Category Archives: Guest Post

Indirect Lending: Know Before You Go

Have you ever heard the term “Indirect Lending”? If you’re shopping for a new car or truck, and heading to the dealer, it’s a good idea to understand exactly what indirect lending is, and how it can affect your purchase. Our Lending Supervisor, Callie Gibbs answers a couple of questions about this common dealer lending practice and gives some tips on what you may want to watch out for…

Q. What is Indirect Lending?
A. Indirect lending means that the dealer finds your financing for you. Your general application information is sent to several different credit unions for approval. This can mean several inquiries on your credit report, as well as your personal information in the hands of several institutions. The financial institution that ends up “buying” your loan then pays the dealer for that loan; generally, 2% or more of the loan amount.

Q. How does Indirect Lending differ from lending at USAgencies?
A. At USACU, we already know you. We will decision your loan request based on you, not just the numbers. Our loan officers can give you information about what to look for when shopping, the best rates available to you. We will also advise you on the amount to spend so that you don’t get in over your head and have buyer’s remorse. Your credit union doesn’t feel we should have to buy your loan; we want to earn your loan.

Q. What kinds of things should you watch out for with Indirect Lending?
A. The biggest concern with indirect lending is that the dealer is allowed to add on thousands in products. This can sometimes cause you to finance 130% or more of the value of the car.

Q. What’s better than Indirect Lending?
A. A USACU AutoCheck! With an AutoCheck, you’ll know how much you are approved for before you start shopping, so you won’t overspend, you’ll know the book value of the vehicle you’re looking for so you’ll be sure that you’re getting a good deal, and you’ll avoid sitting in a chair at the dealer for hours dealing with the “dealer finance guy” that your salesperson has to keep checking with. You just make the deal, complete and sign the AutoCheck, and drive off- it’s that easy! Basically, it will save you time and money… and who doesn’t want more of that?



For more Q & A with Callie, you can contact her directly:

Callie Gibbs, Lending Supervisor, USACU

Callie Gibbs
Lending Supervisor
Certified Financial Counselor
cgibbs@usacu.org
(503) 275-0312

 

Auto Solution: They Shop, You Save

The holiday season is here and with it comes the never-ending to-do list. This time of year, we know that your time is even more precious. If you’re currently shopping for a car and you’d like to save both time and money, why not try our trusted auto broker– Auto Solution?

Auto Solution is an auto-buying service available for USACU members that is dedicated to the elimination of any and all hassle in the auto-buying process. They’ll locate the vehicle you want from their dealer network and negotiate on your behalf. They can often find you vehicles at or near dealer invoice or wholesale to you save big!

Here’s a quick Q & A with Mark Loebner, owner of Auto Solution, on how they can help save you time, money… and maybe even give you a warm fuzzy feeling this holiday season.

Q. What does Auto Solution do, in a nutshell?
A.
In a “nutshell” we help members purchase new and used vehicles without hassle, and help provide them with financing from their Credit Union. With access to nearly 1,000 dealerships and a helpful staff that is here to guide you along the way, we’re happy to help with your next car purchase.

Q. How long have you been in this industry?
A. 
We have been providing new and used auto buying for Credit Unions for about 25 years in the Pacific Northwest.

Buy an Auto Solution vehicle, and donate a bike to a child in need.
Donated bike in USACU lobby.

Q. What does the auto-buying process look like?
A.
It’s a good idea to get pre-approved with USACU first, so that you know what kind of budget you’ll want to stick to. Next, you’ll work with an auto buying expert from Auto Solution who will learn all about your vehicle needs and budget. Auto Solution will then locate the vehicle you want from its dealer network and call you back frequently within a couple of hours! We’ll negotiate with the dealer to get you the best price we can (often near wholesale) and then deliver your vehicle straight to your home or credit union branch. Oh, and we take trade-ins too!

Q. Tell us about the kids bikes promo going on now.
A.
The kids bike promotion is done every year, and when a member purchases a vehicle, the Credit Union and Auto Solution purchase a new bike and it is given to a local charity prior to Christmas.

It is a great feeling to wake on Christmas morning knowing 50-60 children from under-served families are seeing their new bike for the first time!

Q. Favorite member story?
A.
As far as a member story, there are many of them, but one that stands out was a member who came all the way down from Sitka, Alaska to get his new truck drive it back home (and brought us 50 lbs. of bear meat!).

We love what we do and members love our service!

Questions?

Contact our lending department to learn more about how Auto Solution can help you:
Local: (503) 275-0300, ext. 2
Toll-free: (800) 452-0915, ext. 2
Email: loans@usacu.org

Ready to shop?
Get pre-approved with USACU first, then
Browse some of Auto Solution’s inventory (or call 503-238-2429)

ENGLISH insurance label

The Benefits of Volunteering

From our friends at Idealist.

(It really is okay to ask, “What’s in it for me?”)

Volunteering can be far more than simply doing a good deed.

