credit unions

I'm sorry, but I don't understand any of that. Maybe I'm just not clever enough to think in those terms? What do you mean by "a new car loan for 30%". To me, that reads like you took out a loan for 30% interest. But I have to believe nobody would do that (would they?). So, do you mean that you still owe 30% of the vehicle cost?

What was the interest rate on your original loan? How many payments do you have remaining? What is the interest rate and duration of the new loan?

You said you will save $6/month and a total of $550. That suggests you still have almost 92 payments left to make on the loan (550 / 6 = 91.67). Is that what you mean?

Just trying to understand what that long post actually means in terms of the bottom line. I could be completely missing your point. But, just based on a quick read, yeah, I would have to say "why bother?" I would go even farther and say that appears to be a much longer loan than I would ever take for a car, I've never gone more than 60 months myself. Then there's the aspect that you had to share a lot of personal information with some companies you probably know very little about.

Happy to be convinced otherwise though!

I am also a member of a credit union. When my wife and I purchased our farm 1n 1994, we wanted a credit union closer to us. Our previous credit union was fine, but didn't have a branch near us.

The credit union we ended up with has gone through a couple of mergers, but still works very well for us. There are also a number of credit unions that worth with one another, so even if you aren't a member of a specific credit union, you might be able to use their ATM for cash withdrawal without an additional fee tacked on.

As much as I like our credit union, I am not blindly loyal to them, however. We bought an RV a year and a half ago and I needed some money to purchase it. I checked with my credit union and the rate they offered was okay, but I was able to beat it by using a competing credit union, so I used them for just that loan.

I bought my wife a new car in December. I was prepared to use a credit union again, but Chevrolet has an interest free loan available then, so I went with that.

Been a CU member for over 40 years. I have never regretted using the CU for my finances. On the other hand, I have regretted NOT using the CU for a loan. A friend convinced me to use his brother-in-law for a house loan. This was a very bad mistake on multiple counts. Not a good idea to mix friends with finances.
Mark

Two currently and one that I left many years ago. One of the two that I belong to has consistently lower rates than the other one does, but I co-signed an auto loan for my granddaughter and she got a better deal through them. I however, got a better rate at the other credit union. One charges 12.99% for their credit card and the other charges 6.99% for theirs. It just goes to show that you need to check around for the best rates.

On our 2025 vehicle, the CU said my wife does not need to be on the loan, even though both of us are on the title. I told her it really doesn't matter in a divorce, but if we get divorced, she can have the vehicle. I can buy myself a new one with my girlfriend.

As I've gotten older, my attitude is like Jerry Garcia. His 2nd wife asked him for I am making it up, say 2 million (in the 1990s). He simply said how about 4, will that do? That's how I look at it. My buddy told me it's all even steven in divorce including your retirement.

Back on track, the CU didn't say she needed to be a co borrower, but I second guessed based on google. Should have just had the loan in my name. I always was taught less is more, never co sign for anyone, and never ask anyone to do such for oneself, UNLESS a party cannot obtain credit otherwise.

I am not ashamed to show where I goof and don't even follow my own advice.

For whatever reason, with the car loan in 2025, there was never a hard inquiry on either of our credit reports. Someone in this industry would know why--is it the collateral?

My main point again, is that CU members are treated as family, very different than a bank. They say ours is the largest, and have more assets than numbers 2-5 combined. And I think there are only 4 branches in the Phila metro area. Down in DC at least 25 or more.

.. Although I guess one was available when I was on the faculty at SUNY. Frankly, I don't feel like I missed anything, I'm not much of a borrower (happily). Over the years, a few mortgages from banks, house is all paid for now. Car loans have always been directly from the manufacturer.

Divorce... we were separated for many years, finally got divorced and it was friendly. We each had lawyers just to help with the paperwork, but not to represent in court. She told me what she wanted, it was completely reasonable. I was supposed to "phone in" to the court in another state, but the judge wouldn't allow it. So, she handled it herself, said it took less than 15 minutes.

She's happily re-married, I'm happily single. Just saw her at a family event and had a great time catching up - we're still best friends. I'd call that a good outcome.

I think he means he borrowed 30% of the price of the car. paid 70% from trade-in, incentive, cash etc.

my wife is in charge of money, That is why I was able to retire 20 years ago.

She uses banks and credit unions as it makes sense to her.

She has a credit union problem. Some CUs are just incapable of propagating interest earned on CDs to where she wants the moola to go. They may provide good rates but require extreme effort and hand-holding and sometimes it just isn't worth it.

This is accurate. For whatever reason, it "mentally" made me feel comfortable redeeming a mutual fund for the full price of the vehicle. Knowing that I have the cash to pay for it 100%. But I didn't even use any of it. It's all sitting there in a Fidelity money market, having earned about 3.7%, now 3.3%. All the while the market has gone up.

At the same time, I always say, what if I were to lose my job? Again, irrational. 1. Will I? Is it rational to worry about something we have zero control over? 2. At what cost?

It was a BONEHEADED MOVE that cost about $14,000 (to date) in missed money. At the same time, I did this in 2006 to buy a car--what was the cost there, that I sold stocks for it?

