Latest News https://wwfcu.org/blog/?p=2437 https://wwfcu.org/blog/how-to-dig-out-of-holiday-debt/ Uncategorized budget credit card debit card debt holidays How to Dig Out of Holiday Debt Did you pack on some extra pounds as well as debt over the holidays? Don’t worry, you’re not alone. Consumer’s spent an average of just over $1,000 this holiday season. Like those extra pounds, it takes more work to whittle debt down than it did to gain it. That’s why WWFCU put together some helpful Thu, 10 Jan 2019 16:16:47 Z Amy Neale <p>Did you pack on some extra pounds as well as debt over the holidays? Don’t worry, you’re not alone. Consumer’s spent an average of just over $1,000 this holiday season. Like those extra pounds, it takes more work to whittle debt down than it did to gain it. That’s why WWFCU put together some helpful tips to dig you out of holiday debt.</p> <ul><li><strong>Add it Up</strong><br>Gather together your billing statements from all of your credit cards. Don’t forget those store credit cards – their interest rates are usually higher than you Visa or Mastercard.</li><li><strong>Make a Plan<br></strong>Figure out how much you owe overall and take note of which cards have the highest rates. Then decide if you want to pay off the smallest debt first or the one with the highest interest rate. If your debt total is overwhelming and your rates are high, you might want to consider getting a personal loan to consolidate it all at a lower rate. Or you could transfer your balances to a zero or low-rate card. The lower the rate, the faster you’ll pay it off.&nbsp;</li><li><strong>Stop the Spending</strong><br>Now that the holidays over, it’s the perfect time to put a stop to all your credit card spending. Vow that for the next 6 months you’ll only use cash or your debit card for purchases. It’s easier to tackle your debt if you’re not adding more at the same time!</li></ul> <p>While it might take several months or a couple of years to pay off your debt, don’t despair or give up. Growing new, healthy spending habits and reducing your debt can only help boost your credit score!</p> 2019-01-10 16:16 +00:00 2019-01-10 10:16 -06:00 https://wwfcu.org/blog/?p=2431 https://wwfcu.org/blog/how-to-build-credit-without-a-credit-card/ Credit Cards How to Build Credit Without a Credit Card You need credit. In order to buy a home, be eligible for loans, and live a financially healthy life, you’ll need to participate in some sort of credit. Many Americans turn to credit cards as the primary way to build their credit report and score, but they can also pose problems. Credit card debt adds Thu, 10 Jan 2019 14:49:37 Z Dan DeRoeck <p>You need credit. In order to buy a home, be eligible for loans, and live a financially healthy life, you’ll need to participate in some sort of credit. Many Americans turn to credit cards as the primary way to build their credit report and score, but they can also pose problems. <a href="https://wwfcu.org/borrow/visa-card-application">Credit card</a> debt adds up quickly and can be a pain to pay back, especially with high interest rates. Luckily, there are options for those consumers who would rather stay away from credit cards but still want to work to build their credit. Building credit allows an individual to progress as a consumer, opening new avenues of credit for their future.</p> <p><strong>Student loans</strong></p> <p>Over 70 percent of university graduates in the United States have student loans and it can be one of the first ways young adults establish a credit history and report. Because many student loans require a cosigner—like parents—to guarantee the loan, young adults can take out this type of loan without much or any previous credit history.</p> <p>Once the grace period on a student loan has expired (usually six months after graduation), it’s time to begin making payments on those loans and building a healthy credit report. Student loans are repaid on a monthly basis, giving the borrower twelve opportunities each month to bump up their credit by proving they are a responsible borrower. Some students are even able to make payments on their loans while still attending school. If this is an option in your budget, you will graduate with an already increased credit score and less interest to pay over the life of the loan as you’ve been paying down the principal.</p> <p><strong>Rent</strong></p> <p>In almost all cases, rent payments are not reported to the three credit bureaus, so faithfully paying this particular bill won’t build up your credit. However, if you enroll in a rent-reporting service like Rental Kharma or RentTrack, that bill will be reported, building you a positive history of on-time payments.</p> <p><strong>Car loans</strong></p> <p>An auto loan can be difficult to obtain without previous credit but can be achieved with the help of a cosigner (similar to those student loans). Just remember, if you need a cosigner, any late or missed payments will equally affect their credit and the lender could garnish their wages to pay off the loan.