CU28063-0615
Sunbelt
QUARTERLY
FOUNDED BY
MASONITE EMPLOYEES 1953
BUYER’S
GUIDE
Jul
y 2
015
Already financed
your auto loan
SOMEWHERE ELSE? You have been shopping around for a new set of wheels all month. Recently at your trusted
dealership, you test drove one of your favorite new models and completely fell in love. To put the
icing on the cake, you just found out your payment would only be slightly higher if you were to
trade up; and it’s in your budget. How could you say no?
Did you shop around for your car? Your loan? Now with more online resources than ever, the average consumer has so many auto buying
resources at their fingertips. The average auto buyer knows exactly what all the dealerships are
offering as well as what a good offer looks like, before even walking onto a lot. A 2014 McKinsey
report shows the average auto buyer only visits 1.6 dealerships, down from an average of 5
dealerships from 10 years ago. With approximately half the buying population visiting 1 dealership,
and the other only visiting 2, are auto buyers shopping to find the right loan beforehand?
Already financed your auto loan? It’s NOT too late to
save with Central Sunbelt! With our members’ best interest in mind, Central Sunbelt unveils a great new auto loan product to
help families get the very best deal, even if they already signed their paperwork!
Enter the SMART Auto loan. SMART is the acronym for Save Money And Refinance Today, which
is the perfect description for this auto loan product. Members who financed their auto elsewhere
can bring their note into Central Sunbelt and, pending approval, receive a better rate! Even if
Central Sunbelt’s rate cannot beat the current rate, we will offer 1% lower APR (down as low as
1.9% APR) with refinance.
As if that isn’t enough, members who follow through with the refinance receive up to $500 cash
(1% of loan value, up to $500) upon signing their paperwork to book their loan. This cash back
amount is given the day of issuing the loan, before members even make their first payment (this
money never has to be repaid)! Since the start of this program, Central Sunbelt has saved members thousands of dollars with
better monthly payments and interest! With all the research that goes into buying a new or used
vehicle, we like that we can put our members at ease knowing they can come straight to us for a
refinance and provide the best rate without having to shop around! Qualifying required for loan and membership. APR = annual percentage rate. Qualifying rates as low as 1.90% APR based on credit
worthiness. Cash back given upon loan closing at 1% of vehicle’s value at a maximum of $500. See branch or call for details.
Interested in financial
tips and tricks?
Visit CSFCU’s financial blog once a week for
new articles on all things financial including;
family budgeting, credit management, buying
advice, and current market trends!
www.csfcufinancial.org
REVAMPING YOUR BUDGET WHEN
MOVING TO A PRICIER LOCALE
Packing your bags and relocating to a new city can be an exciting adventure. But
if you’re headed somewhere with a steeper cost of living, it can also put a serious
dent in your checking account. There’s plenty you can do to prepare your finances
for the big move, though, such as adjusting your budget as soon as you’ve made
the decision to skip town. Here’s a look at where to get started.
TRAVELING FOR THE
HOLIDAYS?
Here is a quick checklist to make sure
you have your finances in place for
your trip!
1.
Update your cell phone on file with Central
Sunbelt. You may receive a text message
from our fraud and securities department to verify out
of state transactions. Remember to never give out
any personal information through text. The only time
CSFCU will text is to provide real time notification
and verification. We will never request you reveal
sensitive or personal data.
2.
Notify your credit union when traveling
internationally– Call Central Sunbelt and
notify them where you will be traveling out of the
country and where you will be each day of the
trip. This helps ensure CSFCU’s fraud department
takes the proper measures when foreign or local
transactions come across your account!
3. Download the Sunbelt Cloud Branch App
– Having access to the Cloud Branch App
gives you instant access to your accounts 24/7/365,
no matter where you are! App users also have
the capabilities of finding the nearest of 48,000+
nationwide surcharge-free ATMs and over 4,500+
shared branches, without even needing to log in! The quick ‘Locate me’ button not only finds what
you’re looking for, but gives GPS navigation so you
can always find the best way to get cash, even if
you’re in new surroundings.
4. Hold your mail – Don’t forget to call the post
office to make sure your mail is held for the
duration of your stay. You may receive sensitive or
important documents that should not be sitting out for
a prolonged period unattended.
5. Tell your close friends and family ONLY –
Your close friends and family may already
know you are going on a trip, but the whole town
or neighborhood necessarily shouldn’t. Do not
post specifics about your vacation on social media,
including when you will be away from your house.
While identity and personal theft can be a rare
occurrence, practicing safe measures can never hurt!
Copyright Central Sunbelt 2015
RAMP UP SAVINGS BEFORE MOVING
Start bolstering your savings as soon as you’ve made up your mind about
moving. Try to figure out how much more you might be spending on
essentials like rent and groceries in your new location. This will help you
determine how much cash you’ll need to save for immediate expenses once you
move. Your new apartment’s security deposit, for example, may equal one month’s
rent. Factor in moving costs as well, and consider getting quotes from movers to get
an accurate estimate.
