Congrats To Our Winners
In our June eNewsletter we held a drawing for credit union swag, and the following members were the winners:
Carmen Sprinkle, Cheryl Clay and Ann Rone all won reusable grocery bags; Jeff Knottek and Linda Hunter won luggage tags; Rose Wooldridge won a Cuccu Kids piggy bank; and Larry Killingsworth won our very last CU Community logo mug. Thanks to everyone that entered!
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If you're on Facebook, Twitter or Flickr, we invite you to become a fan, follow us or browse through our event pictures online!
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Greetings Member!
If you have an older vehicle sitting in your driveway and you're thinking about upgrading, you'll want to know about the Government's new Consumer Assistance to Recycle and Save (CARS) Act of 2009, popularly referred to as "Cash for Clunkers".
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Cash for Clunkers: A Closer Look
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The CARS Act was recently passed by Congress and then signed into law by President Obama. Basically, the program is designed to get older, less fuel-efficient vehicles off the road by providing buyers with a trade-in voucher when they upgrade to a new, more fuel-efficient vehicle.
The program offers different voucher incentives depending on the type of vehicle you trade in, as well as the gas mileage of the new vehicle you drive off in. The voucher is good on either domestic or imported vehicles, and it can be applied towards either the purchase or the lease of a new vehicle.
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Is C.A.R.S. For You?
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There isn't a simple answer to this question; basically it just depends. So, when is the Cash for Clunkers program potentially a Good Idea?
1. If your vehicle qualifies. Before you start shopping, make sure your vehicle qualifies for the program and is worth less than the $3500 - $4500 voucher amount. If you can trade it in or sell it for more, it's probably worth doing that instead.
Some of the major things to check: Determine the fuel economy of your vehicle, and then the value on websites such as Edmunds or NADA (check both the trade-in value and how much it would be worth if you sold it yourself).
2. If you were already planning a purchase. If you had planned on purchasing a new vehicle this year, it's worth looking at the CARS program. If you're financing, use the Auto Loan Calculator on our Tools page to determine what you can easily afford before getting in over your head. |
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Helpful Resources:
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To learn about the program, visit the official website at cars.gov, particularly the Q&A for Consumers. Beware of fraudulent websites trying to take advantage of consumers looking for CARS information.
Check out Quicken's Blog post where they answer additional questions about the program. For a few skeptical opinions on the new law, watch Stacy Johnson's Money Talks report on Cash for Clunkers, or read this article from CNN Money.
If you have additional questions, whether about the program our financing, contact our loan department.
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Beta Testers Needed
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We're looking for members willing to sign up for free Quicken Online and help us test it with our online banking. If you would be interested in testing Quicken Online's free money management software, please contact me at jreynolds@mycucommunity.com.
View Quicken's privacy policy here, and if you have an iPhone, check out Quicken Online's iPhone app.
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Thank you for your membership in our credit union. As always, if you have any questions, comments or suggestions, we always love to hear from you.
Best Regards,
Jenny Reynolds
CU Community Credit Union
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