</p> <p><strong>Mortgage</strong></p> <p>Out of all of the types of loans that affect your credit score and report, a mortgage can be the hardest to get without an existing healthy credit score. But, if you do qualify for a mortgage and make on-time payments every month, it’s a sure way to boost your credit standing.</p> <p>Credit cards are not for everyone. Some consumers just prefer to work with other forms of credit. Both can be beneficial to your overall credit score as long as you are making regular and full payments.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Loan__Credit_Management_78913.html?article_id=2753</p> 2019-01-10 14:49 +00:00 2019-01-10 08:49 -06:00 https://wwfcu.org/blog/?p=2420 https://wwfcu.org/blog/top-10-financial-resolutions/ Uncategorized budget credit card ira resolution savings Top 10 Financial Resolutions Although dieting and good health may top most people’s New Year’s resolutions, WWFCU thinks you should add some financial resolutions to your list. Below are our top ten – feel free to pick and choose the ones that work best for you.&#160; Sign up for credit monitoringPeriodically checking your credit union and credit card statements Thu, 03 Jan 2019 17:44:34 Z Amy Neale <p>Although dieting and good health may top most people’s New Year’s resolutions, WWFCU thinks you should add some financial resolutions to your list. Below are our top ten – feel free to pick and choose the ones that work best for you.&nbsp;</p> <ol><li><strong>Sign up for credit monitoring</strong><br>Periodically checking your credit union and credit card statements isn’t enough these days. You need to get serious about monitoring your credit this year. First, start by getting your <a href="https://www.annualcreditreport.com/index.action">free annual credit report</a> and review it for any errors. Then, you might consider signing up for a credit monitoring service. If you’re a WWFCU Visa Rewards cardholder, you can get <a href="https://www.wwfcu.org/member-benefits/free-member-services/free-identity-theft-protection">free identity theft protection as well as credit monitoring</a>. Non-cardholding WWFCU members can pay a small fee for this service. </li><li><strong>Pay yourself first</strong><br>You’ve probably heard this a lot – but haven’t done anything about it. The best way to save money is to not have access to it. Many direct deposit programs let you deposit your paycheck into several accounts. Make one of these an <a href="https://www.wwfcu.org/products-services/savings/investments/iras">IRA </a>or <a href="https://www.wwfcu.org/products-services/savings/compare-accounts">savings account </a>and resolve to save at least 5% of every paycheck. In a few years’ time, you’ll be glad you did. </li><li><strong>Pay your bills right after payday</strong><br>It’s too easy to spend money if it’s just sitting in your checking account. So, once you’ve contributed 5% to your savings account or IRA, it’s time to pay your bills. Don’t wait beyond a day or two after payday, or you’ll find irresistible things to spend your money on instead. Apps like BillTracker (<a href="https://itunes.apple.com/us/app/billtracker-for-iphone/id306827235?mt=8">iOS</a>, <a href="https://play.google.com/store/apps/details?id=medo.billtracker">Google</a>), <a href="https://www.mobillsapp.com/">Mobills</a> or <a href="https://www.mint.com/">Mint </a>can help keep you and your bills on track. </li><li><strong>Pay more than the minimum on your credit card bills</strong><br>The average credit cardholder has a balance of about $6,000. If you make just the minimum payment each month, it’ll take you <strong>14 years</strong>to pay your balance off, compared to 3.5 years if you pay the minimum payment plus $100 each month. Even if you can’t afford adding $100 per payment, any amount over the minimum payment will shave years off of your debt.  </li><li><strong>Open an IRA</strong><br>It’s a fact – you’re now one year closer to your retirement. Whether you have ten or thirty years between now and retirement, the time to save for it is now. WWFCU has simple <a href="https://www.wwfcu.org/products-services/savings/investments/iras">individual retirement accounts </a>(IRA) that you can open today.  </li><li><strong>Create an emergency fund – and add to itmonthly</strong><br>If you’re one of the more than half of Americans without an emergency fund &#8230; you’re tempting fate. Instead of putting yourself at risk of a financial catastrophe, it’s time to build up an emergency fund. Ideally, it needs to be 12-18 months of your take-home income. But we live in the real world, so consider putting at least 5% of your income into an emergency savings account each month and get a head start. </li><li><strong>Make one extra payment per year on your mortgage</strong><br>Did you know that just one extra payment on your <a href="https://www.wwfcu.org/products-services/loans/home-loans">mortgage</a> each year can shorten the length of your loan by four to five years? It’s worth it to scrape together the extra funds to wrap up your loan that much sooner. </li><li><strong>Improve your credit score</strong><br>The average credit score is 683. When you consider 800+ is a perfect score, most of us have plenty of room for improvement! To help boost your score this year: keep an open credit