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
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
9 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
13 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
13 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
15 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago