Latest / Life. Money. You.® Podcast / S3|E22: Car Buying Tips & Tricks

Transcript

S3|E22: Car Buying Tips & Tricks · Life. Money. You.® Podcast

• 0:12
  SPEAKER_00: And it looks like we already have about 28 people here.
• 0:15
  SPEAKER_00: So welcome.
• 0:16
  SPEAKER_00: If you are here for car buying tips and tricks with Life Money You, you're in the right spot.
• 0:22
  SPEAKER_00: And we're super excited for this session today.
• 0:25
  SPEAKER_00: I will start by saying we are the holistic financial well-being program of your credit union or credit union that you're eligible to join.
• 0:33
  SPEAKER_00: So we'll leave some info for you at the very end to go and learn more.
• 0:38
  SPEAKER_00: And I think we wanted to kick things off with a little icebreaker and give folks about two minutes to join.
• 0:43
  SPEAKER_00: So, Jaime, what's that icebreaker?
• 0:46
  SPEAKER_01: I saw a fun article this morning.
• 0:49
  SPEAKER_01: It was trending on the Apple News and it was about um current trends on what we like as our air conditioning, our temperature settings for when we go for bed.
• 0:59
  SPEAKER_01: And some of the numbers are amazing.
• 1:01
  SPEAKER_01: And I was curious what you guys are doing.
• 1:04
  SPEAKER_01: Where do you land on the temperature?
• 1:07
  SPEAKER_00: Well, I think I was kind of radical this morning with folks, but I'm a six-seven gal.
• 1:13
  SPEAKER_00: I need it to be freezing for me.
• 1:16
  SPEAKER_00: Um, my partner is also an HVAC like Kim, so it makes him a little bit upset, but I have to be cold to go to bed.
• 1:24
  SPEAKER_00: If I am hot or even the slightest bit like just bothered, I cannot go to sleep.
• 1:29
  SPEAKER_00: So the icebreaker is to keep it icy.
• 1:32
  SPEAKER_00: What about you guys?
• 1:35
  SPEAKER_03: I'm kind of the same way, Danny.
• 1:37
  SPEAKER_03: Um, I definitely enjoy a nice cool temperature.
• 1:41
  SPEAKER_03: I leave mine at 66.
• 1:43
  SPEAKER_03: Um, but I also like good balance.
• 1:45
  SPEAKER_03: So I use a thick comforter.
• 1:47
  SPEAKER_03: And it's a thick comforter with that cool fabric, just so it kind of balances out just in case it gets too warm and everything is just right.
• 1:55
  SPEAKER_00: I turn the pillow, I flip the sheet.
• 1:57
  SPEAKER_00: I always like the cold, coldness of my blankets and my pillow too.
• 2:01
  SPEAKER_00: So I feel that.
• 2:03
  SPEAKER_02: Yeah, I'm with you.
• 2:04
  SPEAKER_02: And and I see in the chat too, they're already talking about moving air.
• 2:07
  SPEAKER_02: I'm I was gonna say 68, but the fans are gotta be blasting.
• 2:11
  SPEAKER_01: I I'm in that moving air crowd.
• 2:13
  SPEAKER_01: And uh so I feel better already.
• 2:16
  SPEAKER_01: There's more of us out there because it is a warmer temperature, but I need the noise, I need the air.
• 2:21
  SPEAKER_01: So yeah.
• 2:22
  SPEAKER_01: Thank you.
• 2:22
  SPEAKER_01: Thank you.
• 2:22
  SPEAKER_01: I'm so happy to know that there's air movers out there, also.
• 2:26
  SPEAKER_00: Yeah, we started getting super controversial as a team.
• 2:29
  SPEAKER_00: We were like, but what about when you go to an Airbnb or a hotel?
• 2:32
  SPEAKER_00: Does that stay pretty consistent?
• 2:34
  SPEAKER_00: Or what do you do?
• 2:37
  SPEAKER_02: We've tested out the different hotels and just how low they will go.
• 2:41
  SPEAKER_02: I think the record I've seen it down to 55.
• 2:44
  SPEAKER_02: So we'll we'll test that out.
• 2:48
  SPEAKER_00: Oh gosh.
• 2:49
  SPEAKER_00: Yeah.
• 2:49
  SPEAKER_00: And then we could get into whether you sleep with white noise, brown noise, what have you.
• 2:54
  SPEAKER_00: I know my partner has me use like earbuds because I need silence.
• 2:58
  SPEAKER_00: Like I need to be able to hear a pin drop to be able to go to bed.
• 3:01
  SPEAKER_00: And he needs the white noise or something in the background statically.
• 3:05
  SPEAKER_00: I don't know about you guys.
• 3:07
  SPEAKER_01: Yeah, uh, if I could live next to a jet plane, I think that would work for me.
• 3:11
  SPEAKER_01: Like I have a loud white noise.
• 3:15
  SPEAKER_00: Oh my God, that's hilarious.
• 3:17
  SPEAKER_00: Ooh, greed noise.
• 3:18
  SPEAKER_00: I haven't heard of that one, James.
• 3:21
  SPEAKER_00: Okay, perfect.
• 3:22
  SPEAKER_00: Well, I think we're all a little bit warmed up.
• 3:24
  SPEAKER_00: And welcome everyone who has joined us again.
• 3:26
  SPEAKER_00: This is Car Buying Tips and Tricks provided by Life Money You, the holistic financial well-being program of the credit union.
• 3:33
  SPEAKER_00: You're either part of or eligible to be a part of.
• 3:35
  SPEAKER_00: I'm Danny Buschik.
• 3:37
  SPEAKER_00: I am our program manager.
• 3:38
  SPEAKER_00: I'm also a certified financial coach, and I love hosting these with my peers.
• 3:43
  SPEAKER_00: Today I have three new peers with us.
• 3:45
  SPEAKER_00: We have Gil, Jaime, and James, and I'm going to allow them to introduce themselves here for this presentation.
• 3:52
  SPEAKER_03: Thank you, Danny.
• 3:53
  SPEAKER_03: I keep telling everyone my quinceera just passed with BCU.
• 3:56
  SPEAKER_03: I just celebrated my 15-year anniversary here with BCU.
• 4:00
  SPEAKER_03: So I love my job, love what I do.
• 4:02
  SPEAKER_03: Um, car buying gets me excited.
• 4:06
  SPEAKER_00: Love it.
• 4:08
  SPEAKER_01: Hi, everyone.
• 4:09
  SPEAKER_01: My name is Jamie Enriquez.
• 4:10
  SPEAKER_01: I have had the privilege of being here at BCU for coming up with three years.
• 4:14
  SPEAKER_01: I've been in the auto lending space for uh a long time, uh, over 20 years.
• 4:19
  SPEAKER_01: So likewise, I I geek out of very passionate about it and uh just happy to have the opportunity uh with time with everyone here to talk about the tips and tricks.
• 4:29
  SPEAKER_02: Excellent.
• 4:30
  SPEAKER_02: And I'm I'm James Spanraft, uh, one of the supervisors in our loan department here at BCU.
• 4:35
  SPEAKER_02: Um been with the credit union just under 10 years now.
• 4:38
  SPEAKER_02: Um so they're gonna be keeping me behind the scenes a little bit, answering a lot of the questions through chat today.
• 4:44
  SPEAKER_00: Yeah, love it.
• 4:45
  SPEAKER_00: And on that note, please keep in mind our chat is open the entire time.
• 4:50
  SPEAKER_00: So use it to your advantage.
• 4:51
  SPEAKER_00: If you have a question that pops up, throw it in the chat.
• 4:54
  SPEAKER_00: We'll either interrupt the presentation to keep the convo flowing and answer your question, or we have a dedicated 15 minutes at the very end of this presentation to get to all those questions.
• 5:04
  SPEAKER_00: So please keep that in mind.
• 5:06
  SPEAKER_00: And with that, we're gonna roll right into it.
• 5:08
  SPEAKER_00: Gil, get us started.
• 5:10
  SPEAKER_03: Awesome.
• 5:10
  SPEAKER_03: Thank you.
• 5:11
  SPEAKER_03: So today we're gonna talk about a few things that will help with some pre-work for your car buying and your credit application, as well as giving you some of the best deals, whether it's it's it's the trade-in you're looking at, the car you're purchasing, or the loan itself.
• 5:27
  SPEAKER_03: Um, so one of the first things we'll talk about is establishing your budget, some of the things to consider when you're looking at that, the loan application itself, which I know sometimes that can be a little bit intimidating, knowing how much data you have to enter and all the documents you have to submit for that.
• 5:43
  SPEAKER_03: But our loan officers will make sure that that process is super easy for you.
• 5:46
  SPEAKER_03: So we'll talk about that.
• 5:48
  SPEAKER_03: Um, probably the number one question is what's my rate when someone applies for a loan?
• 5:52
  SPEAKER_03: So we'll talk about some ways to get you some rate discounts to get you that that low interest on the car loan.
• 5:58
  SPEAKER_03: Um, evaluating your trade-in.
• 6:00
  SPEAKER_03: I think that's one thing that's that's kind of often overlooked.
• 6:03
  SPEAKER_03: Um, we'll talk about some tricks with that as well.
• 6:06
  SPEAKER_03: And then towards the end, uh Hyman's gonna do some demo with our car shopping tools.
• 6:12
  SPEAKER_03: Uh, we partner with the company True Car that helps with an online auto-bind service.
• 6:16
  SPEAKER_03: So we'll be going over that towards the end of the presentation as well.
• 6:21
  SPEAKER_00: Awesome.
• 6:25
  SPEAKER_03: All right, so figuring out your starting point is super important before you start not only car shopping, but before you start applying for the loan.
• 6:35
  SPEAKER_03: One of the nice things here with BCU is we offer a free credit score tool.
• 6:39
  SPEAKER_03: So we partner with uh Savvy Money.
• 6:42
  SPEAKER_03: So you could see what your score is through our online banking and through mobile banking.
• 6:46
  SPEAKER_03: So if you're a member with us, it's a totally free tool to use.
• 6:49
  SPEAKER_03: It's at your fingertips.