card account in good standing and keep credit inquiries to a minimum. Also, getting that <a href="https://www.annualcreditreport.com/index.action">free annual credit report</a> will help you stay on top of what areas of your credit need improving and give you the chance to resolve any inaccuracies on it. </li><li><strong>Make a budget and follow it</strong><br>We all talk about making a budget. Some actually do it. Fewer really stick to it. Be one of the few and put together a realistic budget for your household and follow it. There are tons of apps out there to help these days such as <a href="https://www.mint.com/">Mint</a>, <a href="https://www.youneedabudget.com/">YNAB</a>, <a href="http://wally.me/">Wally </a>and <a href="https://www.mvelopes.com/">Mvelopes</a>. If you own a <a href="https://www.wwfcu.org/borrow/visa-card">WWFCU Visa Rewards Card</a> or debit card, you can take advantage of our free <a href="https://www.wwfcu.org/member-benefits/other-benefits/cardnav-by-co-op">CardNav</a> app that lets you set dollar limits for transactions and more. </li><li><strong>Find a better job</strong><br>Instead of focusing solely on what you’re spending and saving, it’s important to also focus on your income. It may be time to boost your income by either finding a better paying job or going for that lucrative promotion at work. Many of your money problems this year could get resolved by this one basic change. </li></ol> 2019-01-03 17:44 +00:00 2019-01-03 11:44 -06:00 https://wwfcu.org/blog/?p=2416 https://wwfcu.org/blog/getting-the-most-from-your-trade-in/ Cars Getting the Most from Your Trade-In You’ve been out shopping for your next car and know exactly what you want. You’ve already decided to trade in your car to a dealer to act as a down payment, or save you the hassle of selling it yourself. There are a few things to consider before you even start the trade-in process. The Mon, 17 Dec 2018 14:59:10 Z Dan DeRoeck <p><span lang="EN">You’ve been out shopping for your next car and know exactly what you want. You’ve already decided to trade in your car to a dealer to act as a down payment, or save you the hassle of selling it yourself. There are a few things to consider before you even start the trade-in process.</span></p> <p><b><span lang="EN">The Dos</span></b></p> <p><b><span lang="EN">Check online to get an idea of your car’s value.</span></b><span lang="EN"> Edmonds, Kelley Blue Book, and the National Auto Dealers Association (NADA) all publish used car pricing guides. These guides are all rough estimates based on past trends—treat them as such. Remember, dealers need to make some money on your old car—they can’t afford to give you book value.</span></p> <p><b><span lang="EN">Set up appraisals with a few dealers—at least three.</span></b><span lang="EN"> Start with CarMax, if there is one near you—they deal with used cars in high volumes. They will give you a seven-day guaranteed offer you can use to your advantage with other dealers. Be sure to try to get any offers or estimates in writing before you leave or move forward with your trade.</span></p> <p><b><span lang="EN">Take your car to a dealer that doesn’t sell your brand of car.</span></b><span lang="EN"> A Chevrolet dealer will have a few used Impalas sitting on the lot already. Adding more to stale inventory doesn&#8217;t motivate the dealership to give you the best price; however, dealerships often have a list of people looking for off-brand trade-ins.</span></p> <p><b><span lang="EN">Look for deals.</span></b><span lang="EN"> Manufacturers and dealers often have incentive packages for trade-ins. These can be beneficial if you don’t have your heart set on a specific make and model; or if you own a certain make and model. These deals are most common with pick-ups, where brand loyalty is high. Incentives do show up from time to time with other body styles, so don’t worry.</span></p> <p><b><span lang="EN">Organize your paperwork.</span></b><span lang="EN"> If your car is paid off and you have the title, you’ll need it. It’s good to include the original Monroney (the window sticker) and owner’s manual, if you have them. These won’t necessarily increase the value but can save time in assessing the value of your trade-in. Any repair and maintenance receipts you have would be worth including too.</span></p> <p><b><span lang="EN">The Don’ts</span></b></p> <p><b><span lang="EN">Don’t spend hours or a wad of cash on car cleaning</span></b><span lang="EN">. A vehicle straight from the car wash tells a dealer you are eager—this can hurt negotiations for your new car. Clear trash and personal belongings, but don’t worry about every speck of dust or coffee stain. Dealers will give the vehicle a thorough cleaning or ship it straight to auction. A little dirt on a car will not hurt its value. The time, effort, and money you’d spend to remove any sign of daily use won’t be worth it.</span></p> <p><b><span lang="EN">Don’t assume you have to trade with the dealer you’re buying from</span></b><span lang="EN">. You can sell or trade your car to any dealer. Your used car will act as a down payment, or a partial down payment, if you combine the trade with your purchase. A check in hand is as good as, if not better than, a car in a parking lot when you start to negotiate for your new vehicle.