MoneyTalks.NL.8.01 9/19/01 9:16 AM Page 2
The Credit Union of Choice!
IN THIS ISSUE…
Car Loans in 60 Minutes or Less ................................2
Money
Talks
Dealer Financing vs. Credit Union Financing ............2
Auto Center ................................................................3
Auto Equity Loans ......................................................3
Payment Shaver ....................................4
Auto Express Check
The easy way to finance your car!
Are you looking for a way to reduce the stress of
purchasing a new car? Look no further! Franklin Mint
Federal Credit Union can provide you with the easiest
way to finance a car, the Auto Express Check.
Financing a car has never been easier!
Here is how it works:
The Application
➤ Simply know the maximum amount you would like to
finance your vehicle for and get pre-approved. You
have 3 easy ways to apply: visit one of our 19
convenient locations, call Loan-By-Phone at 610-3255100 or apply on-line at www.fmfcu.org.
➤ Once we receive your completed application, you will
be notified of your application status within 24 hours
of the next business day.
The Approval
➤ Once you’re approved, all you have to do is sign the
paperwork and pick up your check. You can do this
at any of our 19 conveniently located branches. If
you would prefer, we may be able to mail you
the documents.
➤ When your application is approved, your rate is locked
in for 90 days. This gives you plenty of time to shop
for your new car at your leisure, without worrying
about rates going up.
➤ With the rate locked in and the check in your hand,
you’re ready to go shopping!
The Shopping
➤ The Auto Express Check can be used at any car
dealership you desire. After you have selected the
car or truck and have agreed with the dealer on
price, trade-in, rebate and other purchase details, just
finish writing the check and present it to the dealer
as payment.
➤ The dealer will take care of the rest.
The Auto Express Check gives you
the convenience of having your
financing done before you
shop. Not to mention, the
peace-of-mind you get
knowing you received a
low interest rate with no
hidden fees. Once you
use the Auto Express
Check you will never
finance a car any
other way!
FMFCU
delivering speed,
service and
convenience for
over 30 years.
610-325-5100
MoneyTalks.NL.8.01 9/19/01 9:16 AM Page 3
Dealer financing vs.
Credit Union financing
Have you ever had the feeling the rates dealers offer are too good
to be true? The ads are always quick to point out the low interest
rates, but not too quick to explain the details. What exactly are the
“terms and restrictions” that may apply?
Before you agree to take advantage of the 3.99% APR* financing
the dealer is offering, make sure you do the math. Many times the
loan you get at your credit union is a better deal.
How can 5.99% be better than 3.99%? Check out the fine print
and you may find that:
From start to finish…
car loans in 60 minutes
or less!
Whether you have just walked into a car dealer’s showroom and
seen the car of your dreams or you’re buying your first car from a
neighbor down the street, you want it fast and you want it now! At
the Credit Union we can help you make your dream a quick
reality and at the same time, provide you with the best car rates
in the area.
Some financial institutions promise quick loan decisions…
5 minutes, 15 minutes, 24 hours. Because of our commitment
to speed, service and convenience we wanted to go one step
further. A dedicated staff and technology allow us to not only
approve your loan but also provide you with a check in your hand
in 60 minutes!
Naturally, you must provide us with accurate and complete
information about yourself and the car purchase, which would
include the following:
➤
➤
➤
➤
➤ Low interest rates are usually offered instead of a cash rebate
➤ Low interest rates are only offered with large down payments
➤ Low interest rates are limited to shorter term loans
Financing Example:
COMPARE
Loan Amount
Term of Loan
Interest Rate
Monthly Payment
Total Payback
DEALER FINANCING
CREDIT UNION FINANCING
$20,000
3 years
3.99% APR
$590.39
$21,254.07
$18,000 ($20,000 less $2,000 dealer rebate)
3 years
5.99% APR
$547.51
$19,710.48
Save $1,543.59 in finance charges with FMFCU!
Before you buy your next vehicle call the Credit Union and make
sure you can afford that offer that is too good to be true!
*APR = Annual Percentage Rate
Complete Credit Application
Auto Sale Agreement
Proof of Auto Insurance
Proof-of-income
As soon as we have your signature on the loan documents, we can
distribute the check. The car that was sitting in the showroom will
be sitting in your driveway before you know it!**
**Subject to credit approval
www.fmfcu.org
MONEY
2 .T.ALKS
...
MoneyTalks.NL.8.01 9/19/01 9:16 AM Page 4
Ready to trade your
old car in for a new one?
Looking for a car for your child?
Ready to get an SUV?
Wonder how much you
could afford?
Online Applications, Calculators and Library
Whatever your question may be, the FMFCU Auto Center has the
answer! Log on to www.fmfcu.org and check out our Auto
Center. Here is a preview of some of the valuable information
waiting for you:
The Auto Center Library is filled with interesting and relevant
articles. You’ll find articles on everything from child and air bag
safety to auto repair and insurance tips. If you are in the market
for a car, don’t go shopping without checking out FMFCU’s Auto
Center. You won’t be disappointed!
