Auto Loan Center
Shopping for a new or used car is easier when you get pre-approved. We may also be able to loan you up to 100% of the vehicle's book value, which means you make no down payment!
Exclusive Credit Union Offer - General Motors and Chrysler: Invest in America Promotion
General Motors and Chrysler are offering SUPER deals EXCLUSIVELY for CREDIT UNION members! Not a member? You can belong!
And with OUCU new car rates as low as 4.49% apr, you won't find a better deal anywhere! OUCU loans have no prepayment penalties and no application fee/prepaid finance charge. Apply easily in CATS Online homebanking.
Members need to go to lovemycreditunion.org click on the GM link and follow the registration instructions. Members will need to print a Personal Authorization Number.
How used is that used car?
Members can order a VIN report at a discounted rate either for a single car history or for unlimited reports. Find out about the car's history - was it salvaged, in a flood, etc. before you purchase. Just click on the carfax link on the left.
Come see why we were the area's largest auto lender!
GAP-Low Cost Protection for High Cost Losses
If your vehicle is stolen, damaged beyond repair, or otherwise declared a total loss, you are still liable to pay the difference between the insurance settlement and your loan balance.
Ohio University Credit Union is pleased to offer Guaranteed Asset Protection (GAP) which could save you thousands of dollars. This low-cost coverage pays the difference between your primary insurer's settlement and the loan balance on items directly related to the purchase of the vehicle.
Protect your family, your car, and your credit rating with GAP protection. Contact an OUCU member Service Representative today to learn more about the benefits of GAP.
Free Annual Credit Report
www.annualcreditreport.com is a centralized service for consumers to request free credit file disclosures (commonly called credit reports). Under the Fair and Accurate Credit Transactions Act (FACT Act) consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies, Equifax, Experian and TransUnion.
This website offers consumers a fast and convenient way to request, view, and print their credit reports in a secure Internet environment. Consumers can also request reports by telephone and by mail. www.annualcreditreport.com is the only service authorized by Equifax, Experian and TransUnion for this purpose.
Please note that, as a security precaution, consumers should never provide their personal information to any other company or person in connection with requesting free annual credit reports under the FACT Act. AnnualCreditReport.com will not approach consumers via email, telemarketing or direct mail solicitations. You will not get a "credit score" with these free reports. A credit score is a complex mathematical model that evaluates many types of information in a credit file. It is used by many lenders, including OUCU, to help determine whether a person qualifies for a particular credit card, loan, or other service. A report with your credit score can be purchased through the credit reporting agencies or through OUCU's website cllick on "online services" then personal credit report.
Financial Education
"Drive Away Happy" educational unit
Car Buyers' Worst Mistakes
by Remar Sutton
How much money do you think educated car buyers can save over uneducated buyers when buying the same car? Would $5,000 get your attention?
Not long ago, I was involved in an undercover filming at a dealership where consumers paid that whopping difference on the same car. And the difference in the customers? One couple made the "big mistakes" outlined here; the other didn't. While you may not save this much money, you'll save a bunch if you avoid these classic car-buying errors.
1. Showing enthusiasm. If you act excited, the dealership sellers know they have a unique product you want. The price goes up instantly. You'll do well to keep that enthusiasm in check until you've driven home. Sneer a little if you like the car.
2. Buying in a hurry. If you buy on your first visit to a dealership, you don't have time to compare. If you say "yes" too fast, the price doesn't fall. Take your time. Be willing to walk away. The price at most dealerships falls quickly if you move slowly.
3. Giving deposits before the dealer approves your offer on a vehicle. Feel free to give a deposit, if you really want a vehicle. But don't give it until the boss has said "yes." Some dealerships use deposits to keep you there while they try to convince you to pay more profit. And you can't leave if they have your deposit -- money, a credit card, a driver's license, or your kids.
4. Being switched to leasing without doing your homework. Because dealerships make a much larger profit if they lease rather than sell you the same car, even the best dealership is going to try to "switch" you. They'll try to convince you leasing is cheaper than buying. It may be. But in most instances, it certainly isn't. If you want to lease, fine. Just don't do it on the spur of the moment.
5. Trading in your old car without knowing its value in advance. A dealership has the right to give you the least you will take for your old car. But you have a right to get the most your car is worth at that moment. To know that value, simply clean it up, and "shop" it -- try to sell it to used car departments. The highest amount you're offered for it is your car's real value right now. Don't accept less than that in trade.
Big mistakes, big bucks out the window. We like to help you preserve your money -- that's what credit unions are all about. Avoid these mistakes, and put that money to work rather than throwing it away.
Editor's note: Remar Sutton's car-buying tips have been featured on "Good Morning America," "Today," "20/20," "Nightline," and in magazines such as People, Newsweek, and Credit Union Magazine. He's President of the national Consumer Task Force for Automotive Issues. He writes this column exclusively for credit union members.
Car Shopping With Credit Problems
by Remar Sutton
Ever been a little late on a payment? Or had a spell when your payments were really late? It's happened to most of us, and you've probably worried about how payment tardiness affects your credit rating.
That's why you may notice a popular advertising campaign at new- and used-car dealerships: "No Credit? Slow Credit? Bad Credit? No Problem! Come see us, the Credit Fixers!" But don't jump in your old buggy and head to the dealership just yet. If you really care about your pocketbook and your credit standing, read on.
Why would dealers want to draw customers with bad credit? Because the dealership usually makes a lot more money on them. People worried about getting financing generally don't argue about the price of the car or the price of financing.
The result: big, fat profits--at times, thousands of dollars more profit on a person with marginal credit than a person with A-1 credit. Many dealerships even have special "hardball" sales tactics for these customers. "Make your money on the poor folks;" one sales manager said in a sales meeting, "that's why they're poor."
How do you avoid becoming a victim? Follow these steps:
- Know your credit standing before you go to the dealership. The easiest way is to apply for a loan at your credit union, and tell the loan officer what you're doing: "I'm thinking about a car, but want to know if I'll be approved." If the credit union says "yes," you're home free. If the credit union puts a condition on your approval--a larger down payment, for example--or turns you down, ask why, exactly. Ask what would get you an approval. Then do it, even if it means postponing your car purchase until you have a handle on finances.
- When you shop dealerships, don't discuss credit at all. Shop for the car as if you re paying cash, and never be rushed. Your credit union probably has good tips on shopping right. Agree on a price before talking financing.
- If you need to finance at the dealership, never finance on-the-spot. Shop financing at two dealerships, at least.
- Always go back to your credit union for a financing comparison. Your credit union may give you a dramatically lower rate than the "bad credit" lenders if you simply pay down some extra cash.
- Don't be bullied. If a dealer begins to push you around, get out of there. And tell your friends about your experience.
Don't let past credit problems make your credit even worse. Take your time, talk to the people at your credit union, and make decisions calmly. You'll get a better price and a better credit rating, too.