</span></p> <p><b><span lang="EN">Don’t pay for repairs ahead of a trade in. </span></b><span lang="EN">People often think they need to make repairs before trading a car in. Repairs like brakes or alignment can be easily fixed by the dealer after the trade for less than you’d spend. If the car has a blown motor or a cracked transmission, your best bet is a scrap yard.</span></p> <p><b><span lang="EN">Don&#8217;t lie about a fictitious higher offer. </span></b><span lang="EN">The vehicle appraiser is a professional—not only in their ability to gauge the value of a vehicle but also in negotiating—with no emotional attachment to the car. If you do have a much higher offer, be able to show them the written offer—negotiate with facts.</span></p> <p><b><span lang="EN">Don’t worry if you owe money on your car.</span></b><span lang="EN"> It happens all the time and is usually solved with a few extra signatures. If you owe more than the vehicle is worth, it could become complicated but not prohibitive. Dealers offering to pay off the balance of your loan no matter what you owe are somewhat misleading. They will pay off the original loan, but they will add the difference into your new financing.</span></p> <p><span lang="EN">All together, expect the process of trading in your car to take a few days to get everything in order. If you plan appraisals and purchase appointments in advance, you could wrap everything up in one day of running around. Every step can be scheduled online or over the phone. Selling and buying cars is a big financial decision. You will get more value for both ends of the transaction if you know what to expec</span><span lang="EN">t.</span></p> 2018-12-17 14:59 +00:00 2018-12-17 08:59 -06:00 https://wwfcu.org/blog/?p=2413 https://wwfcu.org/blog/snowbirds-and-tax-migration/ Taxes Snowbirds and Tax Migration Snowbirds, those who reside in a northern state during summer and travel south for the winter but maintain homes in both states, need to be aware of how tax codes apply to them as they migrate. To avoid nasty surprises by over- or underpaying taxes, snowbirds need to determine which home acts as their domicile, what Fri, 14 Dec 2018 14:54:43 Z Dan DeRoeck <p>Snowbirds, those who reside in a northern state during summer and travel south for the winter but maintain homes in both states, need to be aware of how tax codes apply to them as they migrate. To avoid nasty surprises by over- or underpaying taxes, snowbirds need to determine which home acts as their domicile, what their residency status is, and how both states handle income tax.</p> <p><b>Where you legally reside</b></p> <p>Despite popular belief, “residency&#8221; in a legal and tax sense is not simply determined by which state you spend the most time in. States look at where your domicile is located, defining a domicile as “the place where a man has his true, fixed and permanent home and principal establishment, to which whenever he is absent he has the intention of returning.” A person can have only one domicile, no matter how many properties they own.</p> <p>The state in which your domicile is located determines:</p> <ol> <li>Where you pay state income taxes</li> <li>Where your will is probated and where your estate will be administered</li> <li>Which state your estate pays inheritance and estate taxes to</li> <li>Which state’s laws govern the enforcement of judicial orders</li> </ol> <p>Where your domicile is located also determines where you claim residency; however, a state can require a nonresident to file and pay state tax if they received income sourced from that state. This is called being a “statutory resident.” Often domicile and residency claims are built on how many days a year a person spends in each place. The general rule of thumb is if you spend more than 183 days in a calendar year in a state, you’re considered a resident. It’s important to know those days do not need to be consecutive.</p> <p>Even if you spend fewer than 183 days in a state, you may still be considered a resident, especially of a high-tax state. Because moving your domicile from one state to another can mean a state losing out on tax revenue, high-tax states are tough on domicile issues and impose more requirements to prove a change of domicile. State tax officials might look at where you have the bigger home, where your cars are registered, where your bank accounts and other financial assets are based, where you worship, where you have a burial plot, or where you’re registered to vote to determine legal residency.</p> <p>Regardless of which home is classified as your domicile, if you own two homes in two states, you can deduct mortgage interest from both residences, although there is an overall cap on deductible mortgage debt. Be sure to check with a tax professional or trusted tax software to determine these caps and to ensure you don’t deduct too much for mortgage interest.