Welcome to LoveMyCreditUnion.org


Welcome to the LoveMyCreditUnion.org Blog!


LoveMyCreditUnion.org is the home base for a member discount program called Invest in America (IIA). IIA was created in 2008 to help credit union members save on the products and services they use most from trusted U.S. partners.

We began with the Credit Union Member Discount from GM and soon grew to include the Sprint Credit Union Member Discount as well as savings programs from Dell, TurboTax, Jackson Hewitt, DIRECTV, Allied Van Lines and the TruStage Auto & Home Insurance Program. Plus, we offer our own discount partners Shop America and the Credit Union Auto Club.

Our blog is to keep you give you insider info on the latest discounts and share other ways to help you save. We hope you enjoy our blog and saving with IIA at LoveMyCreditUnion.org!

Thursday, June 4, 2009

The Myth of 0% Financing Cont.

On Wednesday June 3rd, Chrysler announced two new incentives:

  1. 0% financing for 60 months for auto loans on select 2009 vehicles through GMAC Financial Services
  2. Or up to $4,000 Consumer Cash plus $1,000 Credit Union Bonus Cash on select vehicles for qualified credit union members who finance their car loan through one of the credit unions in the Invest in America program.

You can choose one or the other. While they are both good deals, be sure to keep in mind our bullet points from Monday's blog. Let's update our information and see where the real savings truly are.

You want to purchase a $20,000 vehicle. You can get 0% financing for 60 months or a 5.50% loan for 60 months. You have $2,000 to use as a down payment.

0% Financing:
Vehicle Price: $20,000
Down Payment: $2,000
Consumer Cash: $0
Invest in America Rebate: $0
Loan Amount: $18,000
Monthly Payment: $300

5.50% Credit Union Financing:
Vehicle Price: $20,000
Down Payment: $2,000
Consumer Cash: $4,000
Invest in America Rebate: $1,000
Loan Amount: $13,000
Monthly Payment: $248

Total Savings from financing at Your Credit Union: $3,120

Remember - financing only affects the interest you'll pay on your vehicle loan. Rebates reduce the total price of the vehicle. So, if you qualify and take the 0% loan, you'll pay more than if you took the 5.50% loan and the $5,000 in rebates. Why? Because the total cost of the vehicle is more without the rebates.

Bottom Line: The total amount you'll pay for the vehicle is what's important, not the finance rate.


Do your homework and be sure to stop by your credit union to get pre-approved for your vehicle loan before you head to the dealership. Be ready to negotiate and walk out with the vehicle, rebates and loan payment you want.

Hint: Credit Union Financing + Manufacturer Rebates =Your Best Financing Option

Be sure to check out next week's blog on why to buy an American made vehicle.

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