• 6:51
  SPEAKER_03: And the nice thing with that, it really breaks down your credit in terms of laymance terms, what are the top three to five things that you could do to get your credit score up?
• 7:00
  SPEAKER_03: Um, it'll ask you what are some of your financial goals so you can kind of work and cater your plan towards getting that score that you want to get so that you can achieve that financial goal, uh, whether it's buying a car or in the future buying a home.
• 7:14
  SPEAKER_03: So highly recommend savvy money.
• 7:16
  SPEAKER_03: I use it pretty religiously.
• 7:17
  SPEAKER_03: I look at my score once a week at least.
• 7:21
  SPEAKER_03: And uh the score will also give you some tips.
• 7:24
  SPEAKER_03: I'm sorry, the savvy money model will also give you some tips on how you can better your score.
• 7:28
  SPEAKER_03: Um, so a good pro tip here, if you can afford to pay off your credit card debts before applying for the loan, I would highly recommend that.
• 7:38
  SPEAKER_03: Credit card utilization is about a third of what makes up your credit score.
• 7:42
  SPEAKER_03: So if you can afford to do that, do that so it can boost your credit score up.
• 7:46
  SPEAKER_03: And I would say do that at least a month before you apply for the loan.
• 7:50
  SPEAKER_03: That way you make sure you get qualified for the best rates.
• 7:53
  SPEAKER_03: Now, if you cannot afford to pay off your credit cards at any given point, that's fine too.
• 7:57
  SPEAKER_03: Don't worry, we could still work with you.
• 7:59
  SPEAKER_03: Um, later on, you do have the option to refinance your loan with us once you get to that point when you when you paid your credit card debt off, so we can look at qualifying you for a better rate, you know, if that's the case as well.
• 8:12
  SPEAKER_03: And then some other things to consider is the additional costs for your travel uh expense.
• 8:18
  SPEAKER_03: So creating a budget is important for the car that you're shopping for, but then you also have to consider that principal price of the car really only makes up about 50 to 60 percent of what you'll be paying monthly.
• 8:32
  SPEAKER_03: Some of the additional costs that you'll be paying include loan interest, uh insurance for the car, the vehicle, all of our loans require full coverage insurance.
• 8:40
  SPEAKER_03: So you got to make sure you have that lined up too.
• 8:43
  SPEAKER_03: Uh fuel if you're buying a vehicle that uses fuel, so you got to pay for gas.
• 8:48
  SPEAKER_03: We know that's not that inexpensive these days.
• 8:51
  SPEAKER_03: So you got to consider how much you'll be paying there monthly.
• 8:53
  SPEAKER_03: And then, of course, maintenance.
• 8:55
  SPEAKER_03: All cars require some kind of maintenance, whether it's brakes, tires, lights.
• 8:59
  SPEAKER_03: So those are some of the things you should consider when you're building out your car budget.
• 9:05
  SPEAKER_00: Yeah, definitely.
• 9:06
  SPEAKER_00: And really quick, instead of raising your hand, if you have a question, please put it in the chat because we will get to it.
• 9:13
  SPEAKER_00: Um, we're gonna keep rolling with our presentation and we will add your questions into the conversation if it makes sense or get to them at the end.
• 9:19
  SPEAKER_00: So again, instead of raising your hand, please leverage the chat feature.
• 9:28
  SPEAKER_03: All right, here's one thing that's also a good starting point if you're shopping and if you own a vehicle.
• 9:33
  SPEAKER_03: Uh, check out what your existing car value is.
• 9:36
  SPEAKER_03: So if you guys scan this QR code, we could set up an appointment with one of our auto loan consultants and they could pull a value for your car.
• 9:43
  SPEAKER_03: Two things.
• 9:44
  SPEAKER_03: All we need is the VIN number and the mileage, and we can pull values for the vehicle.
• 9:49
  SPEAKER_03: So you know what the trading value looks like, and you'll know the retail value.
• 9:53
  SPEAKER_03: Basically, that's the value that a dealer is going to be selling your car for.
• 9:56
  SPEAKER_03: Um, so that way you're equipped and have some ammunition when you're shopping around for trading values.
• 10:01
  SPEAKER_03: Nice thing too is some states actually will lower your taxes on your next vehicle purchase if you are trading in.
• 10:08
  SPEAKER_03: So it may be beneficial to look at that too when you're working with the dealership and getting some trading credits.
• 10:14
  SPEAKER_03: Now, I want to give a quick story.
• 10:16
  SPEAKER_03: So I recently I bought a car back in January and had 2014 Infinity Q50.
• 10:24
  SPEAKER_03: The bad thing is it was over 150,000 miles.
• 10:28
  SPEAKER_03: So when I was shopping around, a lot of dealers were really lowballing me.
• 10:31
  SPEAKER_03: They were offering me like$1,000,$500.
• 10:35
  SPEAKER_03: So I ran a value for it in our system and I saw, okay, dealers are selling this car for seven to eight thousand.
• 10:42
  SPEAKER_03: So I feel like I can get a little bit more out of it.
• 10:45
  SPEAKER_03: Um, so first thing I did, I cleared out, cleaned out the car, I took it to a local car detail place, and that car detail owner is like, I can sell this car for you, I can help you sell it.
• 10:57
  SPEAKER_03: I work with a lot of clients.
• 10:59
  SPEAKER_03: Someone just uh brought up that they were looking for a car for their daughter that's going to college.
• 11:04
  SPEAKER_03: And so I said, Hey, I'm willing to work with you.
• 11:06
  SPEAKER_03: Let's let's let's find that the next uh buyer for my car.
• 11:09
  SPEAKER_03: So, long story short, we were able to get$5,000 for that car.
• 11:14
  SPEAKER_03: So I was able to sell it to a private party buyer versus going to the dealer, and I was able to get a little bit more out of that budget.
• 11:22
  SPEAKER_03: So that helped me really get the car that I was looking for and make it a little bit more affordable for myself.
• 11:28
  SPEAKER_00: Yeah, that's huge.
• 11:30
  SPEAKER_00: I know someone, I believe it was Carol, asked, or no, Anne.
• 11:33
  SPEAKER_00: She asked about if we do specific insurance coaching for vehicles.
• 11:37
  SPEAKER_00: And I will say we have coaches who specialize in many different areas of financial health.
• 11:42
  SPEAKER_00: And so I would recommend scheduling an appointment to talk through insurance options.
• 11:47
  SPEAKER_00: We can go through that step by step with you and see what the best coverage is.
• 11:54
  SPEAKER_01: All right.
• 11:54
  SPEAKER_01: So Guillermo took us through, you know, the the process of using savvy money.
• 11:59
  SPEAKER_01: And it's done some questions on there, and I'm sure we're getting to them as far as um whether you need members.
• 12:04
  SPEAKER_01: So once we have the privilege of having you as a member, we give you access to savvy and you can do the credit health check.
• 12:09
  SPEAKER_01: And you started to do the research in on the uh value of the car.
• 12:13
  SPEAKER_01: And then we wanted the next thing is like, what is that comfortable payment that works for you?
• 12:18
  SPEAKER_01: What's the number that's not going to keep you up at night?
• 12:20
  SPEAKER_01: And I want to do a quick show and tell here of one, our gorgeous new website that launched maybe 10 days ago, it's 14 days ago.
• 12:28
  SPEAKER_01: I might be overstating that.
• 12:30
  SPEAKER_01: And if you're familiar with our website, it's it's it's a beautiful cleaned up uh version of what we had provided before, all with the same uh functionality that you've recognized.
• 12:42
  SPEAKER_01: And we you might have seen on the what on the website, everything that you want to see from us is still there.
• 12:47
  SPEAKER_01: We have those amazing tools available for financial advice.
• 12:50
  SPEAKER_01: And I want to show you here uh how our auto payment calculator helps you get into what that comfortable payment is works for you.
• 12:58
  SPEAKER_01: I know the number that I don't want to pay that would make me sweaty every night.
• 13:03
  SPEAKER_01: I don't even tell exactly what it is.
• 13:05
  SPEAKER_01: It might have to make me assess uh again what my temperature is going to be at night because of what the monthly payment is.
• 13:11
  SPEAKER_01: So this is a really good starting point on what number works for you.
• 13:16
  SPEAKER_01: And you would maybe just notice down there, you can see if it's a new car and you can get a good feel for what the pay uh, you know, you can enter in the terms.
• 13:24
  SPEAKER_01: There's a lot of things that our experts walk you through once that time comes on on how, like all the levers that we can pull as far as going longer, or perhaps it's this, perhaps it's the down payment, all the things that affect that monthly payment.
• 13:37
  SPEAKER_01: Again, I'm gonna go back to and allows us to sleep better at night, and it's not a payment that gives us nightmares at night.
• 13:44
  SPEAKER_01: So this is a great starting point to use that.
• 13:46
  SPEAKER_01: Use the calculator, it's right on our website, our spiffy new website.
• 13:50
  SPEAKER_01: And you'll see on the next page is once you, if you want to go in-depth, like you know what, I think I like it or I have questions, there's a consult and expert uh form right there under that blue bar.
• 14:01
  SPEAKER_01: You might have seen it.
• 14:02
  SPEAKER_01: We were going through the uh through the vignette, and it connects you, and you can enter very basic information, contact information, and someone from the team would reach out to you and say, Hey, what can we do for you?
• 14:11
  SPEAKER_01: Let's talk about this more so that you get a number that works for you.
• 14:16
  SPEAKER_01: So that's the really important thing.
• 14:18
  SPEAKER_01: I cannot stress this enough is you you want to get into a number that works within your budget and make sure to give to due time for that.
• 14:27
  SPEAKER_01: So we have we've we have a good feel for our credit, we have a good feel for what we can expect for a trade-in value, we have a really good number in our head of what works for our payment range.
• 14:37
  SPEAKER_01: Guillermo, what do I do next?
• 14:40
  SPEAKER_03: Good question, Hyman.
• 14:42
  SPEAKER_03: We're gonna make sure that you get pre-approved and into a loan that that you can afford and that it's comfortable for you.
• 14:49
  SPEAKER_03: Um, some of the things to look at, I know I brought up the the the credit tip earlier about paying off some of the credit card debt.
