article, use the link.
Other Resources

RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
2 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
6 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
8 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
8 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
8 hours ago