LAFCU
S p r i n g Q u a r te r • A p r i l 2 0 1 7
A quarterly publication for members of Los Angeles Federal Credit Union
www.LAFCU.org
Send Your Vehicle Savings Through the Roof
WHAT’S INSIDE
pring into a new ride and we’ll send your savings through the roof. Rates from 1.99% APR,* up to 125%
financing,** low monthly payments and up to 84-month terms are all up for grabs. Shop and compare all types
of makes and models with the AutoSMART app, offered through our credit union partner, or save time with a
personal auto shopper at our Auto Buying Service. Check your mail in April for a pre-approval mailer, or if you
have an existing vehicle loan with another lender, possibly lower your rate by refinancing with us.
2017 LAFCU Board Announced
at Annual Meeting.................................... 2
Insurance & Loan Protection
Go Big and Go Home.............................. 3
Before you sign on the dotted line, take steps to protect your
new car with Mechanical Breakdown Insurance, Guaranteed
Auto Protection, and TruStage auto insurance. These options
include coverage for you and your family in the event of a car
accident, loss of income, or unexpected life event.
Tax-Saving Planning Tips for 2017........... 3
S
We’ll Drive Down Your Vehicle
Loan Payment........................................... 2
Did You Know?......................................... 2
Splurge Without the Guilt
Visa® from 7.49% APR.............................. 3
2016 Annual Report Excerpt................... 4
Helpful, Quick Loan Service
Long-time member Jemima M. recently praised the quick
turnaround she received from our attentive staff while
applying for a vehicle loan. “I just got a car loan and the staff
provided me with exceptional customer service,” she stated.
“I got my loan processed in a matter of minutes. The staff are
very friendly, and most of all, helpful.”
Continued on page 2
YES! Personal Loans at Only 8.9% APR*
B
reak the chains of financial bondage and live in
freedom when you consolidate at 8.9% APR.*
Our low, fixed rate will help you combine your
overwhelming bills into one manageable
monthly payment, giving you a chance to
breathe. Loans up to $4,800 are available
for members who qualify. Hurry and
apply now, as this special rate is only
available from June 1 through July 31,
2017. For details, visit our website or
apply online.
Mobile-Friendly Loan & Member
Applications Are Here
A
pplying for a loan and membership is now as easy as grabbing your
phone. Instead of calling or visiting a branch, you can apply 24/7 for
membership, additional products and most loans from LAFCU’s mobilefriendly website. Visit www.LAFCU.org to apply for a personal unsecured,
real estate and vehicle loan, Visa® credit card, or LAFCU membership.
The applications feature short, easy, fill-in style forms that
enable you to snap photos of ID cards, paystubs and
other documents. Loan approvals include a follow up
call from one of our loan representatives.
*APR = Annual Percentage Rate. Loan terms from 24
to 48 months. Loan proceeds may not be used to pay
off other LAFCU loans; otherwise, the regular personal
loan rate in effect at that time will apply. All loans
are subject to normal credit-granting criteria. Other
conditions may apply. Offer is subject to change without
notice. You must be a member of LAFCU to obtain
credit. Regular rate is 12.00% APR, and the loan rate is
based on the term, collateral, down payment, account
relationship, credit history and credit score. Rate cannot
be combined with any other promotional rate offer.
Reduced rate expires 7/31/17, and you must apply by
6/30/17.
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2017 Board Announced at Annual Meeting
T
he results of the
2017 LAFCU Board
of Directors selection
were announced at
the Annual Meeting
on Tuesday, March 28
in the LAFCU LA Mall
branch boardroom.
Offices 4, 5 & 6 were
each up for three-year
terms, and office 9 for
a one-year term. Each
person was reelected
by acclamation since no petitions were submitted by the November 25, 2016
deadline. The incumbents and their office numbers were: 4. Cliff Cannon (Vice
Chairman), 5. Stan Horwitz (Director), 6. Maggie Whelan (Director), and 9.
Abe Rasheed (Director). The Board of Directors is responsible for determining
LAFCU’s strategic direction and overall policies. Board officials and the Credit
and Supervisory Committee members volunteer their time.
At the monthly Board meeting following the Annual Meeting, the Board
elected to keep all Board positions the same for 2017-2018. In the above
photo are (front row, l to r): Vice Chairman Cliff Cannon; Chairman Joe
Quan; Treasurer Roslyn Carter-Phillips; and Secretary Terry Manocchio.