FIND A ROOMMATE
Try to find a roommate to cut down on housing costs. This will be especially
important for people heading to cities with astronomically expensive rental
markets, such as New York or San Francisco. When looking for new digs, try
your best to spend no more than 30% to 35% of your pre-tax monthly income on
rent. If you need to go over that figure — and you very well might if you’re headed
to a large city — cut back on other nonessential expenses, like eating out and
shopping trips.
SAVE MONEY WHENEVER POSSIBLE
As you’re settling in to your new hometown, take advantage of deals and
discounts whenever possible. If you use public transportation, consider getting
a monthly or annual pass. Pack a lunch instead of going out, and brew your own
coffee. Ask yourself whether you really need a gym membership, or whether walks
or jogs around your new neighborhood would suffice. These kinds of money moves
may not sound like much, but they may help you keep things affordable.
THE BOTTOM LINE
Moving to a new city may require quite a few adjustments. Of those changes,
reconfiguring your budget may be one of the most important. That doesn’t mean
that it has to be the most difficult, though.
Saving up in the months leading up to your relocation, finding a roommate and
cutting back on unnecessary expenses wherever possible are great places to get
started. You’ll be able to kick back and enjoy the change of scenery in no time.
Produced by NerdWallet
IMPORTANT DATES!
MARK YOUR CALENDAR
CENTRAL SUNBELT SHRED DAY
Local residents can shred your old
documents for free!
July 11, 9 am to 1 pm
1506 Congress Street, Laurel
PINE BELT WOMEN’S EXPO
Local businesses are coming together to
celebrate you!
August 22, 10 am to 3 pm
Lake Terrace Convention Center,
Hattiesburg
LAUREL DOWNTOWN MOVIE NIGHT
Enjoy a free movie every Thursday in
Downtown Laurel
Every Thursday at 8 pm throughout July
Pinehurst Park, Laurel
BANK ON HATTIESBURG
CSFCU and other local institutions work
together to help the local community in
need of financial support. Stay tuned to
CSFCU’s financial blog
(csfcufinancial.org) for more information.
HOLIDAY CLOSINGS
INDEPENDENCE DAY
Friday, July 3 & Saturday, July 4 - Closed
LABOR DAY
Monday, September 7 - Closed
BUYING A CAR
THE BASICS
If you finance a car purchase, you’ll start building equity in the vehicle
as you make payments. Equity is the car’s market value minus the
amount owed on it. Once the loan is paid off, your equity interest will
equal its resale value. A lender may require a down payment of 10%
to 20%, and other upfront costs may be steeper than for a leased car.
PROS OF BUYING
•
HOW TO DECIDE
WHETHER TO BUY OR LEASE A CAR
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CONS OF BUYING
Considering a new car? You’ll probably need some type of financing
to make that happen. Find out whether it makes more sense to lease
than to buy your next ride.
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LEASING A CAR
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THE BASICS
Leasing is basically a long-term rental. Lease payments only cover
the difference between the car’s price (minus a down payment) and
its estimated value when the lease ends. Upfront costs can include a
refundable security deposit, first month’s payment, registration, taxes
and fees. You also pay for a set number of miles to drive. Financing is
generally done through a dealer.
PROS OF LEASING
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Because you’re not financing the full price, leasing a more
expensive car might cost less per month than buying the vehicle.
Cars are usually under a manufacturer’s warranty through the
entire lease.
Basic maintenance is often fully covered.
Sometimes no down payment is needed.
You don’t have to worry about selling the car.
A lease may lock in a purchase price if you prefer to keep the
car when the term ends.
A lease can provide tax advantages.
CONS OF LEASING
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You must return the car at the end of the lease, unless you prefer
to buy it outright.
Any major, irreversible car modifications usually aren’t permitted.
Miles driven are typically limited — often to no more than
12,000 a year — and costly fees usually apply to any excess.
Stained or torn seat coverings, paint scratches or dents could result
in charges for excessive wear and tear.
Ending a lease early may cost almost as much in earlytermination fees as finishing the term.
Insurance can be more expensive since coverage of the difference
between the car’s value and the amount owed on it is required.
Once the loan is paid off, you can drive for years with no
payments.
There’s no financial penalty for driving too many miles a year.
You can customize or modify the car as desired.
No concerns about charges for every spill or ding.
Insurance costs may be lower.
You can sell the car any time without a penalty.
You may not be able to afford as much car for your financing dollar.
A larger down payment may be required.
Long-term resale value is uncertain, and the amount you owe
could at times be higher than the car’s value.
The eventual hassle of selling is your responsibility.
Maintenance expenses are all yours.
Any wear and tear or excessive use reduces the car’s resale value.
THE BOTTOM LINE
Those who don’t mind never-ending car payments and crave a
new ride every few years might prefer leasing. On the other hand,
buying suits those who don’t want to make payments forever, those
who log more miles on their car than a lease would typically allow
and those who don’t mind driving an older car after a few years.