• 14:55
  SPEAKER_03: I would say, in addition to that, do not close the credit card.
• 14:58
  SPEAKER_03: If you close the credit card, that's gonna bring down the average age of active trade line.
• 15:04
  SPEAKER_03: So while it's it's nice and healthy to keep your credit card balances low or at a zero balance, it's just as healthy to keep those aged out.
• 15:13
  SPEAKER_03: So definitely keep that open.
• 15:14
  SPEAKER_03: Do not close, especially if there's no annual fees or anything like that.
• 15:19
  SPEAKER_03: Now, with our pre-approval, it's good for up to 90 days.
• 15:23
  SPEAKER_03: So it is really nice, it's flexible in terms of once you're pre-approved, you have plenty of time to shop.
• 15:29
  SPEAKER_03: Um, we always recommend getting ahead of that, you know, when you can apply online, give us a call, schedule an appointment.
• 15:36
  SPEAKER_03: The nice thing is that you will have that approval um already set in place because sometimes that can take up to a business day to get your pre-approved, and it gives you a little bit more uh flexibility in terms of knowing what to shop for and for how long you have to shop for.
• 15:53
  SPEAKER_03: Some of the things to consider while you're looking for that loan application approval is um again, we talked about it a little bit earlier.
• 16:00
  SPEAKER_03: Are you trading in a vehicle?
• 16:02
  SPEAKER_03: Do you have any cash down payment?
• 16:04
  SPEAKER_03: Most of the time we don't require a cash down payment, but if you're someone that is just starting your credit or looking to repair or recover some of your credit, a cash down payment certainly would help with the approval.
• 16:17
  SPEAKER_03: And also if there's any coal borrower, now the nice thing with our loans here at BCU is we'll always use the better of the two credit scores when it comes to a car loan.
• 16:27
  SPEAKER_03: So if you're thinking about adding a partner or a family member, somebody else who's gonna be driving the vehicle, I would always say yes.
• 16:36
  SPEAKER_03: If their credit score is lower, then you can help them improve their credit with this car loan.
• 16:41
  SPEAKER_03: If their credit score is higher, you're gonna get the better of the two credit score uh qualifications for the better rate.
• 16:48
  SPEAKER_03: So if you have a core borrower, I would say that is eligible.
• 16:52
  SPEAKER_03: Definitely add them to the loan application.
• 16:54
  SPEAKER_03: And of course, after the approval, our loan officers will go through step by step in terms of what's needed.
• 17:00
  SPEAKER_03: Um, essentially, you have freedom to shop around with any dealership.
• 17:03
  SPEAKER_03: We would give you a pre-approval letter, and then all we need from that dealership is a copy of the bill of sale.
• 17:09
  SPEAKER_03: We work up the loan contract terms with you, and then we send a check over to the dealership through UPS overnight.
• 17:15
  SPEAKER_03: And then also the dealerships that you're going to be shopping through are going to offer some of the additional coverages.
• 17:21
  SPEAKER_03: Just a heads up, uh, you have exclusive member pricing with these coverages.
• 17:25
  SPEAKER_03: Of course, all of them are optional, but we have our extended warranty so you can uh cut cover your vehicle while it's on the road, uh, longer than the manufacturer warranty.
• 17:34
  SPEAKER_03: We'll talk a little bit about that later.
• 17:36
  SPEAKER_03: We have our maintenance product and the gap protection as well.
• 17:41
  SPEAKER_01: If I may get more like everything that thank you, I I love that.
• 17:44
  SPEAKER_01: And really, what what we're wanting to convey is is it's really you get it, you know what your buying power is at that moment, right?
• 17:52
  SPEAKER_01: So that now you know exactly again, you got it all in row, and then you go on to the next steps.
• 17:56
  SPEAKER_01: So sorry, go ahead.
• 17:59
  SPEAKER_03: Thank you, thank you, Jamie.
• 18:01
  SPEAKER_03: So we're gonna talk about this.
• 18:03
  SPEAKER_03: Is probably our number one question after someone gets approved for a loan is is what's my rate?
• 18:07
  SPEAKER_03: So while the credit score is gonna be your main driver for what rate you qualify for in the loan, here's some additional things that can help bring your rate down.
• 18:17
  SPEAKER_03: So typically speaking, uh a newer car is gonna give you a better rate, or it's gonna give you that rate discount.
• 18:22
  SPEAKER_03: So an older car is gonna give you a little bit of a premium.
• 18:25
  SPEAKER_03: So you might see some increments of half percent or a quarter percent on older vehicles.
• 18:29
  SPEAKER_03: Uh now, the nice thing with BCU is we finance vehicles up to 13 years or 150,000 miles.
• 18:36
  SPEAKER_03: So we have some flexibility with that as well in case you're looking for a used car.
• 18:39
  SPEAKER_03: Uh term options.
• 18:41
  SPEAKER_03: So normally speaking, and this is across the industry with all lenders, uh, but same here at BCU, the lower the term, the better rate you're going to qualify for, essentially.
• 18:51
  SPEAKER_03: We can do up to 84 months on auto loans, but that'll come at a little bit of a premium on the interest rate.
• 18:58
  SPEAKER_03: Uh, payment method is another thing that can impact what your rate looks like.
• 19:02
  SPEAKER_03: Um, we offer a discount if you do set up the automatic payment method with BCU.
• 19:08
  SPEAKER_03: And the nice thing is we have some awesome deposit uh accounts here with BCU where you can earn interest on the money that you have that's going to be made payable toward that loan through our PowerPlus checking.
• 19:20
  SPEAKER_03: So we can set that up really easily if you have an account with us where the payment draws every month from your BCU PowerPlus checking.
• 19:28
  SPEAKER_03: Talked a little bit about True Car earlier.
• 19:30
  SPEAKER_03: So it's our online auto-bind service partner.
• 19:33
  SPEAKER_03: So if you go through that program and you're purchasing a vehicle, you'll also get a rate discount there.
• 19:38
  SPEAKER_03: So uh Jaime will go a little bit over that a little bit later.
• 19:42
  SPEAKER_03: And then I don't know if you may have seen it in the demo that the Jaima just uh displayed as well.
• 19:46
  SPEAKER_03: We also offer a rewards member discount.
• 19:49
  SPEAKER_03: So if you set up an appointment with the loan officer, we'll be happy to go over all the criteria to get you that rewards member discount.
• 19:57
  SPEAKER_03: And then the last thing, uh, we have also equity position.
• 20:02
  SPEAKER_03: So if you're financing no more than the value of the car, that's gonna be the most favorable position to get you the best rate.
• 20:09
  SPEAKER_03: Not to say that we can't finance over the value of the car, but that's gonna come at a rate premium.
• 20:15
  SPEAKER_03: So the best rates are always gonna be financing under the car value.
• 20:18
  SPEAKER_03: I think I saw in the chat earlier someone asked if you're underwater or have negative equity, can you finance?
• 20:24
  SPEAKER_03: Yes, we finance vehicles up to 125% of the value of a vehicle.
• 20:30
  SPEAKER_03: Um, so that's something your loan officer will go over with you to see if we can get you qualified for that amount, if need be.
• 20:36
  SPEAKER_03: Happy to look at that.
• 20:39
  SPEAKER_03: And we're gonna go over some options here.
• 20:41
  SPEAKER_03: So unfortunately at VC, we do not offer the lease option.
• 20:44
  SPEAKER_03: I've done a lease option myself.
• 20:46
  SPEAKER_03: Uh so and and and I'm ashamed to say I went over mileage.
• 20:51
  SPEAKER_03: Um, so that's one of the cons with with leasing a vehicle.
• 20:54
  SPEAKER_03: So if you go over the mileage that the dealer is contracting you for on the lease, you're gonna be paying a nice fee when it's time for that lease to come up.
• 21:04
  SPEAKER_03: If you're turning that vehicle in, or if you're gonna purchase that vehicle, you're gonna have to pay that fee.
• 21:09
  SPEAKER_03: So that's that's one of the cons with leasing.
• 21:11
  SPEAKER_03: Now, one of the pros is it does help keep your payment really low.
• 21:15
  SPEAKER_03: Um, so if you can afford that lease and you don't drive a lot to work or you don't do a lot of road trips, a lease option might work out really well for you.
• 21:26
  SPEAKER_03: Uh the last two cars that I purchased have been used vehicles.
• 21:30
  SPEAKER_03: And and really what I've been trying to do is just kind of keep the affordability low.
• 21:35
  SPEAKER_03: Um, I know it does come at a little bit at a higher cost because I got to have some more maintenance done.
• 21:40
  SPEAKER_03: Uh, the rate's a little bit higher, but for me, it works out really well because I'm able to stay within my monthly payment affordability.
• 21:46
  SPEAKER_03: I typically go for cars that are two or three years old where I know I could still qualify for an extended warranty through BCU and make sure that it's still covered for the five or six years that I have that loan outstanding.
• 21:58
  SPEAKER_03: Um, and of course, You're buying a new vehicle that's going to be favorable for your loan rates.
• 22:03
  SPEAKER_03: And a lot of dealers will offer some manufacturer rebates on the cost of the vehicle.
• 22:08
  SPEAKER_03: So in some cases, you might really get a better deal on the purchase price on a new vehicle versus buying a used vehicle.
• 22:15
  SPEAKER_03: And then one of the cons with buying new is going to be that higher purchase price.
• 22:19
  SPEAKER_03: Um, we saw a lot of that increase after the pandemic when the supply of vehicle parts went down, uh, the purchase price went up for new vehicles.
• 22:29
  SPEAKER_03: It's starting to kind of come back down, but that's one of the cons with buying new.
• 22:34
  SPEAKER_01: Can I share something too, Gilma, with this uh with that leasing thing?
• 22:37
  SPEAKER_01: Uh I've been in there too.
• 22:39
  SPEAKER_01: Uh uh done at all the lease and bought the use and bought the new.
• 22:42
  SPEAKER_01: Um, something to keep in mind too is that what when we do a lease, um their typical one is three years, 36 months.
• 22:50
  SPEAKER_01: And so the time comes in, it's a decision point.
