Welcome to LoveMyCreditUnion.org

Welcome to the Love My Credit Union Rewards Blog!

Love My Credit Union Rewards is an exclusive discount program that was created (as Invest in America) in 2008 to help credit union members save on the products and services they use every day.

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 TurboTax, DIRECTV, Allied Van Lines and ADT. Plus, we offer our own discount partners Love to Shop and the Credit Union Auto Club.

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

Thursday, July 23, 2009

Chrysler Rebates & Cash for Clunkers- Save More with a Low Rate Loan From Your Credit Union

Yesterday, Chrysler announced their "Double CA$H For Your Old Car" Program which offers consumers up to a $4,500 cash rebate or 0% financing when they purchase a select Chrysler, Dodge or Jeep vehicle. A great incentive, as a credit union member, your best savings will come when you take the rebate and a low rate auto loan from your credit union.

Why the rebate instead of the 0% financing offer? As we mentioned in an earlier blog post, The Myth of 0% Financing, you save more money when you take the rebate because it's the final cost of the vehicle that's important, not the finance rate.

Let's look at this example. You want to purchase a 2009 Chrysler Sebring. You are trading in a 1993 Toyota 4Runner. You can either take the $4,500 rebate from Chrysler and get a great low 5.50& auto loan from your credit union or you can take the 0% financing. Which is better?

Total savings from financing at your credit union vs. the 0% loan: $1,708.

Here's how they both break down:

Credit Union Financing

0% Financing

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% and $4,500 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 car is what's important, not the finance rate.

Do your homework and be sure to stop by your credit union and 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!

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