In fact, volunteering can be a great way to develop skills, learn more about career options, make friends, garner new professional contacts, get exercise, spend time outdoors/with animals/with kids, or even just shake up your routine.

Yet volunteers rarely speak of the benefits of volunteering to themselves — maybe it feels a bit too self-centered, or too far from the altruistic vision of the selfless volunteer.

But who says that doing good and enjoying yourself while meeting your own personal/professional goals can’t happen at the same time?

Part of finding the right volunteer opportunity is being honest about what you hope to learn and accomplish.

If in the process of meeting your personal and professional goals, you are also serving as an effective volunteer, helping to meet the goals of your particular volunteer project or role, and/or helping to move an organization’s mission forward, it’s a win-win situation.

Personal and professional benefits of volunteering

With that in mind, here are some of the personal and professional benefits one can gain from volunteering:

Skill development
Always wanted to learn about sustainability and conservation methods? Have experience creating podcasts and would like to try using them as an advocacy tool for a nonprofit? Volunteering helps you learn new skills, keep skills sharp, or use existing skills in new ways.

Career exploration
Regardless of your age or career level, volunteering will introduce you to new professional paths.

Volunteering can be an excellent way to learn more about a particular role or sector (particularly if you are coming from a for-profit job and hoping to switch to non-profit or government), workplace or office culture, or cause.

Also, never underestimate the power of networking; volunteering offers the opportunity to cross paths—as well as, in many cases, quickly bond—with people from across your community, including many with whom you may otherwise not have had contact.

Personal growth
Lifelong learning includes hands-on experiences as a volunteer which can teach you about issues ranging from adult literacy to public health to animal welfare.

Need a break from your day-to-day life? Recharge by walking dogs, playing basketball with kids, or taking tickets at a film festival. Need to work off some stress? Consider some of the more labor-intensive roles like helping to remove invasive species or chopping out non-native trees and bushes.

Lastly, don’t forget that sometimes it just feels good to be valued; as a volunteer you can contribute unique skills, experiences, and perspectives. For example, you might be great at using online sites like MySpace and Facebook.

Many organizations are looking to branch out into social networking to help connect with new audiences; as a volunteer, you can be the in-house expert to get them started.

Socialize
In addition to professional networking, volunteering can be a fun, meaningful way to make new friends. New to the community? Looking to branch out socially? Simply looking for something to do with new people? Volunteer and get to know others who care about the same issues that you do.

Have an impact
Last but most certainly not least, volunteering is one of the best ways we know of to make a difference in your community. Whatever your passion, however you get involved, volunteering offers a way to have a real and lasting impact on the world.

 

Did you know you can become a volunteer at your favorite CU?

It’s true–USACU is guided by a group of Volunteers! If you’d love to join in and help set the tone at one of the best member-driven cooperative credit unions in the Pacific Northwest, click here to learn more.

Interested, but not sure you’re ready to become a full-fledged Volunteer? Check out our Associate Volunteer program.

Questions?
Call: 503.275.0300

Click: info@usacu.org

Freshen Up Those Finances for Spring

Give Your Finances a Checkup This Spring
Spring brings showers, flowers and an urge to tidy up. When you dive into spring cleaning this year, don’t forget your finances. Here’s how to give your money a thorough checkup to prepare for a great summer and beyond.

Check the health of your credit report
By monitoring your credit regularly, you can identify problems early. Go to AnnualCreditReport.com to get your free annual report from each of the three national credit bureaus, Equifax, Experian and TransUnion. Your credit score is not on your credit report, but what’s on your report influences what your score is. You can pay to see your score for a small fee.

Some financial institutions, like USAgencies Credit Union, will connect members with free financial counseling. They can discuss things that may be affecting your credit standing, as well as look at whether options such as consolidating debt or refinancing your home might be worthwhile.

Bolstering an anemic credit score
To bolster credit, take steps to clear demerits on your reports. Dispute errors and contact creditors to see whether they’d be willing to make “goodwill adjustments” to remove legitimate blemishes in return for paying a balance in full.

Another strategy for rebuilding credit is taking out a secured credit card. With a secured card, you deposit enough money to cover the limit you’re applying for, and your financial institution keeps that amount on hold for as long as you have the card. A secured card lets you establish a record of responsible credit use — boosting your credit standing in the process.

Tackling costly debt
High-interest debt from credit cards and loans can spiral out of control. To lower interest rates and reduce monthly payments, look into debt consolidation, which combines debt from multiple sources into a single loan. Choose from several solutions including home equity loans and lines of credit as well as personal loans.

With mortgage rates still near historic lows, those holding older mortgages might also benefit from refinancing to get a lower-interest loan.

Tuning up your credit score and tidying up your debts can refresh your finances. Before you know it, your budget will be in healthier shape, and you’ll be able to afford more summer fun.

Roberta Pescow, NerdWallet
© Copyright 2016 NerdWallet, Inc. All Rights Reserved

Questions about how USACU can help you freshen up your finances for spring? Contact us.