• 22:52
  SPEAKER_01: And so something to consider is if we continue with that path, we're we are committing to a perpetual payment.
• 22:59
  SPEAKER_01: If you're always on a lease lease plan or I'm gonna go lease to lease to lease, it might work beautifully, but it for some, it might be a financial decision.
• 23:07
  SPEAKER_01: That is also an impact in the long run for our budget for the finances we want to do for all the other stuff, whether it's that trip, whether it's that whatever that other thing is, there is a long-term uh financial thing to consider when we're committing to those payments too.
• 23:22
  SPEAKER_01: So consider that.
• 23:26
  SPEAKER_03: Love that, Jaime.
• 23:27
  SPEAKER_03: Good, good, good point.
• 23:28
  SPEAKER_03: Some of the things you want to consider also while you're looking for the right car is what are some of your needs?
• 23:34
  SPEAKER_03: So when you're thinking about how you're using the vehicle, are you gonna be on the highway a lot or are you gonna be in the city a lot?
• 23:40
  SPEAKER_03: That's gonna help you kind of determine what's the best uh vehicle in terms of uh fuel efficiency.
• 23:46
  SPEAKER_03: Um, I know for me personally, the last vehicle I purchased, uh, which I love, by the way, it's an electric vehicle.
• 23:51
  SPEAKER_03: Um, but it works out well because I don't take a lot of road trips.
• 23:56
  SPEAKER_03: I drive maybe 10 to 15 miles to work, but then the benefit at work is we have free vehicle chargers.
• 24:03
  SPEAKER_03: So I can charge it at work while I'm working all day.
• 24:06
  SPEAKER_03: So that's that's really uh nice, nice benefit for my vehicle that I recently purchased.
• 24:11
  SPEAKER_03: And then another thing to consider too if you're using a vehicle for business versus family use, there are some tax benefits if you're going with, let's say, like a business loan, which BCU offers.
• 24:22
  SPEAKER_03: We have a small commercial department.
• 24:24
  SPEAKER_03: So if you have a business loan, you might be eligible to write off some of that interest uh with your with your tax consultant.
• 24:31
  SPEAKER_03: So that's something to look at.
• 24:34
  SPEAKER_03: And then also consider what are some of the wants and needs and and where can you compromise?
• 24:39
  SPEAKER_03: Um, for me, I love a vehicle that would go really fast, but the difference might be 5,000 between that super sport model that I really want versus you know the base model that I could really afford.
• 24:52
  SPEAKER_03: So that was a compromise I had to make with the last car purchase I made.
• 24:57
  SPEAKER_03: And of course, comparison shop.
• 24:59
  SPEAKER_03: And I'm really proud of my dad because he actually just went through this two weeks ago.
• 25:03
  SPEAKER_03: He was using the BCU Autovine service.
• 25:06
  SPEAKER_03: And normally he's the guy that goes, I'm gonna go to every dealer locally within a 10-mile radius and get the best deal.
• 25:13
  SPEAKER_03: But no, he shopped online and he was able to save himself himself some time in terms of just kind of narrowing down the best three dealerships in the area where he can go and test drive a vehicle and then do some live negotiations too there at the dealership.
• 25:26
  SPEAKER_03: So it worked out really well.
• 25:28
  SPEAKER_03: So, and then safety and reliability.
• 25:31
  SPEAKER_03: The nice thing with BCU, and in addition to like savvy money, true car, and all the other benefits we have, our loan officers all have access to Carfax reports.
• 25:40
  SPEAKER_03: So I think a lot of us know Carfax or maybe have seen the commercials with the Fox.
• 25:45
  SPEAKER_03: So Carfax will give us all the history details for a vehicle.
• 25:49
  SPEAKER_03: So if you got a VIN for a vehicle and you want us to look up that Carfax report that for the next vehicle that you're going to be purchasing, we're happy to do that.
• 25:57
  SPEAKER_03: And I highly recommend it because then we could see all the vehicle history in terms of has it ever been reported any accidents, any damage.
• 26:05
  SPEAKER_03: We could see all of the maintenance records, if they were done through a shop, that'll come up on there as well.
• 26:11
  SPEAKER_03: Or if that vehicle was ever considered a total loss or if it's a salvage title.
• 26:16
  SPEAKER_03: So those are things that we can look, and we actually have helped quite a few members from purchasing a vehicle that is not gonna be valuable for them.
• 26:24
  SPEAKER_03: So I highly recommend if if you're looking at a vehicle, send us that VIN number.
• 26:28
  SPEAKER_03: We're happy to run that report for you.
• 26:31
  SPEAKER_01: Can I just jump in really quick?
• 26:33
  SPEAKER_01: Um, well, sorry, well, I saw someone a question on that.
• 26:35
  SPEAKER_01: Is there a fee for Carfax?
• 26:37
  SPEAKER_01: And I'm gonna steal my own thunder on an upcoming slide.
• 26:39
  SPEAKER_01: No, there is none.
• 26:41
  SPEAKER_01: Um, so and I'll just keep going on it.
• 26:44
  SPEAKER_01: Very soon, we're um hot off the press.
• 26:48
  SPEAKER_01: We're expecting it by Q4 of this year.
• 26:50
  SPEAKER_01: We're gonna be giving all our members unlimited access to Carfax report right from your online banking, right through when you log on.
• 26:57
  SPEAKER_01: It's gonna be an option you can go to when the time starts to come shopping.
• 27:01
  SPEAKER_01: Poll them as much as you want to look at it.
• 27:04
  SPEAKER_00: Yeah, that's awesome.
• 27:06
  SPEAKER_00: I also want to chime in with a little personal story.
• 27:10
  SPEAKER_00: Finding what suits your needs will change throughout your life.
• 27:13
  SPEAKER_00: So I used to live in Chicago.
• 27:15
  SPEAKER_00: I used to commute to our headquarters for work at least twice a week.
• 27:19
  SPEAKER_00: And in moving over here to Oregon, I sold my Toyota Camry.
• 27:23
  SPEAKER_00: I now live where my town is about a five mile radius total.
• 27:27
  SPEAKER_00: And I live on an e-bike.
• 27:29
  SPEAKER_00: I have a grocery cart on the back of it, I have a seat, um, and I save so much money not having a car payment anymore.
• 27:36
  SPEAKER_00: And so again, it'll change as your life changes, but I never thought I would be without a car.
• 27:41
  SPEAKER_00: And now I live somewhere where I truly don't need it like I used to.
• 27:45
  SPEAKER_00: And so I'm a bike girly.
• 27:47
  SPEAKER_00: I have an e-bike.
• 27:47
  SPEAKER_00: And so I also have an electric vehicle, Gil.
• 27:51
  SPEAKER_00: Um, but just putting that out there for perspective for everyone.
• 27:57
  SPEAKER_01: We're gonna need a bike shopping uh service, it sounds like, is it?
• 28:00
  SPEAKER_01: Yeah.
• 28:00
  SPEAKER_01: So we have some uh of our favorites, and this is not it meant to be all inclusive or everything, but some of the uh popular names, and I'm pretty sure you've seen these names before, but just to give a little bit more context on it.
• 28:12
  SPEAKER_01: So Gamel's walked us through, and and you know, we we've gotten pre-approved, and we have a good feel of what fills that needs bucket and what we'd like to see if possible in the wants bucket.
• 28:22
  SPEAKER_01: And then it's time to really kick into the next gear of the research of what are the cars that start to check these boxes.
• 28:29
  SPEAKER_01: So, for example, Edmonds has a really cool uh ongoing uh feature they do is they'll buy a car and drive it for I don't, I believe it's one year, and they'll add 20,000 miles on an interview and they give us real-world feedback on things that they're running into, good, bad, and all the things that are going to matter for your decision.
• 28:47
  SPEAKER_01: So it's a great way.
• 28:49
  SPEAKER_01: If you're looking at that uh Honda, that Kia, whatever that thing is, it's very likely that you'll find those long-term ownership things and you have that context for your decision.
• 29:00
  SPEAKER_01: Girm already shared before, uh, Kelly Blue Book is a great resource, especially for like the trade-in numbers for you know, uh, depending on the path you make and then what what purchase direction you go, you're gonna get a real good feel of a fair or possibly great value that you're getting on your trade-in.
• 29:16
  SPEAKER_01: Carfax already stole my own thunder.
• 29:19
  SPEAKER_01: So it's it's a great resource.
• 29:21
  SPEAKER_01: And again, I'm sure you'll see something listed on the website around Q4 of this year with BCU.
• 29:27
  SPEAKER_01: We're giving you unlimited access to run those history reports.
• 29:31
  SPEAKER_01: Use it, use it, use it as a great resource.
• 29:34
  SPEAKER_01: And one of my favorites, TrueCar, and and I I believe I saw his name jump up.
• 29:39
  SPEAKER_01: We actually have uh uh someone from TrueCar on the call today.
• 29:42
  SPEAKER_01: And and although my shirt says polo, uh or my polo says BCU, uh, we we have an amazing uh relationship with TrueCar as well with the auto-buying service.
• 29:52
  SPEAKER_01: So really, even though you know I I've had the privilege and it's never been a thing that I woke up and just like, I'm gonna buy a car.
• 29:59
  SPEAKER_01: It's uh to Danny's point, life changes and things change and needs change, and something pushes us to uh, well, here I go, I gotta buy a car.
• 30:07
  SPEAKER_01: And mine have been sometimes because I got a total loss, and here I go, and I got re-rended, and I need to go find a new car.
• 30:14
  SPEAKER_01: And so I think for a common truth for so many of us, and we hear it and we we experience it ourselves, and it's it's something that we we get to hear when we're we're talking to our members as well, is it's stressful.
• 30:26
  SPEAKER_01: It can be stressful.
• 30:27
  SPEAKER_01: Like it's it's there's all the things, and you know, it and that's why we even want to do this.
• 30:32
  SPEAKER_01: So you get you really start to reinforce the things that we should be doing for so the homework to go into it before otherwise it just becomes if we get caught without the right context or information we wanted for our decision, it can it can feel very stressful and overwhelming.