Board Directors are (back row, l to r): Jerry Waggoner, Maggie Whelan, Abe
Rasheed, Denise McGee and Stan Horwitz. At the meeting, the Board also
appointed members of the Credit and Supervisory committees.
DID YOU KNOW?
Seeking Scholarship Entries
We are still accepting applications for the 2017 Jack C.
Mathews College Scholarship competition. High school
seniors and current college students with a 2.5+ GPA planning
to attend college in the fall are eligible. Nine individual $1,000
educational grants will be awarded to selected recipients.
If you are not yet a LAFCU member and are under age 18,
ask your parent or guardian to open your membership prior to submitting
an application. Applications must be received by April 30, 2017, and winners
will be notified by May 15. For the application and rules, visit our website and
search “scholarships.”
In Debt? We Can Help
If you’re drowning in debt, we offer various programs to get
you ashore and back on track. “Debt consolidation” helps
you combine bills into one manageable monthly payment.
“Step-by-step” can stop creditors from calling you, so can
pay off delinquencies, loan proceeds are sent directly to your
creditors, then payments are automatically made through
payroll deduction or direct deposit. For details about these programs, call us.
Turn Your Kid into a Money Genius
Got a son or daughter who needs to understand money
better? We’ll turn them into a mad money genius with our
Cash Rules Financial Literacy Program. Our youth accounts,
classroom presentations and scholarship program teach
young people the basics of money management, including
how to budget for expenses, save for large purchases and
stop using parents as an ATM. To help offset the increasing cost of education,
student loans for students and parents, including loan consolidation, are also
available. For details, visit our website and search “financial education” and
“scholarships.”
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We’ll Drive Down Your Vehicle
Loan Rate Payment
T
urn up the turbo boost of savings when you refinance your existing
vehicle loan rate from another lender with us. Because our
vehicle loans are so low, we’ll drive down your rate
and monthly payment enabling you to
pay your loan off sooner. Ask us
about our vehicle refinancing
options today or apply on
our website.
Send Your Vehicle Savings Through the Roof
Continued from page 1
*Annual Percentage Rate: As of 3/1/17, the approximate payment per $1,000 borrowed is about $22 monthly
for a new or used vehicle at 1.99% APR for 48 months, or $15 monthly for a new or used vehicle at 3.25% APR
for 72 months, a credit score of 750 and above with 100% financing. No other discounts can be used with
the 1.99% APR rate. If you opt for and are approved to have any payments delayed, interest will accrue on
the loan balance and payment deferrals may result in extending the loan term. Rates are based on the term,
collateral, down payment, account relationship and credit history. All loans are subject to credit-granting
criteria. Rates, terms, and conditions are subject to change without notice. You must be a LAFCU member to
obtain credit. Ask us for details.
**For qualified borrowers with a credit score of 680 and above.
Electronic Tax Refunds Made Easy
To get your tax refund automatically deposited into your
LAFCU account, make sure that: 1) the LAFCU account number
on your tax return is the same account into which you want the
refund deposited; 2) the names and Social Security number on
your tax return are exactly the same as those on that account;
and 3) LAFCU’s routing number 322078370 is written on your
tax forms. If these items are incorrect, the deposit will not be made, and you
will be mailed a paper check from the state or federal government. For tax
refund status information, contact the Franchise Tax Board at (800) 852-5711, or
the IRS/US Treasury at (800) 829-1954 or www.irs.gov. Note: IRS forms 1098 and
1099 were mailed to LAFCU members before January 31, 2017.
Exclusive Discounts with Love MyCURewards
Everyone loves to save, especially on products and services
you use every day. That’s what Love My Credit Union Rewards
is all about. Members from hundreds of credit unions
nationwide have saved $2 billion in discounts from valued
partners through this rewards program. You can save too with
valuable discounts from these partners:
• SPRINT: $100 cash with every new phone line switched to Sprint. Current
customers get $50 for each line transferred. Plus, a $50 loyalty reward every
year for each line.
• ADT: Get an exclusive smoke communicator and a $100 gift card with a new
ADT-monitored home security system.
• “LOVE TO SHOP”: Shop and get cash back at 1,500 online retailers.
