If you have a LAFCU Visa® credit card, you might have noticed some changes lately to your monthly paper statement or e-Statement. Details have been added to help clarify the statement and your options, such as:

    • A section that reveals how long it will take to pay off your credit card balance if only the minimum payment is made monthly, and the total amount you will pay over that length of time
    • A list of any fees and interest owed
    • Total interest charged to your card year-to-date
    • Indication of your cash advance limit and available cash
    • Penalty pricing info will appear if you did something that triggered this pricing
    • A phone number for a credit counseling service

    Other changes to our Visa program include:

    • If your card has balances with different Annual Percentage Rates (APR), your payments will be allocated to the highest APR balances first.
    • LAFCU will credit mailed payments as of the date received, if the payment is 1) received by 5 p.m. local time at
 
  the address shown on the remittance slip on the front of your monthly statement; 2) Payments made in person at LAFCU branches, the cut-off time is the close of business, and will be credited as of the date the payment is made; 3) In-person means a transaction conducted with an employee, such as a teller, and would not include other situations, such as a mail slot/drop box; 4) Payments received by mail after 5 p.m. local time at the remittance address on any day including the Payment Due Date, but that otherwise meet the above requirements, will be credited as of the next day. Credit for any other payments may be delayed up to five business days, i.e. payments mailed without statement remittance slip.
• Changes to various rates and fees, as indicated on our “Credit Card & Electronic Services Agreements & Disclosure” and on our website.
 
         


 
 


 
 

Our current new vehicle loan promotion offers unheard of low rates of 2.99% APR** for 3 years and 3.99%APR** for 4 years to qualified borrowers. This offer is limited, so you may want to buy the car of your dreams today.

Another beneficial program at LAFCU is our real estate loans. Lower home prices, tax breaks for some buyers, and record low rates make it a great time to buy a house. We have rates as low as 3.387% APR (4.00% rate)*** for a 30-year loan fixed for the first 5 years.

This loan can save you thousands of dollars over the more traditional and normally higher rate 30-year fixed-rate loans. Most homeowners do not keep their home or home loan for this long, so it may be your best bet.

 

Our loans do not have the negative amortization or pre-payment penalties that other lenders have, so ask our staff if it is the right loan for you. We have money to lend on all of our competitive mortgage loans including 30 year fixed rates, 15 year fixed rates and jumbo loans.

As you can see, LAFCU has great low rate loan options that can help you save money. To apply for a loan, call us, stop by our branches, or visit our website.

* All LAFCU Visa® cards have no annual fee, and the Annual Percentage Rates (APR) range from 8.49% to 16.15%. The grace period for repayment of balances for purchases is 25 days, and the Late Payment rate is 17.90% APR.
** See continuation of “Speed Up Your Vehicle Loan Savings” story on page 3
*** See continuation of “Best Time to Buy a Home is Now” story on page 3

  
         
 

 
• Up to a 0.375% loan rate discount based on V.I.P. account level**
• 0.125% loan rate discount when applying with e-Loan Express**
• Up to 100% financing with 84-month terms
• Vehicle “Rate Beater” Loan Program
• No money down options
• Convenient payments
• FREE Vehicle search and buying help with LAFCU Auto Buying Service (LABS)
• LAFCU financing available at Credit Union Direct Lending (CUDL) dealers (www.cudirect.com).
• Loan Payment Protection
• Guaranteed Auto Protection
• Mechanical Breakdown Insurance

Vehicle Insurance, Too
Get low-cost vehicle insurance with Members® Auto Insurance from CUNA Mutual. Receive customized protection, 24/7 claims reporting, emergency roadside assistance, and more. For information, visit the Vehicle Insurance” page on www.LAFCU.org, or for a free, no-obligation quote, call (888) 380-9287.
June Vehicle Sales
If you’re not ready to buy a car now, watch your mail and our website for news about our next multi-dealer sales to be held from June 19 to July 5.
*Annual Percentage Rate. As of April 1, 2010, the approximate monthly payment per $1,000 borrowed is $30 for a new vehicle at 2.99% APR for 36 months or 3.99% APR for 48 months, 100% financing, a credit score of 680+, and no other loan discounts apply. The APR quoted does not apply to refinances of existing LAFCU loans. If you opt for and are approved to have any payments delayed, interest will accrue on the loan balance. Rates are based on the term, collateral, down payment, account relationship and credit history. All loans are subject to credit-granting criteria. Rates, terms, and conditions are subject to change without notice. You must be a LAFCU member to obtain credit.
** Not available with the 2.99% or 3.99% APR limited-time rate offer.
   
 
 
 

Other LAFCU Home Loan benefits include: competitive fixed and adjustable rates, up to 80% financing (less outstanding liens), no-point, low-point and flat-fee options, real estate “Rate Beater” Loan Program, convenient terms, many waived fees, FREE 40-day rate lock, pre-approvals available, real estate refinances, Home Equity Line of Credit (HELOC), and a Reverse Mortgage.

A LAFCU Member Speaks Out Linda M., a LAFCU member for 20 years, experienced huge savings when she re-financed her Norwalk, CA home with a 30-year LAFCU real estate loan that had a fixed rate for the first five years. She received a lower rate compared to her previous mortgage with another lender, which was above six percent. “I enjoyed working with LAFCU on my loan. I have been an LA City employee for 29 years, so it was convenient for me to do business with LAFCU.” During the loan process, Linda stated that she received excellent member service. “The loan officers were completely professional and consistently returned my calls on the same day. I had no complaints.”

As Linda discovered, LAFCU is committed to providing low rate loans and quality member service. She plans to use the money she saved on her LAFCU home loan to pay other bills.

Apply Today

Apply 24/7 at www.LAFCU.org and get a rapid response with e-Home Loan, our free online real estate application. You can also visit a branch during business hours, or call us.

* APR = Annual Percentage Rate. Los Angeles Federal Credit Union (LAFCU) rate example is a 5-year fixed-to-adjustable rate loan with 30-year amortization, for $180,000, 1 point ($1,800), and $3,616 in fees, as of 3/18/10. Rate is set upon the acceptance of a completed loan application package. Other rates and terms are available. Rates and fees subject to change without notice and may affect the APR. Loan-to-value is up to 80% based on a LAFCU appraisal, minus any liens. All loans are subject to normal credit granting criteria. Other conditions may apply. You must be a member of LAFCU to obtain credit. Payment and savings amounts are approximate. ** 30-year fixed rate, including 1 point ($1,800), $3,616 in fees, based on a real estate loan of $180,000. Average bank rate computed from information supplied by Informa Research Services on 3/8/10, and LAFCU is not responsible for the accuracy of these rates or other information. Payment and savings amounts are approximate.

 

         
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