• 30:46
  SPEAKER_01: And you know, perhaps some of you are thrill seekers and you're the ones who live at you know, do 57 degrees at night and and ice cold and and ice, you got ice running through your veins, and you get the thrill of the of the hunt with dealerships, and you like to discuss all the numbers and and work every item of the of the of the bucket of of what the purchase price, and you do all that.
• 31:09
  SPEAKER_01: And that and that that's perfectly that's great.
• 31:12
  SPEAKER_01: And then there's a lot of us who are like, oof, the entire thing, there it can be overwhelming.
• 31:17
  SPEAKER_01: And so this is where true car's like amazing value comes in.
• 31:19
  SPEAKER_01: So this is just flat out something we give you an opportunity to use at no cost to you.
• 31:25
  SPEAKER_01: Actually, and in reverse, when you use it, we give you an incentive to do it.
• 31:30
  SPEAKER_01: So, what true car really does for you is that uh you can use an auto-buying service and you've done the homework and like, oh man, I'm down to this, this Honda and this Toyota.
• 31:39
  SPEAKER_01: It's it's one of these two.
• 31:40
  SPEAKER_01: I just want to see what they look like.
• 31:42
  SPEAKER_01: I want to smell that leather, and I want to know what it takes to get into the dealer and start talking about this.
• 31:46
  SPEAKER_01: And so the auto buying service is when you've done that the research and you went to Edmonds and you've found the package and in the and the packages and the trends that you uh are interested in, you can now start to build that into TrueCar.
• 31:59
  SPEAKER_01: And this is what what TrueCar is doing right now is there there is an ongoing evolution of the experience where they're going from amazing, like very good to they're going to grades.
• 32:10
  SPEAKER_01: And we've had the privilege of seeing the inside track of where they're going very soon, of what the finished experience is.
• 32:16
  SPEAKER_01: But already what that what this means is you can go on the interface, and then in a moment here, I'll take the next, um, I'll show you a little bit more on the on the experience from a visual perspective.
• 32:26
  SPEAKER_01: But what you're getting is you know up front is you know how much you're going to pay for the car, and you know you hear terms like out the door price or take it home or what do, you know, I like to make what do I need to do to get this thing in my driveway?
• 32:39
  SPEAKER_01: And so that what is that price?
• 32:41
  SPEAKER_01: And you have in it and true car can pull and share with you.
• 32:44
  SPEAKER_01: Here's what others have paid for this car as well.
• 32:47
  SPEAKER_01: And um and and as their experience evolves, and very soon there's gonna be additional uh transparency given as far as you're gonna know like how uh the the dealers are rated, and you're gonna you are gonna be fully in control of which dealer, which vehicle you want to get in uh and continue that conversation with.
• 33:06
  SPEAKER_01: Um, so it's again the value really is taking all that ickiness of that stress of building and like the haggling.
• 33:13
  SPEAKER_01: You know you're getting a really good price on it, and you just say, I just want to smell the leather now.
• 33:17
  SPEAKER_01: I want to hear how good the stereo is because I'm ready.
• 33:20
  SPEAKER_01: So if you don't mind, if you want to take us to the next here's here, here's a little, a little uh snapshot of of the current experience.
• 33:28
  SPEAKER_01: So again, you you'll see, like, I know I'm looking at this car.
• 33:31
  SPEAKER_01: So I want this car, this trim, and you start to get to see what that pricing, like, yeah, this is exactly right.
• 33:38
  SPEAKER_01: And when I know when I talk to Guillermo, we talked about this payment range, and I know this fits within that budget, all these things start to come together.
• 33:46
  SPEAKER_01: And I'm ready to do this.
• 33:48
  SPEAKER_01: And and it allows you to connect with the dealer to say, come on in, let's we'll throw you the keys, we'll take it off for a spin and make sure that the stereo is exactly what you wanted it to be because you're the one making the payments, right?
• 33:58
  SPEAKER_01: You want to make sure that you are happy with the deal.
• 34:00
  SPEAKER_01: That this payment doesn't keep you up at night, and it starts from buying the car that you love that really matters too.
• 34:07
  SPEAKER_01: So that is if you can't tell, I'm a big fan of true car because again, it's it's it's all that the that takes so much of that time away of just find the car, select it, and go take it for a spin, and then you're back in touch with our team to finalize everything.
• 34:25
  SPEAKER_03: Love it, thank you, Jaime.
• 34:26
  SPEAKER_03: And like I said, uh my dad he's old school, he normally would love to go to a dealership in person.
• 34:32
  SPEAKER_03: Um, but the fact that he used it and he said it was super easy to use from his phone, um that says a lot, right?
• 34:38
  SPEAKER_03: Um I love helping family, and I recently helped one of my sisters uh with her car loan and her car shopping experience as well.
• 34:49
  SPEAKER_00: And when we were at a dealership, say, Gil, you need like a dentist, a doctor, and someone in finances.
• 34:55
  SPEAKER_00: I guess you also need an auto loan expert in the family.
• 34:58
  SPEAKER_03: It helps.
• 34:59
  SPEAKER_03: Every little bit helps.
• 35:01
  SPEAKER_03: Your network is your net worth, as they say, right?
• 35:03
  SPEAKER_03: So yeah, when I when I went with my sister shopping and and she found the car that she wanted, I said, poker face.
• 35:11
  SPEAKER_03: Do not show them that you love the car.
• 35:13
  SPEAKER_03: You show them you love the car, they're gonna keep that price high.
• 35:16
  SPEAKER_03: And I love my guys and gals over at the dealerships.
• 35:19
  SPEAKER_03: I got a lot of friends that work in dealerships, um, but they have a job to do, and you know what?
• 35:23
  SPEAKER_03: So do we.
• 35:24
  SPEAKER_03: We want to make sure that we get the best deal for our members, and we want to make sure our members are getting in the best uh spot with their next car purchase.
• 35:30
  SPEAKER_03: But long story short, my sister was looking for the car, she found it, and and we locked in a deal and we're in the office with the sales rep, and he starts asking a few very vocal questions Do you have any kids?
• 35:44
  SPEAKER_03: My sister goes, No.
• 35:46
  SPEAKER_03: Do you have any pets?
• 35:48
  SPEAKER_03: My sister goes, No.
• 35:50
  SPEAKER_03: Well, do you do makeup?
• 35:51
  SPEAKER_03: My sister again, no.
• 35:53
  SPEAKER_03: So, what what that rep was trying to do, he was trying to build a need for their interior package, so protect the fabric for the vehicle.
• 36:01
  SPEAKER_03: Um, but my sister was very adamant.
• 36:03
  SPEAKER_03: She's like, I don't have any of that, so I I don't feel I need this coverage.
• 36:07
  SPEAKER_03: So we noticed that was on the bill of sale, and then once we kind of went through those questions and those answers, we noticed that's not a package that she actually needs.
• 36:16
  SPEAKER_03: So we were able to save her$800 on that car purchase because now they're removing that.
• 36:21
  SPEAKER_03: Um, another extra she saw on there was a documentation fee, which was about$500.
• 36:26
  SPEAKER_03: Now that that's one thing that was not optional, you know, that's one thing that the dealership is gonna charge so they can submit all of your documents to your local DMV, get that lien holder placed on the title, get your name on the title so that you don't have to go away in the DMV lines and go through all the hassle with your local DMV.
• 36:45
  SPEAKER_03: So there are some things that are gonna be on that car price that are negotiable, and there are some things that are non-negotiable.
• 36:51
  SPEAKER_03: Uh, but but don't be afraid to ask your rep at the dealership what is this piece because they will give you an itemized breakout and and and see if that's something you need or or just something you can walk away from.
• 37:06
  SPEAKER_00: And don't be afraid to walk away.
• 37:07
  SPEAKER_00: That's my favorite part of all of this.
• 37:09
  SPEAKER_00: That's one of the most powerful moves you can make when it's in the dealership trying to come up with a decision.
• 37:18
  SPEAKER_03: Yeah, good point.
• 37:20
  SPEAKER_03: Now I helped another family member a couple of years ago, my my younger brother.
• 37:25
  SPEAKER_03: Uh, we went to a dealership and he found the car that he was getting and wanted, and we were at the point of price negotiation, everything, everything looked really good.
• 37:35
  SPEAKER_03: And now we got to the uh conversation about extended warranty.
• 37:39
  SPEAKER_03: And I'm sure those that have bought a car before and worked with the dealer, we know that conversation is gonna come up.
• 37:46
  SPEAKER_03: So the the nice thing with me and my brother is we did our research, we looked it up ahead of time to see what that warranty price was with BCU.
• 37:55
  SPEAKER_03: Not a lot of people know this, but we work with a warranty provider, and and that warranty provider is is one of the top five in the country.
• 38:03
  SPEAKER_03: So our extended warranty is uh service through a company insurance.
• 38:08
  SPEAKER_03: And so when my brother was getting his vehicle and we were in the finance manager's office at the dealership, we started going into warranty prices.
• 38:16
  SPEAKER_03: And and my brother's like, I am gonna plan to keep this vehicle long term, maybe eight years, nine years.
• 38:22
  SPEAKER_03: I am gonna drive, you know, some some 12,000, 15,000 miles a year.
• 38:27
  SPEAKER_03: So he knew he was gonna want the extended warranty, and and the finance person knew that.
• 38:31
  SPEAKER_03: Now we started going into some of the packages, and I said, Hey, that's great, it's a good deal, but we got a little bit better price where we're at.
• 38:41
  SPEAKER_03: So I was gonna see if he was gonna come down on that price with the warranty, because just like a car price, they can actually you can actually negotiate warranty price with the dealer.
• 38:50
  SPEAKER_03: So the the the direct then goes, Well, our warranty is through the dealership, we're gonna cover everything.
• 38:58
  SPEAKER_03: Your warranty won't cover everything that we do.
• 39:01
  SPEAKER_03: So I said, Can I see your warranty brochure?
• 39:04
  SPEAKER_03: He hands it over to me and I turn it around and I'm like, You see the name of that company on the back of that warranty brochure?
• 39:10
  SPEAKER_03: He goes, assurance.
• 39:12
  SPEAKER_03: And I said, Yes, it's the same warranty we sell.
