St. Cloud Federal Credit Union was founded in 1930 by St. Cloud postal employees, with the first department inside a post office. Car dealers know how to waste your time and they know how to size you up. Once they run your FICO credit scores, the proverbial cat is out of the bag. Their job is to make the sale, sell you on premium upgrades, low ball you on a trade in and inform you that because of your credit rating, they can only offer you a certain finance rate. My credit score was around the 750 mark so I knew that financing would not be a problem. I knew my credit union would have a much lower rate, but I didn’t tell him that.
I ended up financing the loan through my credit union for 4%. This saved me thousands of dollars. I received financing through the credit union in the form of a Purchase Order which essentially is an electronic way of moving money without handling any cash. I didn’t need any sexy upgrades and held my ground on financing through my credit union. Know before you go. Know your credit score, know where you can get cheaper financing, know the games that sales people play, know what you can afford and never – ever negotiate monthly car payments.
I learned a lot, and will definitely keep the credit union option in mind next time I’m looking for a vehicle. I expect things are done differently in the UK. I also did not need to buy the car on credit. This accomplished 3 things for him: 1) Forced me to interact with him an additional time (Preferably, for him, in person) 2) Gave him the opportunity to be a hero, as I’m sure most people fall for this. Equally, it’s always amazing how reliant credit union employees are on their strategic plan.
Many credit union leaders still believe that no one will know what to do, nor know how to act, come the first of January, if a new strategic plan is not firmly in place! If she really wants to give credit unions the relief they deserve, she needs to relief herself from her job as Chairman and head to Jackson Hole. For additional information, visit , America First Credit Union on Facebook, Twitter, @AmericaFirst on Instagram and Pinterest.
Going above and beyond to help others this holiday season, America First Credit Union donated $10,000 in turkeys to Nellis Air Force Base through Operation Warmheart on Friday, Nov. With a long-standing history and more than 76 years servicing members, America First has become one of the largest, most stable and most progressive credit unions in the country, and has remained a member-owned, not-for-profit cooperative financial institution.