sp rations Finding Home Improvement Funds Pre-Presidents Day Loan Event Saturday, February 11th :00 a.m. - Noon EST

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1 A Publication for Members of Aspire Federal Credit Union sp rations 1st Quarter 2012 Finding Home Improvement Funds You have numerous options, from paying with a credit card to refinancing your first mortgage. Look at the pros and cons of each. Pages 5-6 Go Green with Aspire! Enroll in online paperless estatements Today! Page 8 Pre-Presidents Day Loan Event Saturday, February 11th :00 a.m. - Noon EST Click here to find out more..

2 Contents sp rations President s Message Two Ways to Save Money 1 Financing Your New Car 3 Finding Home Improvement Funds 5 Testimonials from Aspire Members! HELP US GO GREEN! Enroll in estatements Today! DID YOU KNOW? GPS Navagation Safety Tip SHAPE UP! Live the Four R s RANDOM PIN/PASSWORD Aspire FCU will soon be making the switch to Random Personal Identification Numbers (PIN) and passwords for My CU Online. Instead of choosing your PIN and password at account-opening, Aspire will assign one to you at random. You will also be assigned a random PIN/Password if you forget your current information and request a new one. Because your personal information will no longer be used to generate your PIN and password, you ll be further protected from identity theft and enjoy enhanced account security. For more information, call a Member Service Representative at , Option 3.

3 President s Message Thomas J. O Shea President & CEO Two Ways to Save Money Auto Refinance With rates at historic lows, I m sure you ve considered refinancing your home, but have you thought about your car? Auto refinancing is one of the best kept secrets around for saving money, but most people don t think about this option. When you refinance your car, you pay-off your current car loan with the funds obtained with a new car loan through a different lender that has a lower Annual Percentage Rate (APR). This lower interest rate will in turn lower your monthly payments and, unlike when you refinance a mortgage, there are no upfront fees like appraisal fees and closing costs. Just note that most lenders will not refinance their own auto loans, so if you plan to refinance your auto loan, check out our rates. If you have had any issues with your credit, don t be duped into thinking you can t receive a lower rate. Many consumers have been programmed to think that they are stuck with an APR between 18%-21%. Here s a real world example of how refinancing your auto loan can save you money. Suppose you borrowed $16,500 for 60 months on your new Honda Accord. Let s assume your credit was poor, you had no previous credit, or the dealer lied about your credit and charged you a higher APR than you should have paid. This happens quite a bit. Suppose the dealer got you approved when no one else would at 21% APR for a 60 month car loan. You start paying off your car loan for a few months, then refinance your car loan with another lender at 7% APR. Your current payment at 21% APR would be around $ Your new car loan payment at 7% APR is around $ You save $7, over the life of the loan! That $7, is better off in your hands! 1

4 sp rations Keep in mind that it s important to refinance your auto loan early, because with car loans, the interest is mostly paid in the earlier payments. The earlier your car loan is refinanced, the more money you save. Home Equity Loans While auto loan rates have dropped, so too have our home loan rates. If you have equity in your home, now is a great time to borrow money rates are extremely low! Home equity loans come in two different forms: closedend home equity loans and home equity lines of credit. So get started on that renovation you always wanted to do or consider consolidating high interest credit cards to save even more each month! If you re looking to buy a home, we can help with that, too. Home prices are still low and we ll likely never see rates this low again! Simply visit our interactive mortgage site to get started today. You could be in your dream home before you know it! 2