• 39:15
  SPEAKER_03: So um, and then he goes, He he threw the brochure down.
• 39:18
  SPEAKER_03: What do you do for a living?
• 39:19
  SPEAKER_03: I'm like, Well, I do what you do, I do it with the credit unit.
• 39:22
  SPEAKER_03: So it was actually uh a really good moment that I was able to help save my brother some money.
• 39:28
  SPEAKER_03: Um, the finance manager is like, you know what, props to you.
• 39:31
  SPEAKER_03: You did your research.
• 39:32
  SPEAKER_03: And so at the end of the day, it ended up working out for us, and we saved about$600 on that warranty price.
• 39:39
  SPEAKER_03: Um, so that's something to consider.
• 39:40
  SPEAKER_03: And then we also have other coverages, gap coverage.
• 39:43
  SPEAKER_03: Of course, all these coverages are optional, but we have all these coverages at exclusive member pricing.
• 39:49
  SPEAKER_03: One of our newer coverages, too, that we offer is prepaid maintenance so that you can get uh your brakes covered, key fob.
• 39:56
  SPEAKER_03: If you lose a key fob, that could be expensive, like six to eight hundred dollars.
• 40:00
  SPEAKER_03: That's covered in that plan.
• 40:02
  SPEAKER_03: And then we also have our loan payment protection.
• 40:04
  SPEAKER_03: So these are all coverages that your loan officer can go over with you in terms of what you qualify for and how that can uh help save you some money.
• 40:15
  SPEAKER_00: All right, and we have our QR code back up here again.
• 40:18
  SPEAKER_00: So if you are ready to meet with an expert, talk through thoughts you have.
• 40:21
  SPEAKER_00: Our chat is popping and we are about to get to QA here soon.
• 40:24
  SPEAKER_00: But go ahead and scan that and schedule your appointment.
• 40:28
  SPEAKER_00: See, see what you come up with, see what sort of feedback you get with the thoughts that are running through your head right now.
• 40:32
  SPEAKER_00: Let's organize them.
• 40:33
  SPEAKER_00: Um, but we have so many resources.
• 40:36
  SPEAKER_00: I know we've just mentioned a few here uh today, but we have so many products here at the credit union that will save you money.
• 40:42
  SPEAKER_00: Again, if you're not already a member, you're eligible on this call right now, whether it's through your employer or through LifeMoney You, our financial well-being program.
• 40:51
  SPEAKER_00: So if you subscribe to Life MoneyU, no matter where you live or work, you're eligible for credit union membership with BCU.
• 40:57
  SPEAKER_00: So keep that in mind here.
• 40:59
  SPEAKER_00: We also, as a holistic financial well-being program, offer free financial coaching.
• 41:05
  SPEAKER_00: So, as I mentioned earlier, we have coaches that specialize in certain areas, and many of them are car buying experts.
• 41:12
  SPEAKER_00: And so they will meet, sit down with you, and figure out the best approach to either buying or refinancing your vehicle.
• 41:19
  SPEAKER_00: We also have a boatload of resources on our virtual library.
• 41:22
  SPEAKER_00: If you're more of a self-serve person, that's where I'd recommend you go.
• 41:26
  SPEAKER_00: If you're more of a hands-on experience person, these live events are where it's at.
• 41:30
  SPEAKER_00: We also have a podcast.
• 41:32
  SPEAKER_00: So I saw a lot of people asking if this will be recorded, if the chats will be recorded, those sorts of things.
• 41:37
  SPEAKER_00: The chat won't.
• 41:38
  SPEAKER_00: That's exclusive to you guys here that actually join us.
• 41:40
  SPEAKER_00: You get to see the chat, but the recording will be on our podcast too.
• 41:44
  SPEAKER_00: So if you're someone that likes to listen to podcasts in the car, you can subscribe to Life Money You and start listening to these right where you are.
• 41:51
  SPEAKER_00: And then last but not least, um, we also uh offer a bunch on our website.
• 41:56
  SPEAKER_00: So we have a newsletter when you subscribe that you'll get once a month.
• 41:59
  SPEAKER_00: And again, that's also recapped on our podcast.
• 42:02
  SPEAKER_00: So make sure you engage, uh, subscribe, and just find the resources that make most sense to you because we all learn differently.
• 42:13
  SPEAKER_00: And then for those of you that don't know, Kim Chavez is here.
• 42:16
  SPEAKER_00: She's actually our BCU Zoom Tech right now, but she does a lot of the podcast episodes with me and she's our coach of coaches.
• 42:22
  SPEAKER_00: So we have over 140 certified financial coaches here at the credit union, which is huge.
• 42:27
  SPEAKER_00: We love to tout that.
• 42:28
  SPEAKER_00: So a lot of them come with different backgrounds, experiences, and stories to help you figure out your financial step forward.
• 42:35
  SPEAKER_00: And so, with that, it is a free service.
• 42:38
  SPEAKER_00: You do not have to be a member to sign up for a coaching appointment.
• 42:41
  SPEAKER_00: So if you're not right now, you're teeter-tottering whether or not you want to become one.
• 42:44
  SPEAKER_00: Go ahead, schedule an appointment with one of our coaches.
• 42:47
  SPEAKER_00: They'll talk you through whether it's the right option for you next.
• 42:50
  SPEAKER_00: And you can expect a full plan and action items after that coaching appointment.
• 42:54
  SPEAKER_00: So again, highly recommend it.
• 42:56
  SPEAKER_00: Love all of our coaches, partial to Kim.
• 42:58
  SPEAKER_00: So um, highly recommend it.
• 43:00
  SPEAKER_00: And we're gonna give James, who again, he introduced himself at the beginning.
• 43:03
  SPEAKER_00: He's part of Jaime and Gil's team, and he's gonna tout a really cool offer we have right now for you guys.
• 43:09
  SPEAKER_02: Love it.
• 43:09
  SPEAKER_02: Thanks, Danny.
• 43:10
  SPEAKER_02: Yeah, right now, BCU, um between now and then mid-September, if we complete a loan, um, we're offering a lot of cash back along with it.
• 43:19
  SPEAKER_02: Uh inflation's a real thing, right?
• 43:21
  SPEAKER_02: Um in 10 years, this is the biggest cash back I've seen.
• 43:24
  SPEAKER_02: Um, we're offering$350.
• 43:27
  SPEAKER_02: Any any loan that comes over to us that's more than$10,000, whether you're purchasing a vehicle or bringing it over to us from a new lender.
• 43:35
  SPEAKER_02: Um, and a lot of what Jamie's been kind of talking through today, uh, using the auto buying service, there's an additional discount and actually an inflated discount for the next month and a half as well.
• 43:47
  SPEAKER_02: Um, typically we we have it at a half percent, um we bumped it up to three quarters of a percent too, just to try and find all those areas of savings uh again over the next 45 days.
• 43:57
  SPEAKER_02: Uh we again, we just gotta simply complete.
• 44:00
  SPEAKER_02: The loan by mid-September.
• 44:02
  SPEAKER_02: So great time if you are car shopping.
• 44:04
  SPEAKER_02: That great way to sneak in and get a little extra back.
• 44:09
  SPEAKER_00: Awesome.
• 44:10
  SPEAKER_00: All right, everyone, now's your time to shine.
• 44:12
  SPEAKER_00: I am opening up our chat.
• 44:14
  SPEAKER_00: So if you have any questions, things you want to talk through, now's your time to put it in the chat.
• 44:19
  SPEAKER_00: And Jaime, Gil, and James, we're all ready for you.
• 44:22
  SPEAKER_00: We're ready for the questions.
• 44:23
  SPEAKER_00: And so as I open it here, we got so many that I think James and Kim were able to tackle throughout.
• 44:30
  SPEAKER_00: So I'm just going to go ahead and narrate some of them.
• 44:33
  SPEAKER_00: The first one here that I'm coming up on is does BCU offer insurance coaching?
• 44:38
  SPEAKER_00: I answered that one.
• 44:38
  SPEAKER_00: Our coaches specialize in many areas, and insurance is most definitely one of them.
• 44:42
  SPEAKER_00: So if you're interested in talking through that, schedule time with a coach.
• 44:46
  SPEAKER_00: Alejo asked, Do you recommend trading in or selling yourself?
• 44:50
  SPEAKER_00: Ooh, this is a great question.
• 44:51
  SPEAKER_00: I'm going to give this one over to Jaime.
• 44:54
  SPEAKER_01: Excellent things.
• 44:56
  SPEAKER_01: Two things to consider there.
• 44:57
  SPEAKER_01: In general, if you sell your car out yourself, uh you're generally expected to get more for your vehicle by selling it.
• 45:07
  SPEAKER_01: The pro of trading it in is you're um if you go in with ARM with a context of what's a fair trade-in value, it is arguably easier to do a trade-in.
• 45:19
  SPEAKER_01: So I'm not, I don't mean to give you a uh non-answer there.
• 45:22
  SPEAKER_01: What you what the right answer is what you're most comfortable with because there will be some time commitment with you selling the car outright.
• 45:29
  SPEAKER_01: I would confidently tell you, expect to get more money for your car if you sell it outright.
• 45:34
  SPEAKER_01: If it's if that feels a bit overwhelming or whatever the thing, if it's if just if the easier path and you still get a good trade-in value and you do it with the dealer, then that's the right solution for you.
• 45:43
  SPEAKER_01: Like ultimately, it's gonna be how much time you are able to commit to it or willing to commit to it versus uh trading it in.
• 45:50
  SPEAKER_01: That would be what I'd tell you to consider.
• 45:52
  SPEAKER_00: Awesome.
• 45:53
  SPEAKER_00: Thank you.
• 45:54
  SPEAKER_00: When utilizing true car, should I work on getting a pre-approval first?
• 45:58
  SPEAKER_00: I'll hand this one over to Gil.
• 46:00
  SPEAKER_03: You can do either or we have some members that will shop through True Car before their approval.
• 46:06
  SPEAKER_03: Um, although we would always recommend getting that pre-approval done first.
• 46:12
  SPEAKER_03: Um, now here's the reason why because if if if you let's say you get pre-approved for a car loan, but maybe it's your first car loan and your first loan with BCU, we might require some documentation like copy of a pay stuff, copy of a utility bill, copy of a driver's license.