</p> <p><b>Where you earn income</b></p> <p>Being a resident of a state means being subject to the state’s taxes on any income you earned throughout the year, regardless of where you were when you earned it. For this reason, many snowbirds choose to set up their permanent residence in Florida because the state has no personal income tax, no estate or inheritance tax, and no tax on “intangible” goods, which includes investments. Nonresidents, regardless of state, are only assessed income tax on what they earned while in the state.</p> <p>If you live and work as an employee across two different states, it’s important to know what you earned when and where because, depending on the two states, your income may be taxed in both states (although taxed differently). Not to worry, though—you can get a credit so you’re not double taxed, but this likely means filing a partial-year return or two state returns. Consulting tax software or an accountant is a wise move if this is your case as unreported income or overpaid taxes both create a headache!</p> <p>If you rent either of your homes for more than 14 days during the year, you must report that money as rental income. It also means you can report expenses, receive deductions for maintenance and repairs, and even claim losses up to a certain amount. How much you’re allowed to deduct in expenses and mortgage interest depends on what percentage of the time you live in the home and how much you rent it out.</p> <p>Of course, even with all of this information, it’s important to check the laws and rules in all states that you regularly spend time in throughout the year to avoid any surprises come April.</p> 2018-12-14 14:54 +00:00 2018-12-14 08:54 -06:00 https://wwfcu.org/blog/?p=2406 https://wwfcu.org/blog/assets-first-time-homebuyers-should-have/ Home Loans Credit Building First Time Home Buyers Assets First-Time Homebuyers Should Have Believe it or not, you’ll need more than just a pile of cash to make your first (or second, or third) home purchase. There are other non-monetary assets that you’ll need in order to qualify for a home loan with the lowest interest rate. Add these five assets to your list of things to have Wed, 31 Oct 2018 13:04:19 Z Dan DeRoeck <p>Believe it or not, you’ll need more than just a pile of cash to make your first (or second, or third) home purchase. There are other non-monetary assets that you’ll need in order to qualify for a home loan with the lowest interest rate. Add these five assets to your list of things to have before you begin your house hunt!</p> <p><b>Steady Income</b></p> <p>Proof of a steady, reliable income shows a lender you are capable of affording the monthly mortgage payments and are a low risk for defaulting on the loan. Usually, lenders want to see a work history of at least two years at your current employer or in your current field. If you’re self-employed, the required work history length may be longer.</p> <p>As proof, lenders may ask for a signed letter from your employer stating your position and salary or two years’ worth of paystubs. Or you may be asked to provide your last two years of income tax returns.</p> <p><b>Low Debt-to-Income Ratio</b></p> <p>This ratio is a non-cash asset, but it’s important in the eyes of lenders. Although a lending agent won’t ask for your entire personal budget, they will look at the ratio of your monthly debt obligations (student loans, car loan, credit card balances, personal loans, etc.) to your gross monthly income. This is your debt-to-income ratio. You want to keep this ratio as low as possible, with your estimated new mortgage payment included in the calculations. These days, lenders offer the best mortgage rates to borrowers whose total monthly debts (including the estimated mortgage payments) are no more than 43% of their total gross income.</p> <p>Carrying a high debt-to-income ratio will make it harder to qualify for a mortgage. Before beginning your house hunt, work to pay off current debts and lower that ratio.</p> <p><b>Good Credit Score</b></p> <p>This is another non-cash asset that is an important part of every home-buyers’ mortgage application. Your FICO credit score is the primary way lenders gauge how well you’ve managed credit, loans, and debt in the past and if you pay your bills on time (a big factor when they’re considering you for a mortgage!). Scores fall on a scale of 300 to 850. While a credit score of 670–739 is considered “good,” applicants with a score of 740 or higher are the ones most likely to receive better-than-average rates from lenders.</p> <p>You are allowed one free credit report each year from each of the three credit reporting agencies: Experian, TransUnion, and Equifax. While you’re saving up for a hefty down payment, you can also check on your credit score and work to improve it: pay off debt (e.g. student loans, credit cards, medical debts, etc.), pay all bills on time, and don’t open or close any lines of credit (e.g. store credit card, personal loan, etc.).</p> <p><b>Cash for a Down Payment</b></p> <p>The money you plan to spend as your down payment on a house should be in the form of cold, hard cash in an account you can easily access (not in a CD or share savings account where you may pay a fee for the withdrawal). It can be tempting to put all or part of the down payment on a credit card, but this will affect your debt-to-income ratio, which ultimately lowers your creditworthiness.