Vehicle History Reports (Used Cars/Trucks)
Used cars and trucks are more expensive, competition is
expanding and consumers are demanding more information
before they make a purchase decision. Carfax will provide you
with potential problems hidden in a vehicle's past. Using Carfax’s
history service you will find answers to these common questions.
➤ How many people have owned this vehicle?
➤ Has this car been reconstructed or rebuilt?
➤ What is the mileage history of the car?
➤ What state was the car last titled in?
➤ Has the car been a manufacturer buyback (lemon)?
New/Used Auto Prices
When you are shopping for a new or used car you should have an
idea of what the “dealer invoice” is for the new car or what the
“wholesale price” is of the used car. Chrome Carbook will arm
you with that information and more.
The dealer invoice is the cost of that vehicle to the auto dealer.
The Manufacturer's Suggested Retail Price is the price that you
are asked to pay. In negotiating your price you should come as
close to the dealer invoice as possible. Chrome Carbook will
provide you with answers to these questions:
➤ What is the dealer invoice or wholesale price of a
particular auto?
➤ What are the option packages available on a particular auto?
➤ Are there any rebates or incentive packages available
on this car?
➤ Can I see a side-by-side vehicle comparison?
When you choose our online application option, you can apply
from the comfort of your home or office. As part of the online
application process, simply tell us how you want to be contacted
and we'll get back to you within one business day with a decision.
Your loan documents can be mailed to you or you can come to
one of our convenient branch locations to sign the documents and
pick up the check.
Auto Equity Loans
You’ve found that perfect car! You are about to arrange financing
with your credit union. You wish you could do a home equity loan
to have a possible tax advantage but you know you do not have
enough equity in your home. Your wish can now come true.
Franklin Mint Federal Credit Union offers an Auto/Equity loan.
An Auto/Equity is an auto loan that uses your auto and your
primary residence as collateral. So even if you only have a few
thousand dollars equity available in your home, the Auto/Equity
loan is for you. You receive the same benefits as a regular home
equity loan but you don’t have to have equity in your home that is
equivalent to the amount you are borrowing.
Other benefits include:
➤ Terms to fit your budget
➤ Potential tax benefits (consult your tax advisor)
➤ Quicker and less expensive than a regular home equity loan
➤ Conditional approval in minutes
➤ Excellent rates
➤ Automatic payment deduction
For more information, call the Member Service Center at
(610) 325-5100, stop in a branch, or check out our website at
www.fmfcu.org and click on “Auto Center” under Loans and
Mortgages. You’ll also have access to a multitude of information
related to purchasing a car.
Extended Warranty Insurance
To help protect you against the high cost of unexpected
mechanical breakdowns, Franklin Mint Federal Credit Union is
pleased to offer the AutoGuard II® Vehicle Service Contract
Program from Phoenix American Warranty Company, Inc. Once
the manufacturer's warranty expires, you have nothing to protect
you from expensive vehicle repairs. The AutoGuard II® service
contract assures that for a specified amount of time and/or
mileage, both parts and labor required for replacement or repair
of covered mechanical systems in your vehicle will be paid.
www.fmfcu.org
MONEY
TALKS
. . . . . 33
MoneyTalks.NL.8.01 9/19/01 9:15 AM Page 1
Presorted
Standard
U.S. Postage
The Credit Union of Choice!
PAID
PSB
92630
1974 Sproul Road, Suite 300
Broomall, PA 19008
New at
FMFCU,
Don’t forget to
Payment
visit our auto
center at
Shaver –
www.fmfcu.org
GET MORE
CAR WITH
LESS PAYMENT
Oh, to own the car of your dreams: great looks, a luxurious
interior, and performance worthy of the Autobahn. Well, you can
quit dreaming, because Franklin Mint Federal Credit Union now
offers a loan called Payment Shaver that can make it a reality.
This is the loan that gives you more new car for less payment
and lots of flexibility.
A smarter buy
Payment Shaver gives you all of the advantages of ownership and
the payment of a lease. Your monthly payment is based on the
difference between the purchase price of the car and its value at
the end of the loan. That way you only pay for a portion of the
car’s total cost, making your payment lower than with a
traditional loan. At the end of the loan, you can pay off the
amount due by selling the vehicle or trading it to a dealer, or you
can return it with no further obligation.* The choice is yours.
Based on a 2001
VW Beatle GLS
Conventional
Loan
Payment
Shaver
Selling Price
$17,000
$17,000
Sales Tax (6%)
$1,020
$1,020
Cash Down
(Optional)
$1,000
$1,000
Amount Financed
$17,020
$17,020
Interest Rate*
6.49% APR
6.74% APR
Residual Value/
Amount Due at
Maturity
$0
$10,504
Loan Term
60
36
Monthly Payment
$332
$258
Your payment would be reduced by $74 per month and the
term would be reduced by two years.
The figures are for comparison only. Contact a Credit Union
employee for specific terms.
Is this right for you?
If you normally get new cars every three years or so and want
more car for your payment, consider a smarter buy. Call
(610) 325-5100 for more details on Payment Shaver.
*Possible loan-end charges may apply.
MONEY
4 .T.ALKS
...
Thank you for being a member of Franklin Mint Federal Credit Union