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How About Some Money Back?

money-backFebruary 2010

As tight money times continue in 2010, how does getting some money back sound? Maybe a thousand dollars or two?

If you’re driving a vehicle financed at any other place than your credit union, money back may be closer than you think. If you financed a used vehicle some other place, a lot of money back may be in your future.

For years, credit unions have refinanced members’ car loans at other financial institutions and have saved many member an average of $1000 in interest payments.

Did you get that? Your credit union refinanced members’ loans from other institutions and cut their finance charges an average of $1000. Hundreds of members saved several thousand.

How can your credit union do this? When you finance a vehicle at many other places, you’re usually given the highest finance rate you’ll pay, not the lowest rate you could pay. The seller is looking for the biggest profit for them, not the biggest savings for you. Bingo, they make a huge profit and you throw away money. Some people call that “predatory lending.”

A good credit union does it differently.  A credit union is only sound financially as long as its owners (you) are sound financially. It’s in the interest of the credit union to help you make wise decisions and help you save money.

And it’s a very wise decision when you can save money by not paying back excess interest.

What does all this mean to you?

It means three things.

  1. If you have financed a new or used vehicle any other place than BayPort, you need to talk with BayPort about refinancing. It takes little time and no money to find out if you can save a handsome amount of money. Simply call a Bayport Member Service Representative at (757) 928-8850 or (800) 928-8801 or visit the credit union or fill out an application online.
  2. If you’re thinking about buying a vehicle right now, stop everything. Read BayPort’s one-of-a-kind car buying guide now.
  3. If you have good friends who don’t belong to a good credit union like BayPort, do them a favor, and tell them to join.

We all deal with a lot of businesses in our lives, but frankly, you’re not going to deal with many that work as hard as BayPort does to save you money. A Second Chance auto loan is a good way for you to see that concern for your pocketbook in action.

Reviewed and updated August 2014.

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