Because the market has continued to hit new highs every week if not day. But my dad always tried to emphasize missed money is not lost money.

In my entire adult life, people who finance(d) 100% and keep the money in the market, using leverage, have gained. i still don't feel comfortable with doing that, and feel better to either hold, or part with cash. And weirdly/oddly I'm glad I had the painful lesson of now having to make quarterly payments to the IRS. Better to learn now, than in retirement.

be curious what happened.

I had a similar situation from an online bank.

My entire life savings (the cash portion) is at an online back. They have back offices locally, but you can't walk in and do anything.

I wanted a cashier's check for six figures--I cannot even begin to tell you the stress and heartache related to it. The money was gone from the account, so good, something happened.

NOBODY COULD TELL ME WHERE THE CHECK WAS FOR FOUR BUSINESS DAYS, WHEN IT WAS SUPPOSED TO ARRIVE OVERNIGHT.

My wife told me to learn a lesson--should have had the funds in a local bank. My focus was on saving $9/day in interest. The amount of grief is painful to even think back about the scenario. My buddy said that is ridiculous over $36 or so, you put yourself through that.

I don't mind advertising my screw ups because if just one person whom I have never met reads what I've said and avoids the same mistake? That's a good thing.

In the above, I should have electronically transferred instead of requesting a cashier's check. To add insult to injury, the phone reps had an attitude, no empathy whatsoever. I kept telling myself the money isn't going to disappear there is a paper trail. Just that nobody knows where the cashier's check is and there is no tracking info.

This is 100% different than the two credit unions I dealt with, one of which where I sat in their office. They treated me as if I were a human being and a valued member.

I didn't mean that the money would be inaccessible or disappear. I meant that for come CUs whe couldn't automate the payments to e.g. a big boy bank. They just didn't have the tech chops.

Friendly, convenient, local, reliable, offers online options

I’m a fan.

Automate what payments lol, you mean there is a CU in existence, that could not accept ACH, or send out ACH? You had to go in to a branch to get your funds? That's pretty bad. That should have nothing to do with CUs but more the one you chose, if I'm understanding

The issue was taking every monthly payment from a CD and transferring them to an e.g. checking account at a non-CU. With some CUs it required monthly intervention. I'll find out if I've misunderstood and follow thru if I've got this wrong.

This is a probably a good place to mention this.

I've had a savings account with cibc for a few years now. It's their agility savings account. Mostly an online account with a few perks such as free in/out wires.

Last fall they updated their online platform. Part of this change included using PLAID to link external bank accounts. I've seen other banks do this before and have no problem with using PLAID except now.

To link the account you need to provide your login/pass/2fa code to cibc/plaid for some banks. For others PLAID redirects you to that bank where it asks if you give plaid/cibc certain access to your account (at that other bank).

Neither of these scenarios sit well with me. By granting such access cibc/plaid can have transaction level account access to that external account. Not happening. Even in their (CIBC's) own terms/conditions they say you're not covered for fraudulent activity if you give out your credentials. For now I've kept the account open due to the free wires, but am seriously considering closure given how rarely I actually use that feature.

Thoughts?

Is what you describe (PLAID) similar to importing data using Turbo Tax, say, from Fidelity Investments?

I've gotten to the point where I realize I can't understand everything in our world. Just last week I was told we can't charge our AGVs they are all down. Early in my career I could methodically decipher and devise a solution. I'm a phone guy. Phones have been gone 15-20 years now. So to tell me you cannot charge your self driving forklifts, production stopped, I can in 2026 only focus on the solution, not the root cause.

So good or bad, I said let me import all my data using Turbo Tax, and me, well, I changed my complex passwords afterwards. It would be a joke trying to concoct my schedule D on my own, I sold a mutual fund started in 1994, when it used to be valued hourly. So I went with it, not sure if they stole my creds but I assume not.

It's clear here credit unions have shortcomings--I wonder if it's because they are small ones? Like I said mine is the largest in the nation and advertises during NHL games. The second one is what I would assume to be tiny. So I applied for a refi loan on a Monday evening, and by Wednesday afternoon the old loan was paid off. I could not even dream of better efficiency. It's proof of what "can" be done.

It's important to me to know what "can be done." I see over many years that many can not understand fuel economy, i.e. mpgs. For 30 years there have been posts "my car only got 17 mpg but the rating is 22/35, what is wrong?" For me there is a direct correlation between avg mph and mpgs. If a vehicle spends all its time in stop and go like ours, avg 14-18 mph, the mpgs will be low. Take the vehicle out on the highway, set the cruise at 62 mph, and drive 50 miles non stop. This imho will exhibit your true highway mpgs and likely the best your vehicle can do. There the rating for highway should be achieved. I don't know if there's a renewed push for the sciences, as my 6th grader learned potential and kinetic energy, which surprised me.

When I google JP Morgan / Chase auto refi, it says it could take 30-60 days to pay off the old loan. Pay interest on two loans for up to 60 days? To me that's baked in float. lol