 

5 Steps to Safeguard your Financial Data from Thieves

Most people leave a trail of data nearly everywhere they go.

Some of that data links to critical information, such as bank or credit card accounts. Hackers want access and are constantly deploying new tactics to steal that data from unsuspecting consumers.

You don’t have to make it easy for them. These five simple steps can help you protect your financial information from data thieves.

1 > Use Secured Networks and Websites
The majority of Americans shop online, and data thieves try to exploit that fact. You can help protect your bank and credit card accounts by sticking to secured websites, which typically include “https” in the Web address and display a locked padlock icon near the address. When using a wireless network outside your home or workplace, avoid making financial transactions unless the network is password protected.

2 > Beef Up Your Passwords
Make it harder for hackers to access your data by choosing complex passwords that include a mix of numbers, letters, and symbols. Steer clear of passwords that use personal information, such as your birth date or address, and avoid using the same password across multiple sites or accounts. Tools such as LastPass and PasswordBox will generate a random password for each site, store them securely, and automatically fill them when you log in to a site, so you only need to remember one password.

3 > Protect Your Phone
A stolen smartphone could be as risky to your finances as a stolen wallet, especially if you use mobile apps to manage your finances. So, while you’re strengthening the passwords you use online, consider doing the same on your phone. Some newer handsets are now equipped with fingerprint scanners, which could give you an added level of security if your phone is swiped.

4 > Be Smart at the ATM
Getting cash from an ATM is a fairly routine transaction. Many people insert their card, enter their personal identification number, or PIN, and take their money without giving it much thought. Doing so could put you and your money at risk, though. Before using a cash machine, check your surroundings, and the ATM’s card reader and PIN pad, for anything suspicious or unusual. If something seems amiss, it might be wise to find another machine.

5 > Upgrade to an EMV Card
Many card issuers are upping their security game by adding microprocessors to newly issued cards. Know as EMV chips, the devices create a unique code for each transaction with a given account, making it harder for hackers to steal your data or skim it from a card reader. Even if a hacker does get your account information, it’s virtually impossible to copy your card and its chip. EMV cards also require users to enter a PIN or give their signature to complete the purchase, adding a layer of security. (Note about EMV cards: USAgencies will be making the swith to EMV technology. Details coming soon!)

Despite taking every precaution, it’s possible your data could still be compromised. Use caution when doling out your account information, especially online or over the phone, and keep a close eye on your account and credit card statements. If you spot signs of a breach, alert your financial institution as soon as possible to help stop the fraud in its tracks.

Copyright 2015, NerdWallet

Steps to Ease Stress in Heading Back to College

Getting ready to head back to college after a long summer break can be stressful on both a personal and financial level.

These tips can help make the transition as smooth as possible for both students and parents.

Calm the countdown
Packing enough for the better part of a year is a major undertaking, so it pays to start preparing three weeks to a month ahead. Break this job into manageable segments by creating a dorm-room checklist with categories such as clothing, furniture, schoolwork and personal hygiene needs. Unused items during the summer months, including fall/winter clothes and school supplies, can be packed up early, while daily necessities such as shoes, socks and a toothbrush may have to wait till closer to departure time. Try to find packing containers that can be stacked for on-campus storage or double as dorm shelves.

Reawaken that school mindset
To make returning to school a bit less jarring, commit to some lifestyle adjustments during the last few weeks of summer. If you’re registered for morning classes, begin to roll bedtime back to a reasonable hour. If you haven’t cracked a book lately, spend a little time each day doing some academic reading, whether this means starting your new textbooks or exploring related articles and books.

Control shopping costs
If you’re not careful, shopping for college gets very pricey, particularly for textbooks, which along with class supplies can easily top $1,000 a year. So set a budget for yourself, and stick to it. Although the college bookstore may be convenient, it’s probably your most expensive option. Instead, order books early from discounted sites such as CheapestTextbooks.com and Chegg, and consider purchasing used or e-book versions. Many websites, including Amazon, now also offer textbook rentals at a dramatic savings over the purchase cost.

Furniture, room decorations and supplies needn’t break the bank either. Take advantage of summer yard sales, thrift stores and dollar stores, and check out sites like eBay and Craigslist for bargains as well. To maximize savings, buy staples like nonperishable snacks in bulk.

Before shopping, gather up pens, notebooks and extra home accessories already on hand, and be sure to look for available discounts through coupon sites, text promotions and social media.

Create a cushion
Summer break is an excellent opportunity for students to find temporary jobs, which provide valuable work experience as well as extra cash to cover miscellaneous campus expenses. To help manage these ongoing costs, it’s helpful for students to set up a budget and open a checking account through a financial institution like USAgencies Credit Union. With the proper planning, getting back to school should be a breeze for all concerned, and students can look forward to a new year of learning and shared times with good friends.

By Roberta Pescow, NerdWallet