5 Financing Your New Car You ve decided that you can afford a new car. Now what? Follow these tips for smart financing: Explore your financing options at Aspire. Aspire tends to lend more money than a bank and generally offers more favorable rates. On average, our members save $2,000 by financing with us rather than the dealer. We also offer Guaranteed Asset Protection that costs only $299, while dealers typically charge between $500 and $800. On top of that, we provide our members with the benefits of group vehicle buying power. It s easy to take advantage of guaranteed low prices, great service from our hand-picked Certified Dealer Network, and a no-hassle car buying experience. Click here to access Aspire s Member Showroom. Do not give the dealership a credit application until you know for sure that you are going to finance through them. Make sure that you have exhausted all other sources. A little extra time shopping at Aspire may save you a lot of money. If you do apply through the dealership, and then try to go somewhere else for your loan, you may find that you have a number of inquiries on your credit report. This makes it look like you weren t approved for other loans and each lender thinks the others know something bad about you. If you finance at the dealership, never take delivery the same day. Pick up the car only once you know that the financing is absolutely final. Always check the dealer s numbers carefully, and don t sign the paperwork until you are positive that the numbers are correct. Remember, once you ve signed, you rarely can get out of the deal. If you decide to finance with the dealership, don t forget to call Aspire the next day. We ll go over the loan with you to see if there s any way we can save we can save you money by refinancing with us. Most times, we can! Don t forget to call , Option 2. *APR = Annual Percentage Rate. Rates shown are the lowest available with AutoPay. Other rates and terms available. Rates vary upon individual creditworthiness.

6 Call or Click Pre-Presidents Day Loan Event Saturday, February 11th, :00 a.m. Noon EST , Option 2 Each booked loan receives two FREE Skip-a-Pays! * Prizes every half hour! On average, Aspire members save $2,000 over the life of their loan by financing with us over the dealer. Example: Loan Term 36 Months *** Sale Price $15,000 $20,000 Dealer Aspire Dealer Aspire Interest Rate (APR) 0% 2.99%* 0% 2.99%* Manufacturer s Rebate $0 $3,000 $0 $3,000 Amount to Finance $15,000 $12,000 $20,000 $17,000 Total Interest Paid (3 Years) $0 $ $0 $1, Total Amount Paid $15,000 $12, $20,000 $18, Aspire FCU financing with manufacturer s rebate saves... $2, $1, Visit our Member Showroom at aspirefcu.zag.com for a simple, no-hassle buying experience with low, up-front pricing in writing and an average savings of $4,441* off MSRP on new vehicles! Federally Insured by NCUA. *A $75 value. Skip-a-Pays must be used consecutively during Aspire s Skip-a-Pay periods on auto loans. Valid throughout the life of the auto loan. Must be a member in good standing at time of Skip-a-Pay redemption. Must book loan between 2/11/12 and 2/29/12 to qualify. Restrictions may apply. **Prices vary by area. Average new car savings is based on actual customer transactions, including manufacturer incentives, as of 10/31/11. ***APR = Annual Percentage Rate. Other rates and terms available. Rates depend on individual creditworthiness. Rates are subject to change. Restrictions may apply. Floor rate is 2.99% on new cars and 3.99% on used cars.

7 Finding Home Improvement Funds No matter what type of home improvement project you have in mind, it s always a good idea to do a little advance planning. If you re thinking of adding a deck, swimming pool, or exercise room to your home, you re probably wondering how you re going to pay for it. Chances are you will need to finance it. You have numerous options, from paying with a credit card to refinancing your first mortgage. Look at the pros and cons of each. Credit cards are probably the most convenient method of financing because there s no application involved. And credit cards may be the best way to go if your project is in the $100 to $500 range say a new sink for the bathroom or wallpaper for the kitchen. But for large projects, credit cards are not an efficient or prudent use of credit. Interest rates typically are higher for credit cards, an unsecured type of credit, versus other types of credit that may be secured by the equity in your house. A signature loan from Aspire may be the right choice if time is a critical factor, for example, if a storm does extreme damage to your roof. Signature loans can usually be approved within an hour, and you can borrow up to $30,000. Another alternative is a loan you secure with an asset such as your house, car, or the money in your savings account. You will get a lower rate of interest than with an unsecured loan, yet you ll be taking a risk because a default could mean the loss of your asset. Other home improvement loans that Aspire offers include home equity loans, which can take up to four weeks