</p> <p>In order to receive the best loan rate and avoid paying private mortgage insurance (PMI) on a conventional loan, you need to save up for a down payment of at least 20%. With other strong financial elements—like low debt-to-income ratio and excellent credit score—you may be able to put less money down and secure a decent mortgage rate, but you’ll still be taking out a larger loan and ultimately paying more interest on that larger principal over the life of the loan.</p> <p><b>Cash for Closing Costs</b></p> <p>Be sure to earmark some of the cash you’ve saved up as cash for paying closing costs, an often-overlooked home-buying expense. Closing costs include loan origination fee, title search and recording fee, appraisal fee, inspection fee, property taxes, and others. While these costs can vary, they generally fall between two percent and five percent of a home’s purchase price.</p> <p>While you can sometimes roll these costs into the mortgage, it’s best to be able to pay them up front with cash, thereby avoiding a higher monthly mortgage payment and possibly a higher loan rate. You may also pay these fees with monetary gifts from relatives or by negotiating with the seller to have them pay these costs—especially if they’re eager to sell.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/House__Home_78904.html?article_id=2725</p> 2018-10-31 13:04 +00:00 2018-10-31 08:04 -05:00 https://wwfcu.org/blog/?p=2390 https://wwfcu.org/blog/wwfcu-celebrates-international-credit-union-day-by-rewarding-its-members/ Uncategorized WWFCU Celebrates International Credit Union Day by Rewarding its Members October 18, 2018 marks the 70th anniversary of International Credit Union (ICU) Day. Since 1948, credit unions around the world have come together annually on the third Thursday in October to commemorate the credit union movement’s history and achievements. About ICU Day For over 150 years, credit unions worldwide have proudly collaborated to put people before Tue, 16 Oct 2018 15:51:37 Z Amy Neale <p>October 18, 2018 marks the 70<sup>th </sup>anniversary of International Credit Union (ICU) Day. Since 1948, credit unions around the world have come together annually on the third Thursday in October to commemorate the credit union movement’s history and achievements.</p> <h4><strong>About ICU Day</strong></h4> <p>For over 150 years, credit unions worldwide have proudly collaborated to put people before profits to provide access to affordable financial services for all members. Credit unions invest their earnings to help members meet their financial goals and provide lower loan rates and better service. Today, over 235 million people are served by credit unions in 109 countries and six continents.</p> <h4><strong>Thanking Our Members<a href="https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff.jpg"><img class="alignright wp-image-2401" src="https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-1024x883.jpg" alt="" width="326" height="281" srcset="https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-1024x883.jpg 1024w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-300x259.jpg 300w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-768x662.jpg 768w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-1200x1035.jpg 1200w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-49x42.jpg 49w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff-93x80.jpg 93w, https://wwfcu.org/blog/wp-content/uploads/2018/10/ICUD-Mug-Staff.jpg 1280w" sizes="(max-width: 326px) 100vw, 326px" /></a></strong></h4> <p>To thank our members on ICU Day, we&#8217;ll be giving out WWFCU travel mugs in our lobby and a special surprise to those using our drive-thru. Just stop by this Thursday to get your member reward!</p> <p>We love our members and appreciate your continued commitment towards the credit union spirit.</p> 2018-10-16 15:51 +00:00 2018-10-16 10:51 -05:00 https://wwfcu.org/blog/?p=2387 https://wwfcu.org/blog/dont-forget-to-ask-these-questions-when-buying-a-new-car/ Car Loans Don’t Forget to Ask These Questions When Buying a New Car There are many questions you’ll be asking yourself, the dealership sales associate, and probably car review websites before you decide to buy a new vehicle—but here are six questions you should ask before signing any purchase papers. These questions should be your “deal testers,” a way for you to verify the purchase terms, understand all Thu, 11 Oct 2018 15:04:57 Z Dan DeRoeck <p>There are many questions you’ll be asking yourself, the dealership sales associate, and probably car review websites before you decide to buy a new vehicle—but here are six questions you should ask before signing any purchase papers. These questions should be your “deal testers,” a way for you to verify the purchase terms, understand all the fees, and ultimately decide if further negotiation is needed.</p> <p><b>&#8220;What&#8217;s my out-the-door price?&#8221; or “What other fees will I be charged?”