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!

Monday, June 29, 2009

Cash for Clunkers plus Invest in America Rebates - How Much Could You Save

The premise is simple, trade in your old "gas guzzler" and receive between $3,500 and $4,500 trade in when you purchase a new, more gas efficient vehicle. The restrictions are minimal:
  • You must have owned the vehicle you are trading in for at least one year
  • The vehicle you are trading in must have been made in 1984 or later
  • The vehicle you are trading in must get a combined (city and highway) 18 miles per gallon or less
  • The vehicle you plan on purchasing must not exceed $45,000

The benefits are huge:

  • You receive a great trade in amount
  • Your new vehicle will be more fuel efficient which will save you money on gas
  • Using your Credit Union Member Discount will provide you with even more rebates
  • You'll get a great low auto loan rate when you finance with your credit union.

Let's take this example:

You have a 1999 Chevrolet Tahoe that gets 14 miles per gallon. You want to purchase a 2009 Chevy Malibu 2LT which gets 33 miles per gallon. With the Cash for Clunkers program, you will receive a voucher for $4,500 when you trade in your Tahoe. Pretty good deal, hunh?

Well Invest in America makes it even better by giving you a Credit Union Member Discount from GM to add on top of your Cash for Clunkers rebate, which means you save even more - a lot more.

"Clunkers" are divided into four categories: passenger cars, SUVs, pickups and minivans and, large light-duty trucks and work trucks. The vehicle's age, miles per gallon it earns, what the vehicle is used for and the vehicle's weight are all factored into the amount of the rebate you will receive. Hundreds of vehicles are eligible for the Cash for Clunkers program, but you need to take advantage of it soon, the program ends on November 1, 2009.

For more information on the Cash for Clunkers program, visit www.cars.gov and be sure to stop by your credit union to receive your Credit Union Member Discount and your pre-approved auto loan before heading to the dealer.

Tuesday, June 9, 2009

Why Buy an American Made Vehicle

There's a lot of talk these days about the American auto industry. One conversation that generates a lot of discussion is what defines an American made vehicle. Is it where it's made, where it comes from or where the profits go? For the sake of argument (and believe us there is a lot around this issue) we are defining an American made vehicle as one that is built by an American based company whose profits are returned to the United States, regardless of where its parts are made or where it is assembled. Why are we defining it this way? When you purchase a vehicle made by a company whose profits return to the U.S., the money you spent on that vehicle is re-invested in America and directly impacts the community services we all depend on. What could be more American than that?

So, why should you buy an American made vehicle? Let's look at some of the myths about the Big Three and the auto industry as a whole.
  • What happens to Detroit won't affect me. Not true. According to the Commerce Department, every job in auto assembly and parts production supports 2.4 additional jobs in the country. Based on this, three separate studies have reported that a major loss at the Big Three could result in up to 3 million jobs lost in the United States. American owned auto companies are one of our country's largest exporters and one of the largest buyers of raw materials. What happens to the Big Three impacts almost every industry in our country.

  • The dependability of the Big Three vehicles just isn't there. Again, not true. In the J.D. Power and Associates 2009 Vehicle Dependability Study, Buick tied Jaguar as the most dependable brand while GM ranked in the top 3 in 8 categories. U.S. News and World Reports ranked the 2010 Ford Fusion Hybrid, 2010 Chevrolet Malibu and 2010 Ford Fusion as the top 3 affordable midsized cars. GM and Ford have both rolled out payment protection plans that cover your payments for a certain period of time if you lose your job and GM has a plan to help consumers who purchase a GM vehicle now, but won't be able to trade it in because they owe more than it is worth. What's more dependable than that?

  • Foreign auto companies employ American workers so they help our economy. Yes, foreign owned car companies employ American workers - but not as many as American owned car companies. A research study by the Center for Automotive Research showed that at the end of 2007, international producers employed roughly 113,000 people in the United States, compared to the Big Three who employed 239,341. And, even though the foreign cars are made in America, the profits don't stay here, they go back to that auto company's country and support their economy, not ours.

  • The foreign automakers haven't asked for a bailout. Not yet, but three - Toyota, Honda and Mazda - may soon.

140,000 GM and Chrysler vehicles have been sold through the Invest in America program. This has helped reinvest $2.8 billion back into the U.S. economy. This is money that is returned to our communities and directly impacts our schools, roads, community services and economy as a whole. What your spend your money on really does make a difference. Do some research before you buy - seek out a high quality American made vehicle, and you won't regret it.

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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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Monday, June 1, 2009

The Myth of 0% Financing

The saying goes "If it seems to good to be true, it probably is". 0% financing is a perfect example of just how accurate this saying is. When you first hear the offer, it sounds great - you get a vehicle loan with no interest payments- what's not to like? Well, did you happen to notice all that fine print underneath the offer? Let's take a closer look.

  • 0% financing is offered only to those who qualify. To qualify, you need to have nearly perfect credit, a high annual income and a nearly perfect employment history. Reality? Very few people qualify.

  • 0% financing is offered in lieu of other rebates. To receive the 0% interest rate, you have to give up any other rebates available (including the Invest in America discounts). This can cause you to lose out on thousands of rebate dollars.

  • 0% financing is offered only on certain vehicles. 0% financing is usually restricted to vehicles that the dealers have on their lot, which may limit your choices. The vehicles they have may also have bells and whistles that you don't need or want, which can add thousands to the sticker price.

  • 0% financing may require a larger down payment. If you're upside down (you owe more on the vehicle than it is worth) on your current vehicle, the dealer may not accept that as your down payment. So, you'll need to have the cash out of pocket for a down payment and figure out another way to sell your vehicle.

  • 0% financing does not guarantee that you'll receive the best price on the vehicle. Some manufacturers increase the overall price to make up for not receiving any interest payments. Remember, the price of the vehicle is separate from the financing. Always be sure to negotiate your best deal.

    Let's look at this example:

    You want to get a 20,000 vehicle. You have $2,000 as a down payment. You qualify for 0% financing and you qualify for a 5.50% loan from your credit union each for 36 months. Which is the better choice?

    0% Financing:

    • Vehicle Price: $20,000
    • Down Payment: $2,000
    • Invest in America Rebate: $0
    • Loan Amount: $18,000
    • Monthly Payment: $500
    • Total Amount Paid; $18,000

    5.50% Credit Union Financing:

    • Vehicle Price: $20,000
    • Down Payment: $2,000
    • Invest in America Rebate: $2,500
    • Loan Amount: $15,500
    • Monthly Payment: $470
    • Total Amount Paid: $16,920

    Total savings from financing at your credit union: $1,080

    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 $2,500 in rebates. Why? Because the total cost of the vehicle is more without the rebates. Bottom line: the total amount you pay for the vehicle is important, not the finance rate.

    Before you head to the dealership:

    1. Do your homework
    2. Visit http://www.lovemycreditunion.org/ to see what rebates you qualify for
    3. Stop by your credit union to get pre-approved for your loan

    Then you'll 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 about the importance of buying an American made vehicle.

    Visit us on Twitter and Facebook!