You receive these offers and more just for being a member of LAFCU. For a
complete list of discounts, visit www.lovemycreditunion.org
*Activation Fee: Up to $30/line. Credit approval required. Sprint Credit Union Member Cash Rewards: Offer
Ends 12/31/2017. Available for eligible credit union members and member employees (ongoing verification).
Tax ID required to establish business account. Switch to Sprint and receive a $100 cash reward for each new
smartphone line activation. Requires port-in from an active number (wireless or landline). Existing customers
receive a $100 cash reward for each new smartphone line activation and/or a $50 cash reward for each
smartphone line transferred to program. For additional details, visit http://www.lovemycreditunion.org/
SprintCreditUnionMemberCashRewards.
Go Big and Go Home
D
o you need to go bigger on a new home to accommodate your growing family and lifestyle? We offer
competitive, fixed rates on real estate loans, up to 80% financing minus liens and a free 40-day rate lock.
Already a homeowner? Go even bigger with savings each month by refinancing or opening a Home Equity Line of
Credit with rates from 1.99% APR.*
FHA and VA Loans Available
If you’re a veteran or moderate-income earner, take advantage of our FHA and VA loans** which feature a
significantly reduced down payment. Offered through our partner Community Mortgage Funding (CMF), FHA
and VA loans only require a minimum down payment of 3.5%. In addition, the seller may contribute up to 6% of
the sales price, including closing costs, and gifts can fund up to 100% of down payment and closing costs.
Special Offer:
Now through June 30, 2017, if you open an FHA or VA loan through CMF, you will receive a $350 closing credit. To
apply for a real estate loan, real estate refinance, FHA or VA loan, visit our website and search “real estate loans.”
*APR = Annual Percentage Rate. The 1.99% APR is an introductory rate only for the first six months after a new variable-rate Home Equity Line of Credit
(HELOC) is opened at Los Angeles Federal Credit Union (LAFCU). LAFCU’s “V.I.P.” discounts do not apply. The HELOC program is for single family, owneroccupied residences. Loan-to-value is up to 90% based on a LAFCU appraisal minus any liens. Minimum loan amount is $5,000. Other conditions may apply;
some restrictions may apply. Offer and rates are subject to change without notice. All loans are subject to normal credit-granting criteria. Payment example:
when making minimum payments and taking no other credit advances, it takes 140 months to pay-off a $10,000 credit advance at 6.0% APR with monthly
payments of $100, and total interest paid of $4,000. If refinancing a current LAFCU HELOC, you must qualify for an additional $5,000 to your line of credit to
qualify for the 1.99% APR. You must be a LAFCU member to obtain credit.
**To qualify for a Federal Housing Administration (FHA) loan, you must meet certain income, and FHA-related underwriting requirements. To qualify for
a Veterans Affairs (VA) loan, you must present a Certificate of Eligibility that establishes your record of military service, along with meeting standard VA
underwriting requirements. All loans are subject to credit approval.
Tax-Saving Planning Tips for 2017
S
tart your 2017 tax planning by considering these three ways to lower your taxable income:
donate to your favorite charity, establish a health savings account to pay for healthcare
expenses, and consider gifting such as charitable gifts or gifts to a spouse without triggering
the gift tax.
To reach your financial goals, call Steven Liang, our CFS* Investment Advisor, at (877) MY
LAFCU (695-2328) ext. 6375 or email him at [email protected].
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer
(Member FINRA/ SIPC) and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise
federally insured, are not guarantees or obligations of the credit union, and may involve investment risk, including possible loss of
principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit
investment products and services available to credit union members.
Splurge Without the Guilt…Visa from 7.49% APR
W
hen you open a low-rate Visa® credit card with us, you’ll enjoy the freedom to splurge lavishly knowing your
payments will be low. Rates start at 7.49% APR* and we charge no annual fee and no transaction fees.
Depending on the card, you’ll receive a 0%** introductory rate for the first 6 or 12 months, and multiple
benefits like online statements, the Design Your Own Card Service and emergency card replacement.
Our cards include Platinum (lowest APR), Cash Back Platinum (cash back rewards), Signature
Rewards Platinum (CURewards points), and Triple Rewards LA Platinum (CURewards points for
shopping in LA). In addition, all cards let you set up free e-Mail or text message notifications
whenever certain transactions occur (registration required). Ask about our Verified by
Visa and Visa Checkout services which make online shopping safer.