</b></p> <p>Usually, up to the point of signing the vehicle purchase contract, you’ve only been discussing and negotiating the price of the car. However, there are always additional fees to pay—some legitimate and unavoidable, others questionable or negotiable. Fees to expect include sales tax, registry and new license costs, tire recycling fees, and a documentation fee.</p> <p><b>“How much is your documentation fee?”</b></p> <p>All car dealers charge a documentation (&#8220;doc&#8221;) fee for filling out the contract to buy a new car. As ridiculous as it may sound, it’s a universal fee charged by all dealerships. Doc fee rates vary state by state. Some states cap the doc fee, usually at a price under $200. Other states don&#8217;t regulate the fee at all, so it can be $500 or more. If you live in a state without a capped fee and feel the fee is too high, your best bet is to negotiate the price of the car down to compensate for the high doc fee, rather than try to get the dealer to waive the fee altogether.</p> <p><b>“Are there any dealer-installed options on the vehicle?”</b></p> <p>Dealers often add options to new vehicles after they receive them from the factory. Options added by dealers are called “add-ons” and the markup can be steep to boost dealership revenue. Add-ons can include nitrogen-filled tires, LoJack car recovery system, window tinting, wheel locks, all-weather floor mats, paint protection, and others. Dealers will sometimes install an add-on to all new cars in their inventory to make it appear as if it’s a standard feature. But, if you know it’s not a standard feature, you won’t be tricked into paying for an add-on you don’t want. Because the mark-up for the feature is set by the dealer, its price can be negotiated by a savvy buyer.</p> <p><b>“What tax credits are available for this vehicle?”</b></p> <p>If you’re considering buying a new fuel-efficient hybrid or electric vehicle, you may be eligible for a federal tax credit. But did you know there are other tax credits that may be available for other types of vehicles? Researching this question before you get to the dealership, as well as asking the sales associate, will give you more information when trying to calculate the final take-home price of a vehicle.</p> <p><b>“How many miles are on the vehicle?”</b></p> <p>This question is important for both internet and in-town shoppers. Even a brand new never-been-owned car can have more miles on the odometer than expected, which may change how much you’re willing to pay for it. Perhaps the vehicle has been taken on a lot of test drives, or it&#8217;s a &#8220;dealer trade” and was driven from one dealership to another. As a general rule, if there are more than 300 miles on a car, you should negotiate a lower price if it isn’t already marked down. For any new car that has higher mileage or has been on the lot for a while, ask to see the “in-service date.” This is the date when the factory warranty begins, and it’s important to know if some of that time has already elapsed before you purchase it.</p> <p><b>“Can you deliver the car?”</b></p> <p>This question applies primarily to internet shoppers. Delivery of your new car is a great last perk to negotiate that saves you time and gas. Vehicle delivery also has the added benefit of allowing you to skip the sales pitches from the finance and insurance manager at the dealership for extended warranties and additional services. If you do want one of these extras, you always have the option of speaking with the appropriate manager over the phone.</p> <p>Original Source: http://lmcu.frc.finresourcecenter.com/Auto_Buying_78855.html?article_id=2717</p> <p>&nbsp;</p> 2018-10-11 15:04 +00:00 2018-10-11 10:04 -05:00 https://wwfcu.org/blog/?p=2375 https://wwfcu.org/blog/wwfcu-dances-its-way-to-a-500-donation/ Uncategorized WWFCU Dances its Way to a $1,000 Donation Never one to shirk from a challenge, the Wayne Westland Federal Credit Union (WWFCU) team decided to take part in the Michigan Credit Union League&#8217;s #KekeChallenge. Set to Drake&#8217;s &#8220;In My Feelings,&#8221; and including dance moves made popular by Instagram comedian theshiggyshow, the WWFCU staff definitely rose to the #KekeChallenge! By participating in the challenge, we&#8217;re Mon, 24 Sep 2018 17:52:25 Z Amy Neale <p>Never one to shirk from a challenge, the Wayne Westland Federal Credit Union (WWFCU) team decided to take part in the Michigan Credit Union League&#8217;s #KekeChallenge. Set to Drake&#8217;s &#8220;In My Feelings,&#8221; and including dance moves made popular by Instagram comedian <a href="https://www.instagram.com/theshiggyshow" target="_blank" rel="noopener">theshiggyshow</a>, the WWFCU staff definitely rose to the #KekeChallenge!</p> <p>By participating in the challenge, we&#8217;re proud to have raised $500, courtesy of the league, for the Children&#8217;s Miracle Network at Beaumont Hospital in Royal Oak. To further support this worthwhile cause, WWFCU is matching the league&#8217;s donation for a total donation of $1,000.