Ultimately, whether it’s best to buy or lease depends on your personal
preferences and financial situation.
Produced by NerdWallet
Member Notice:
Central Sunbelt’s Bonus Cash Rewards
program is being discontinued
As of 7/31/2015, CSFCU VISA Platinum and Debit cards
will no longer earn points. Members will have up until
10/31/2015 to redeem your points earned. Visit
www.sunbeltfcu.org/bonuscash to log in, review and
redeem your points before they expire!
Stay tuned for new service benefits we look forward to offering
our membership.
Loan Application Fee Update
All loan products with the exception of share secured loans will
require a $15 loan application fee. This application fee will be
refunded upon approval and disbursement of loan funds.
A QUARTERLY PUBLICATION OF
CENTRAL SUNBELT FEDERAL CREDIT UNION
MA IN OF F I C E
1506 Congress Street | Laurel, MS 39440
Fax 601.649.4611
S AW MILL R OAD
734 Sawmill Road | Laurel, MS 39440
Fax 601.425.9955
L IN CO L N R OAD
1857 Lincoln Road | Hattiesburg, MS 39402
Fax 601.261.5596
W E S TO V ER DR I V E
112 S. Westover Dr. | Hattiesburg, MS 39402
Fax 601.264.0474
MCC OM B
1417 Aston Avenue | McComb, MS 39648
Fax 601.684.6278
WAY N E S BOR O
345 Central Road | Waynesboro, MS 39367
Fax 601.509.1075
The Purchasing Power
OF A STRONG CREDIT HISTORY
Everyone, from college students to recent immigrants, is likely to need the purchasing power a solid
credit record conveys. And if you’re married, but all credit is in your spouse’s name, you definitely
should establish your own credit history. Three national credit bureaus--Experian, TransUnion, and Equifax--track your financial behavior, so
it’s important to pay your bills on time. Any delinquencies appear on your individual credit report, as
does positive payment information. You’re entitled to a free copy of your credit report from each of the
three bureaus annually, and you can request copies at annualcreditreport.com. When deciding whether to grant credit, lenders may use credit scores calculated from the information
in your credit report. Some employers and landlords also check credit scores when evaluating
applicants. Your credit score is a number assessing the likelihood that you’ll pay back debt. The
higher the number, the better; a high score indicates low risk of nonpayment while a lower score
indicates higher risk.
If you don’t yet have a credit history, start by opening a savings and checking account at Central
Sunbelt. Show that you can handle your accounts responsibly, then apply for a small loan. You also might put your rent and utilities in your name--and be sure to pay on time. Make loan
payments on time as well, and pay department store or gas card bills in full monthly. Each of these
strategies will raise your credit score, and soon you may qualify for a credit card. If you have a multitude of loans or credit cards with balances, contact
Central Sunbelt and ask about a consolidation loan. Consolidating your loans to one easy payment won’t just
help you save and budget, but can help your credit by
paying off or paying down your high balance cards or
other open personal loans.
Copyright 2010-2015 Central Sunbelt FCU and
Credit Union National Association Inc.
Information subject to change without
notice. All other rights reserved.
H O U R S
Hattiesburg, Laurel, & Waynesboro
Business Hours:
Monday - Thursday | 8:30 a.m. to 4:30 p.m.
Friday | 8:30 a.m. to 5:30 p.m.
Saturday: Lobby | 9:00 a.m. to 12:30 p.m.
(excluding Congress Street and Waynesboro offices)
Drive-Thru Only | 9:00 a.m. to 1:00 p.m.
(excluding Waynesboro office)
McComb Business Hours:
Monday - Thursday | 9:00a.m. to 5:00p.m.
Friday | 9:00a.m. to 5:30 p.m.
IMP O R TA N T N U M BE R S
M E M B E R S E R V I C E S 601-649-7181 • 855-786-2228
Option 1: Sunny 24/7 Audio Teller / Check
Verification
Option 2: Member Services Department
Option 3: Lending Department
Option 4: Branch Location Information
Option 5: Fraud Department
Option 6: Financial Counseling
www.sunbeltfcu.org
Your Privacy Policy is up
to date and available for
download online or at your
nearest branch.
Y O UR V O LU N T E E R S
DIRECTORS
Dale Wood,
CHAIR
Chris Diabin, V I C E -C H A I R
Kaye L. Ray, S ECR E TA R Y / TR E A SU R E R
Edwin Todd | Joe Hancock
Thomas I. Williams | Robert Dearman
AT
PARTICIPATING
LOCATIONS
SUPERVISORY COMMITTEE
EQUAL HOUSING
LENDER
Qualifying required for financing.
APR = annual percentage rate.
Jolynda Moorer,
CHAIR
Susan McCall | Dusty Holifield | Tracy Parker
©CUAdvantage.com • 877.799.0784