*Annual Percentage Rate. All cards have no annual fee, and the variable rates range from 7.49% to 18.00%
APR. Rate and rewards apply to Signature Rewards Platinum and Triple Rewards L.A. Platinum cards only.
0% is on purchases made during the first 90 days after the card is opened. At the end of the 12-month
“Introductory Period” for the Signature Rewards Platinum card, your entire Visa card balance reverts
to the regular APR for which you originally qualified. At the end of the 6-month “Introductory Period”
for the Triple Rewards LA Platinum card, your entire Visa card balance reverts to the regular APR for
which you originally qualified. All credit lines, rates, terms and conditions are subject to normal
credit-granting criteria and are subject to change without notice. There is no grace period for cash
advances; interest is charged from the date of transaction. The grace period for repayment of
balances is 25 days, and the late payment rate is 17.90% APR. You must be a member of LAFCU
to obtain credit.
** At the end of the 12-month “Introductory Period,” your entire Visa card balance reverts to
the regular APR for which you originally qualified. 0% is on purchases made during the first
90 days after the card is opened by LAFCU.
3
2016 Annual Report Excerpt
L
AFCU had another excellent year. The consolidated balance sheet and income statement below summarizes LAFCU’s financial performance for the
year 2016 compared to 2015. To view the complete, audited Annual Report, visit our website and search “annual report.”
CLOSED BRANCH DAYS
Autism Speaks fundraising (7am to Noon, Rose Bowl)...............................Sat. 4/29
Memorial Day..........................................................................Sat. 5/27 & Mon. 5/29
American Red Cross Blood Drive (9am to 3pm, Glendale corp. office)... Wed. 6/7
Independence Day.......................................................................................Tues. 7/4
SEMINARS
COMMUNITY EVENTS
Medicare Seminar (noon-1pm).................................................................. Wed. 4/26
Big Bunny Event (10am to 6pm, LA Zoo).....................................................Sat. 4/15
(at LA Mall Branch)
Festival of Books (10am to 4pm, USC).................................... Sat. 4/22 & Sun. 4/23
LAFCU Assets............................................................................. $891,600,000
(as of 2/28/17)
P.O. Box 53032 • Los Angeles, CA 90053
(877) MY LAFCU (695-2328)
www.LAFCU.org • Main Fax (818) 242-5812
Board of Directors: Phone ext. 6446, e-Mail: [email protected]
Info During a Disaster: (866) 820-9804
Branch Hours (except LA Mall): 9am-5pm Mon. to Thur., 9am-6pm Fri., 9am-1pm Sat.
LA Mall: 9am-5pm Mon. to Fri. and 8am-5pm LA City Payday Weds.
• Cerritos: 11306 South Street
• Culver City: 3850 Culver Center Drive
• El Monte: 9204 Flair Drive, Suite A
• Gardena: 1352 West Artesia Blvd
/LAFCUfanpage
@LAFCU
• Glendale: 300 South Glendale Ave
• LA Mall (Downtown LA): 201 N. Los Angeles St., Space 201
• Van Nuys: 6411 Sepulveda Blvd, Unit 1-R
/LAFCU
/LAFCUmktg
INFORMATION REQUEST: Send a secure, encrypted e-Mail from our website by going to “Contact Us,” then make a selection on the drop-down menu.
Or, send a letter to our P.O. Box, fax us at (818) 242-5932, call us any time, or visit a branch during business hours.
Board of Directors
Chairman........................................Joe Quan
Vice Chairman................................Cliff Cannon
Treasurer.........................................Roslyn Carter-Phillips
Secretary........................................Terry Manocchio
Director...........................................Stan Horwitz
Director...........................................Denise McGee
Director...........................................Abe Rasheed
Director...........................................Jerry Waggoner
Director...........................................Maggie Whelan
Credit Committee
Chairman........................................Mei Yee
Member..........................................Clifford Eng
Supervisory Committee
Chairman........................................Steve McDiffett
Secretary........................................Sheldon Miller
Member..........................................Raul Valdivia
Member..........................................Jeffery Whitmore
LAFCU membership is open to all eligible Southern California residents. You must be a LAFCU member to obtain credit or to use our services. For other
disclaimers, visit our website and search “notices” or disclosures.
032017-MP-49K
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