• 46:30
  SPEAKER_03: Some of those things may take up to a business day to review.
• 46:34
  SPEAKER_03: And if you're in love with the car and want to buy that same day, you're a little bit handcuffed.
• 46:39
  SPEAKER_03: So you so you you're kind of in a time crunch.
• 46:42
  SPEAKER_03: So for that reason, we always say get pre-approved first, so you get that part out of the way.
• 46:46
  SPEAKER_03: And now you have flexibility for 90 days.
• 46:49
  SPEAKER_03: That's three months to shop around.
• 46:52
  SPEAKER_00: Awesome.
• 46:53
  SPEAKER_00: Thanks, Gail.
• 46:54
  SPEAKER_00: Ivan asked, where does one find the podcast and join Life Money You to become a member of the credit union?
• 47:00
  SPEAKER_00: We're gonna have Kim put those links in the chat for you, Ivan.
• 47:03
  SPEAKER_00: So it's one click away for you, but it literally is just one click away.
• 47:07
  SPEAKER_00: Um, we'll have both the link to subscribe to the podcast as well as join the credit union through Life Money U.
• 47:13
  SPEAKER_00: Tierra asks, if you are a person considering moving abroad, would it be best to wait on buying a car?
• 47:20
  SPEAKER_00: I'll give this one to James.
• 47:23
  SPEAKER_02: I was gonna say, I was about to ready to answer it in chat too.
• 47:26
  SPEAKER_02: Good.
• 47:26
  SPEAKER_02: Um, I I think it really depends on, again, knowing pros and cons.
• 47:30
  SPEAKER_02: I feel like that's a lot of the answers that we're kind of giving along today.
• 47:34
  SPEAKER_02: Um, if you do it, um most vehicles will need to stay titled somewhere.
• 47:39
  SPEAKER_02: So you'll need to be able to keep it titled in the state that you are in currently before moving abroad, um, keeping it registered, keeping insurance on it if there's gonna be a loan on it.
• 47:50
  SPEAKER_02: So there's all these additional costs that you're going to be accruing that if you move abroad and don't bring the vehicle with, um, because then the other side of the coin is and maybe a little bit of a further piece of that question is are you gonna bring the car with you?
• 48:04
  SPEAKER_02: Then you have to look into what are the rules and guidelines to follow and in the country that you're moving and bringing it to.
• 48:10
  SPEAKER_02: So it's kind of a weighing option of are you okay with getting the the costs that are gonna be associated with that?
• 48:18
  SPEAKER_00: Definitely.
• 48:20
  SPEAKER_00: So back up to Jaime, Denise asks us what is needed for pre-approval?
• 48:26
  SPEAKER_01: You know, Denise, it's a fabulous question.
• 48:29
  SPEAKER_01: And I'm gonna give you this like honestly, it's just a bit of your time.
• 48:33
  SPEAKER_01: You can apply online with us, or uh, we have always encouraged talking to someone over the phone.
• 48:38
  SPEAKER_01: And what our experts are gonna do is have that conversation.
• 48:41
  SPEAKER_01: Okay, let's get this going.
• 48:43
  SPEAKER_01: And the fundamental process is we get some basic information about uh where you where do you work, where do you uh tell us about where you're working right now, some basic information like that, and we start to put the loan structure together.
• 48:55
  SPEAKER_01: But so it's the conversation with someone, which is really time.
• 48:59
  SPEAKER_01: So there's nothing uh, yeah, hopefully that starts to answer what you're looking for.
• 49:03
  SPEAKER_01: It's it's we have the conversation, put the application in and get something moving.
• 49:07
  SPEAKER_01: We, as Guillermo had mentioned before, depending on on someone's uh credit review, we might need some additional information, and that is going to be determined on the individual application at that time.
• 49:19
  SPEAKER_01: So we like he had shared, we might there might be a request for a recent pay stuff, or whatever those things may be, that we'll know will come to light as we put the application together.
• 49:29
  SPEAKER_01: Best thing to do is put some time together, talk to one of our reps, and we'll we'll get the application going with you.
• 49:35
  SPEAKER_00: Awesome.
• 49:36
  SPEAKER_00: All right, moving on to Bethany.
• 49:37
  SPEAKER_00: So I'm gonna take the first question.
• 49:39
  SPEAKER_00: She had three here, and then I'll pass them off to Gil and then James.
• 49:42
  SPEAKER_00: But first question I can answer.
• 49:44
  SPEAKER_00: Um, sometimes appointments can be hard to schedule.
• 49:47
  SPEAKER_00: There is so much seasonality to our appointment scheduler.
• 49:50
  SPEAKER_00: And so I'd say the best thing you can do is plan ahead.
• 49:52
  SPEAKER_00: Um, I know that's sometimes hard, but if you know that you're going to need to talk about something, get on that scheduler sooner rather than later.
• 49:59
  SPEAKER_00: So I'm thinking about tax season.
• 50:00
  SPEAKER_00: I'm thinking about fall time right here before holidays.
• 50:03
  SPEAKER_00: We have um a webinar that's specific on getting ahead of your debt repayment game plan because gosh, I just went in Costco, you guys, the other day, and they already have Halloween stuff out.
• 50:11
  SPEAKER_00: So I was sucked into buying some of that.
• 50:13
  SPEAKER_00: So again, the season is upon us, but get ahead of the seasons with scheduling your coaching appointments.
• 50:18
  SPEAKER_00: That's the best advice I have for you, Bethany, with that.
• 50:21
  SPEAKER_00: And then the next question: what are the requirements to join BCU checking as far as initial balance?
• 50:27
  SPEAKER_00: Gil.
• 50:29
  SPEAKER_03: Requirements to join BCU.
• 50:31
  SPEAKER_03: Was that the question?
• 50:32
  SPEAKER_00: I believe so, and then I believe using our checking account.
• 50:36
  SPEAKER_03: Oh, okay.
• 50:36
  SPEAKER_03: Good question.
• 50:38
  SPEAKER_03: So if you go to our website, bcu.org, it'll ask you a couple questions when you click join today.
• 50:46
  SPEAKER_03: Um, you can employ you can join through an employer that you work for.
• 50:50
  SPEAKER_03: So we have a list of um some really nice workplaces that a lot of our members work for, and you're eligible that way.
• 50:57
  SPEAKER_03: Otherwise, the other ways is you can live or work in a certain area.
• 51:02
  SPEAKER_03: Um, we're headquartered in Lake County, Illinois, which is just northeast corner of Illinois, and all the neighboring counties are eligible for membership here with BCU as well.
• 51:12
  SPEAKER_03: Um, we also have a charter, a community charter in Minnesota and the Twin City areas, and also in uh Puerto Rico.
• 51:21
  SPEAKER_03: Now, outside of that, there's still a way to become eligible for membership and become a BCU member.
• 51:26
  SPEAKER_03: It's through our Life Money U program.
• 51:28
  SPEAKER_03: Um, so if you go to our website and go through Life Money You program, you subscribe to the program, which is free, then you could become eligible for membership that way as well.
• 51:37
  SPEAKER_03: Now, on the check-in account, there's no minimum monthly balance.
• 51:40
  SPEAKER_03: There are a few requirements to look at if you want to earn interest on that checking account, uh, but there's no penalty with that check-in account if you don't use it.
• 51:49
  SPEAKER_03: I know a lot of banks will charge you a penalty for not using the account the way they want you to.
• 51:56
  SPEAKER_03: The difference here at BCU is we will reward you for using the account the way we want you to.
• 52:02
  SPEAKER_03: So that's that's something to look at with our PowerPlus checking is what can you do to earn that interest?
• 52:08
  SPEAKER_00: Perfect.
• 52:09
  SPEAKER_00: Thanks, Gil.
• 52:10
  SPEAKER_00: And then James, Bethany's last question Is it bad to be part of two credit unions?
• 52:15
  SPEAKER_02: No, not at all.
• 52:17
  SPEAKER_02: Um, as a consumer, you have that right.
• 52:20
  SPEAKER_02: You know, I'm actually a part of two credit unions, believe it or not.
• 52:23
  SPEAKER_02: Um I think a lot of us are.
• 52:26
  SPEAKER_02: Um the the idea is, you know, as a consumer, right, you have the right to go out and and shop around for rates and do the homework that is we're we're gonna all get on a soapbox and and hope that you choose us in that regard and and give you all the guidance.
• 52:41
  SPEAKER_02: Um, but you have absolutely the right to do so.
• 52:44
  SPEAKER_02: Some credit unions do specialize in things that that they may have more knowledge about than we do.
• 52:50
  SPEAKER_02: Um, hopefully we have more knowledge in some areas than some of the other credit unions that are out there.
• 52:56
  SPEAKER_02: But uh, but no, by all means, you you absolutely can.
• 52:59
  SPEAKER_02: And it's it's absolutely your right to also.
• 53:01
  SPEAKER_00: We think of it as like diversifying your financial well-being portfolio.
• 53:05
  SPEAKER_00: Honestly, that's what you're doing with two credit unions.
• 53:08
  SPEAKER_00: You're keeping your options open.
• 53:09
  SPEAKER_00: So highly recommend it.
• 53:11
  SPEAKER_00: Um, Joseph, you asked, does BCU have a business checking account?
• 53:15
  SPEAKER_00: Jaime, giving this one back to you.
• 53:17
  SPEAKER_01: We have an excellent business uh um services team all together.
• 53:21
  SPEAKER_01: So yes, there is.
• 53:23
  SPEAKER_01: Please feel free to reach out um and we can get you in touch with that team and to discuss the opportunities for you.
• 53:31
  SPEAKER_00: Awesome.
• 53:32
  SPEAKER_00: All right, Gil, a little competition question from Casey.
• 53:36
  SPEAKER_00: I have Navy Federal and BCEO.
• 53:38
  SPEAKER_00: Do you guys have better rates than Navy Fed?
• 53:42
  SPEAKER_03: That's a good question.
• 53:44
  SPEAKER_03: And I haven't looked at Navy Federal.
• 53:47
  SPEAKER_03: I I don't have an account there.