</p> <p><a href="https://wwfcu.org/blog/wp-content/uploads/2018/09/CMN-Beaumont.png"><img class="alignnone wp-image-2379" src="https://wwfcu.org/blog/wp-content/uploads/2018/09/CMN-Beaumont.png" alt="" width="446" height="108" /></a></p> <h4><a href="https://l.facebook.com/l.php?u=https%3A%2F%2Fyoutu.be%2FuGm7OX--o0Y&amp;h=AT1fHRS5fn9PIZ2hL4BYtZ6wqt9Lvefwg_fDmJsdYb7J6RlC7oiZvDycOKoghdlOwLZJwnwrW9BMvOMqEebPoqZ9Y0koIhS_ATJjQrfSyYbMP9Z7Yd0k5sQC7CW67qR9mZT2i-AInaUZNGazCN5eT3Rlgu4-ylOpev8y5eXzYdXb7EE5rvkIoHeKaF_Vwxxf6K8MnQewyqOmKHIP6XUuMA5riho3C3KdyjTefIXK-d4pWz46FM7N9VuNlTLx9GuCSnJlSCHBxHaaJuRQ8Rtld10SS60xU1kIcAvt7ooD8Nv6wzq7w1k3fBC7lKvITq6-pFnOUpQ3MDd2Z3YKZKaWo7_h46g_Gh-BkQ5Z33rDpDQSJes77eMu0EsJuZSs0KcV_0YsmFZyvJRRCPDPcxLN8ytN6abUEx016H5N">Take a look at our video here</a>.</h4> <p>If you&#8217;d like to learn more about the credit union #KekeChallenge, <a href="https://www.cujournal.com/news/with-50-000-on-the-line-michigan-credit-unions-go-all-in-on-the-kikichallenge?brief=00000158-73f9-d502-a5fd-7bfbd3d10000">click here</a>.</p> 2018-09-24 17:52 +00:00 2018-09-24 12:52 -05:00 https://wwfcu.org/blog/?p=2373 https://wwfcu.org/blog/your-complete-used-car-buying-guide/ Car Loans Cars Your Complete Used Car Buying Guide If you’re considering replacing your vehicle, have you considered purchasing a used one? The perception of used cars can be somewhat negative. That’s why the market-friendly term “pre-owned” is now more widely used (forgive the pun). However, shopping for a used car can be tricky because every car has a unique, and often hidden, history. Thu, 13 Sep 2018 20:32:20 Z Dan DeRoeck <p class="CxSpFirst">If you’re considering <a href="https://wwfcu.org/products-services/loans/vehicle-loans">replacing your vehicle</a>, have you considered purchasing a used one? The perception of used cars can be somewhat negative. That’s why the market-friendly term “pre-owned” is now more widely used (forgive the pun). However, shopping for a used car can be tricky because every car has a unique, and often hidden, history. The following advice should help you navigate safely through a minefield of lemons.</p> <p class="CxSpMiddle"><b>Look for a Car That Fits</b></p> <p class="CxSpMiddle">Make a list of the features and qualities that you need from the car. For example, do you drive long miles and require good fuel efficiency? Then, make another list of what you’d like. It’s okay to go after a few bells and whistles or sleek styling, but only after you’ve determined the vehicle will be able to meet your driving demands. These lists will help you pick a few models to investigate. Lastly, do a quick online search to see if any of your chosen models have had major recalls.</p> <p class="CxSpMiddle"><b>History Repeats Itself</b></p> <p class="CxSpMiddle">If the car you’re looking at has had problems in the past, it will probably have similar problems in the future. Ask the owner or dealer for the car’s VIN number so you can check its history. There are a number of companies that keep records of incident reports, like AutoCheck and CARFAX., Sometimes report details vary by company, so be sure that you don’t miss anything, it’s a good idea to check the VIN with more than one company.</p> <p class="CxSpMiddle">Needless to say, if the seller won’t provide a VIN, you shouldn’t spend any more time looking at the car. No matter how sweet the car appears on the outside, you don’t want to gamble on what’s under the hood.</p> <p class="CxSpMiddle"><b>Do Your Own Due Diligence</b></p> <p class="CxSpMiddle">Have the vehicle checked out. It’s possible that there has been a recent problem or issue that hasn’t been reported yet. Ideally, you would bring it to a mechanic you trust. If this isn’t a possibility, then bring a knowledgeable friend or a vehicle inspection checklist (easily found online) to over the car.</p> <p class="CxSpMiddle"><b>Finding Fair Prices</b></p> <p class="CxSpMiddle">Compare the listings from the National Automobile Dealer’s Association, Edmunds, and Kelley Blue Book to get an idea of what you should be paying. Actual prices will probably vary, but you’ll have a starting point for negotiation.</p> <p class="CxSpMiddle">If you have a smartphone, check to see if there are any used car pricing apps available. These apps collect information about what other users have recently paid for the same or similar model cars. The results can be hit-or-miss if there’s not much data available, but if there is, then you’ll be in a stronger negotiating position. You might even find some better deals.</p> <p class="CxSpMiddle"><b>Try Before You Buy</b></p> <p class="CxSpMiddle">If everything else seems to check out, take the car for a test drive or two. You want to see how it fares in as many common traffic situations as possible. Take it up to speed on the highway to check for brake alignment or wheel defects. Drive in a city during rush hour to put the transmission through its paces. A slow drive through a neighborhood will let you experience the car’s handling.</p> <p class="CxSpMiddle"><b>A Word About Warranties</b></p> <p class="CxSpMiddle">Many of the cars that you look at will have certification or a warranty. Don’t rely solely on these read the fine print to see what’s actually covered. And remember: even if you trust the seller or dealer, don’t skimp on your own inspection.</p> <p>&nbsp;</p> 2018-09-13 20:32 +00:00 2018-09-13 15:32 -05:00