8 sp rations for approval, due to the documentation and appraisal process required for these loans. There are two types of home equity loans: closed-end and open-end. Both require a lien on your house. A closed-end home equity loan is for a set amount for an established length of time. The interest rate may be fixed or variable. When all payments are complete, the loan is paid off. An open-end home equity loan, or line of credit, is similar to a credit card: You have a pool of funds to draw on at Aspire, it s up to 90% of your home s equity at any time. As you replenish the pool with your loan payments, the funds again become available. Click here for more information on our Home Equity products. If you are undertaking a project involving $20,000 or more, it may be worthwhile to investigate refinancing your first mortgage. The loan for remodeling is combined with the first mortgage and payments are spread out over 20 or 30 years. Financing a home improvement project requires more thought than taking out a loan to buy a lawn mower or computer. Because the amounts are so large, the right or wrong decisions can either save or cost you a lot of money. A good place to start is with a Loan Consultant at Aspire. Based on your priorities, credit history, and current credit commitments, we work with you to offer you the best solution to meet your home improvement needs. Call , Option 2 to speak with a knowledgeable Loan Consultant. 6

9 Testimonials from Aspire Members! Emily and Joyce of the Northport branch have been very professional, personable and helpful in helping me to rebuild my credit and point me in the right direction. Debra M. I love that when I call, an actual person answers the phone. Patrick M. I feel very comfortable talking with the Aspire FCU staff at the VA Hospital in Northport. They are all very knowledgeable and professional, especially their Manager, Joyce Fitzpatrick. The staff takes their time to explain things to me. They make me feel good about doing all my banking with them. They are better than family! They keep me on the right financial track. Bless them all! Thank you for everything you do for veterans like me! Walter D. I have worked with UPS for about 24 years and have been a member of Aspire forever. Aspire has been so good to me over the years and I can t thank them enough for all they have done for me. Kevin G. The staff bends over backwards to help you; very pleasant and courteous at all times. Charles & Kane P. 7

10 sp rations HELP US GO GREEN! Enroll in estatements Today! Save money and the environment by enrolling in estatements! estatements are electronic versions of your regular statement. Rather than receiving a paper copy in the mail, you will receive an letting you know that your information is available for viewing online. View past and present estatements online. Print them if you need a paper copy. View estatements through our safe, secure online banking system, My CU Online. Can t find the time to sign up for estatements? We ll do it for you! Call , Option 3. We all need to do our part to help preserve the environment. Plus, cutting costs will allow us to offer greater savings to our members! Enroll today at , Option 3 or logon to My CU Online and click the Maintenance tab, then Alerts. Important: Aspire will be discontinuing paper notices, all notices will now be sent electronically to your available address. This implementation does not include CD maturity notices. Sign up for enotices today! DID YOU KNOW? Listing your home address in your navigation system helps you navigate to your home; but, if stolen, it can also help thieves do the same. So consider this: if you have a GPS, don t put your home address in it. Rather, put a nearby address (like a store or gas station) so you can still find your way home if you need to, but no one else will know where you live if your GPS is stolen. 8

11 SHAPE UP! Live the Four R s It s not only about keeping yourself in shape; you need to do your part for the environment as well! So follow the four R s below; you ll be sure to help save the environment without any worry of breaking the bank! REDUCE Buy items with longer lives, such as compact fluorescent bulbs. The initial price may be higher, but you won t have to replace them nearly as often, and the items that have longer lives (like fluorescent bulbs) will help reduce your electric bill. Insulate doors, windows, crawlspaces, and attics. Purchase a programmable thermostat and set it to lower the heat/ac overnight. Save on water by replacing faucets, toilets, and shower heads with low-flow versions. Replace old appliances with Energy-star appliances when necessary. REUSE Avoid disposable items. Bring your own travel coffee mug to your favorite coffee shop. Buy used goods, books and clothing whenever possible. Use old toothbrushes and socks for cleaning. Donate unwanted electronics to daycares, schools, and shelters. Use rechargeable batteries. RECYCLE Recycle/scrap aluminum, steel, newspaper, glass, and plastics. Find a recycling center near you. RENEW Plant new trees near your home to help reforest the land. It will help keep your house cooler in the summer months, and also release more oxygen into the air. Use renewable energy when possible. 9

12 Please note that Aspire Federal Credit Union will not ask for your personal information via . If you receive a suspicious that appears to be from us asking for your personal information, contact us immediately at Option 3 or forward the to us at webmail@aspirefcu.org so we may investigate it. 67 Walnut Avenue Suite 401 Clark, NJ Federally Insured by NCUA.