After serving
more than 16 years as LAFCU’s Exec. VP/Chief Operating
Officer, our Board promoted me to the position of President/CEO
in January 2010. I have spent 35 years in the credit
union industry and look forward to helping LAFCU grow
and serve the changing needs of our members.
 I
am delighted to report that LAFCU’s strong financial
position allows us to continue helping our members weather
these difficult economic times. This help has included
restructuring existing loans, paying off high-rate bank
loans and offering historically low rates on Visa® cards,
and vehicle and home loans. We have no shortage of money
to lend!
You may have heard that many lenders have raised loan
and credit card rates sometimes over 20%. I have even
heard of a credit card lender now charging as high as
79.9% interest on some credit cards! This has been happening
because of record losses and, in part, because of new
credit card laws that went in effect this past February.
The law is intended to help consumers by prohibiting
arbitrary interest rate increases.
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Unfortunately,
many lenders made big increases in rates and terms before
the law went into effect. At LAFCU, we continue to offer
very low, non-variable credit card rates…as low as 8.49%
APR* for qualified borrowers…and you also get a 2.99%
APR* introductory rate for the first 6 months after
the card is first activated. We do not charge a balance
transfer fee, so you can start saving money immediately,
and we also have low-rate rewards and cash-back cards.
To really show the potential SAVINGS between a LAFCU
low-rate Visa credit card and a card from another financial
institution, check out this comparison:
Historic low rates are also offered on our vehicle loans.
Many of us put off purchasing a new car last year, but
now may be the best time to get a great deal and a low
rate.
continued
on page 3
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Face
it, now is the best time to buy a home. Real estate
prices are extremely affordable. Federal housing
tax credits are still available. And securing
a low interest rate is easy…especially at LAFCU.
Our 30-year loan features a fixed rate for 5 years,
with rates as low as 3.387% APR (4.00% rate) and
you can save about $6,400 on a $180,000 loan in
5 years compared to average bank mortgage rates: