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You are here Consumer News Remar's Report HOW ABOUT SOME MONEY BACK?


second_chance_loan.jpgFebruary 2010

As tight money times continue in 2010, how does getting some money back sound? Maybe a thousand dollars or two?

If you’re driving a vehicle financed at any other place than Educators, money back may be closer than you think. If you financed a used vehicle some other place, a lot of money back may be in your future.

Thousands of times in the past several years, Educators has refinanced members’ car loans at other financial institutions and has saved each member an average of $1000 in interest payments.

Did you get that? Educators refinanced members’ loans from other institutions and cut each members’ finance charges an average of $1000. Hundreds of members saved several thousand.

How can Educators do this? It’s simple. When you finance a vehicle at Educators, you’re always given the lowest possible rate you qualify for. But when you finance a vehicle at most other places, you’re usually given the highest finance rate you’ll pay. The seller is looking for the biggest profit for them, not the biggest savings for you. Bingo, they make a huge profit and you throw away money. In my book, that’s called “predatory lending.”

What does all this mean to you?

It means three things.

  1. If you have financed a new or used vehicle any other place than Educators, you need to talk with Educators about refinancing. It takes little time and no money to find out if you can save a handsome amount of money. Simply visit the “2010 Fast Lane Financing” page on Educator’ website.
  2. If you’re thinking about buying a vehicle right now, stop everything. Read Educator’ one-of-a-kind car buying guide now. Just select “Car Buying Guide” under Buying Guides on IQ.
  3. If you have good friends who don’t belong to a good credit union like Educators, do them a favor, and tell them to join.

Not just for cars. Fast Lane Financing applies not just to vehicle refinancing but to ALL loan products: auto, credit cards, home loan, home equities and personal loans.

We all deal with a lot of businesses in our lives, but frankly, you’re not going to deal with many that work as hard as Educators does to save you money. A Fast Lane Loan—for an auto or other loan—is a good way for you to see that concern for your pocketbook in action.

Prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2010. All rights reserved.