• 53:48
  SPEAKER_03: Uh, I'm not eligible, I'm not in the military.
• 53:51
  SPEAKER_03: Um, but I would say look at our websites.
• 53:55
  SPEAKER_03: Now the rates can update from one month to the next.
• 53:58
  SPEAKER_03: I know here at BCU typically we'll have a rate structure for auto loans that are good for that current month.
• 54:06
  SPEAKER_03: Um, so it's always good to look at at the beginning, the top of the month, to see what the rates are.
• 54:11
  SPEAKER_03: Um I think probably Navy Credit Union and and all other crediting unions maybe do a similar format.
• 54:16
  SPEAKER_03: So definitely take a look at that.
• 54:18
  SPEAKER_03: And I would just suggest looking early in the month to see what rates are, and you can kind of compare the two.
• 54:23
  SPEAKER_03: Um, I don't want to overpromise and say we have better rates, but yeah, but that's the truth, right, Gil?
• 54:29
  SPEAKER_00: Um, I wanted to add to uh I lost my train of thought.
• 54:33
  SPEAKER_00: Oh, I was gonna tout one of our coaches.
• 54:35
  SPEAKER_00: Um, you've probably heard her in um one of our shout-outs on social or maybe on a previous live event, but Chelsea Erickson is a great financial coach.
• 54:44
  SPEAKER_00: I mean, heck, the the testimonials speak for themselves, but she's actually part of a military family.
• 54:49
  SPEAKER_00: Um, so we have certain coaches that have that background and actually can speak really knowledgeably to you and what you're going through and more specifications like Navy Fed too.
• 54:57
  SPEAKER_00: So again, we have coaches with that background that can help maybe answer some of those questions for you, Casey.
• 55:02
  SPEAKER_00: All right.
• 55:03
  SPEAKER_00: Bethany, back to you.
• 55:05
  SPEAKER_00: Uh, you said you'd asked a question before, so apologies um for overlooking it.
• 55:08
  SPEAKER_00: But uh, can you comment on consolidation and using a home equity loan to do so?
• 55:16
  SPEAKER_00: So, James, I'm up with you right now.
• 55:18
  SPEAKER_00: So using a home equity loan for debt consolidation.
• 55:22
  SPEAKER_02: Sure, sure.
• 55:23
  SPEAKER_02: Um, so in in full transparency, our mortgage team would be handling those, not not our what we call consumer loans, so to say.
• 55:31
  SPEAKER_02: Um, but it absolutely it's a great tool.
• 55:34
  SPEAKER_02: Um, there's uh again, gonna sound like a broken record, there's pros and cons to doing it that route versus versus anything.
• 55:42
  SPEAKER_02: Um, usually for something like that, you're using home's equity.
• 55:45
  SPEAKER_02: Um, the key word being equity in that, meaning you're most likely going to get a better rate that uh than doing something that's going to be unsecured.
• 55:53
  SPEAKER_02: Traditionally, a consolidation loan is an unsecured loan.
• 55:57
  SPEAKER_02: Um, the bonus of an unsecured loan, though, is those can go through really quickly.
• 56:03
  SPEAKER_02: Um, there may be more restrictions on how much we could get approved.
• 56:08
  SPEAKER_02: Um, one thing to kind of spin off of is a third option for you that was actually recommended in the chat earlier.
• 56:14
  SPEAKER_02: So shout out, I think it was uh Lenore that that said it is you can use a vehicle's title that you own outright.
• 56:21
  SPEAKER_02: It's kind of a blend of both worlds.
• 56:23
  SPEAKER_02: Um, instead of taking maybe a month to complete a home equity, you can get those done in probably about a week.
• 56:29
  SPEAKER_02: So cool.
• 56:30
  SPEAKER_02: Um, but at the same point, still getting the benefits of it being secured to get a better interest rate, too.
• 56:37
  SPEAKER_00: Awesome.
• 56:38
  SPEAKER_00: Oleo asked, do we have a rate match?
• 56:40
  SPEAKER_00: Jaime, back up to you.
• 56:42
  SPEAKER_01: Yeah.
• 56:42
  SPEAKER_01: Uh and this actually, I remember I think someone had mentioned earlier about you know potentially bringing a loan over from another institution.
• 56:49
  SPEAKER_01: So, like either if you're refinancing or this is more about purchasing a vehicle, the short answer is yes.
• 56:54
  SPEAKER_01: The team has been empowered in in in instances to um uh do a rate match within certain parameters.
• 57:01
  SPEAKER_01: So I of course I'm able to say yes across the board.
• 57:04
  SPEAKER_01: If you're beginning zero percent, for example, here that's that's zero percent.
• 57:07
  SPEAKER_01: We can't beat zero.
• 57:08
  SPEAKER_01: So there's gonna be some guidelines there, but with in a direct answer, the team has been empowered when we know that there's a uh a competitive rate out there to work on getting you the best rate available.
• 57:20
  SPEAKER_01: And I think that kind of hopefully that um helps with the subsequent question below that as far as um can you negotiate the rate?
• 57:26
  SPEAKER_01: So again, if if we know our uh what that other offer is, we can do a review to to match that competing offer.
• 57:35
  SPEAKER_00: Awesome.
• 57:36
  SPEAKER_00: That's perfect.
• 57:38
  SPEAKER_00: Um, Terry, yes, life is full of pros and cons.
• 57:41
  SPEAKER_00: Oftentimes with finances, it's trade-offs.
• 57:44
  SPEAKER_00: You're just making compromises, you're figuring out what's going to be best for you and what you're gonna be most happy with.
• 57:49
  SPEAKER_00: Because, like we like to hear, you know, the grass is always greener, but you can water your own.
• 57:53
  SPEAKER_00: So figure out how you're gonna be happiest with whatever option you choose.
• 57:57
  SPEAKER_00: Um, all right, Ivan, you gave me a long one here, but I'm gonna read it.
• 58:01
  SPEAKER_00: So if one is located in Cook County, Illinois and already has membership with two credit unions, congressional and corporate, and perhaps decides to join BCU, then it would be a matter of companies and services or comparing their services and rates among those credit unions to decide if one is a member who to decide to go with.
• 58:21
  SPEAKER_00: It doesn't matter if one is a brand new member to a particular credit union.
• 58:25
  SPEAKER_00: I'm thinking of um new member offers right now.
• 58:28
  SPEAKER_00: So again, that was a mouthful, but I'm gonna pass it off to Gil to answer this one.
• 58:32
  SPEAKER_03: That's a good question.
• 58:34
  SPEAKER_03: Pros and cons.
• 58:36
  SPEAKER_00: Um oh gosh.
• 58:39
  SPEAKER_03: Ivan's like, uh promotions, promotions and cons.
• 58:43
  SPEAKER_03: So yeah, we we typically offer a promotion this month, as James mentioned, we have an interest rate discount this month for auto loans.
• 58:52
  SPEAKER_03: Um, as you see here on the slide, through actually the uh the middle of September, which normally it's one month, so to see it scheduled out for 45 days is amazing.
• 59:01
  SPEAKER_03: But we also have the promotion where we give a cash bonus.
• 59:03
  SPEAKER_03: Now, the nice thing with with most lenders, including BCU, is you can refinance at any point.
• 59:11
  SPEAKER_03: Typically, there's no penalty for paying off a loan in advance.
• 59:15
  SPEAKER_03: Now, if it's with another lender, I would always recommend consult with them first and make sure there's no penalty or early payoff fee.
• 59:21
  SPEAKER_03: But you have that flexibility to refinance your car loan at any given point.
• 59:25
  SPEAKER_03: So let's say your credit is something you're working on and it's not where you want it to be, but you need that car today or this month, then go ahead and get that loan if you qualify.
• 59:36
  SPEAKER_03: And then six months, 12 months down the road, when you're following what your credit score is on our savvy money program, reach out and see what it would cost you to refinance.
• 59:46
  SPEAKER_03: Um, a lot of lenders don't charge any fees to refinance, it's just gonna they'll give you what they're what the qualifying rate is.
• 59:53
  SPEAKER_03: And in some cases, like us, they'll we'll give you money instead of charging you money to do the refinance.
• 59:59
  SPEAKER_03: Um, so I would always say, yeah, take a look, maybe set reminders on your calendar every six to 12 months to see what the rates are out there and and just inquire and see if it if it makes sense for you to refinance.
• 1:00:12
  SPEAKER_00: Perfect.
• 1:00:12
  SPEAKER_00: Thank you, Gail.
• 1:00:13
  SPEAKER_00: And we're at the hour, everyone.
• 1:00:14
  SPEAKER_00: So thank you so much for those of you that stayed the whole time.
• 1:00:18
  SPEAKER_00: We are so appreciative of you.
• 1:00:19
  SPEAKER_00: Again, we're Life Money You, the holistic financial well-being program of the credit union, um, one that you're either already a member of or eligible to join.
• 1:00:27
  SPEAKER_00: I want to say that we also have two really exciting events coming up in September.
• 1:00:31
  SPEAKER_00: So again, this one, niche to car buying.
• 1:00:34
  SPEAKER_00: Not sure if any of you are in the home buying market, but we will be doing the keys to unlocking homeownership on September 2nd, 11 a.m.
• 1:00:41
  SPEAKER_00: Central Time.
• 1:00:42
  SPEAKER_00: And then we're also gonna have a special guest coming back.
• 1:00:44
  SPEAKER_00: So I don't know if you guys are here in January, but Erica Young wants to come back and she's gonna talk about getting ready for your debt-free game plan before the end of the year.
• 1:00:53
  SPEAKER_00: So I know I'll be at that one.
• 1:00:55
  SPEAKER_00: I'm already starting to feel it.
• 1:00:56
  SPEAKER_00: Um, again, register, sign up for those, and thank you all again for joining.
• 1:01:00
  SPEAKER_00: Jaime, Gill, James, thank you so much for being on this one.
• 1:01:03
  SPEAKER_00: I know everyone really enjoyed it.
• 1:01:06
  SPEAKER_01: Pleasure.
• 1:01:07
  SPEAKER_01: Thank you, everyone.
• 1:01:08
  SPEAKER_00: Bye.