2012 Annual Meeting & Board Election

LAFCU´s 2012 Annual Meeting will take place Tuesday, February 28, 2012 at 5:30pm at our Los Angeles Mall Branch, 201 North Los Angeles Street, Space 201, in downtown Los Angeles. Annual status reports to members will be presented by our Board of Directors´ Chairperson and Treasurer, the Supervisory and Credit Committee Chairpersons, and LAFCU´s President/CEO. Results of the annual Board election will also be announced, and copies of the "2011 Annual Report" will be distributed.

Up for election is Board office number 1 for a one-year term, and office numbers 7, 8 & 9, each with three-year terms. The officials currently holding these offices are: #1 - Joe Quan; #7 - Denise McGee; #8 - Gary Mattingly; and #9 Chuck Rubin. This year, each position will be automatically re-elected by acclamation, since no challengers submitted a completed petition, statement, and list of qualifications by the November 20, 2011 deadline. As a result, no ballots will be mailed for this election. Nominations for Board vacancies were made by a Nominating Committee, or by petition. The incumbents were nominated by that committee, and each nomination was accompanied by a signed statement from the nominee stating that they agreed to the nomination and would serve if elected.

Appointment(s) will be made by the Board of Directors to two Board committees for the terms scheduled to expire, and each term is three years. The Supervisory Committee is responsible for the internal auditing of LAFCU, and the Credit Committee is responsible for meeting at least weekly to evaluate member loan requests. Members interested in serving on either committee can send a letter of application containing information and any related professional experience to LAFCU, PO Box 53032, Los Angeles, CA 90053, Attention: President/CEO, by February 20, 2012. Letters of application or resumes of applicants not selected will remain on file for two years for consideration in the event of a vacancy.

An important consideration and qualification for Board and Committee positions is the willingness to volunteer time to serve LAFCU and its members.

LAFCU Has $-Saving Low-Rate Loans!

Vehicle Loans: As Low as 1.99% APR

For a limited time, qualified LAFCU members can enjoy a new vehicle loan rate at 1.99% APR for 24 months, or 2.99% APR for 36 months, or 3.99% APR 48 to 60 months, with 100% financing.* Even though no other loan discounts apply with this special rate, you can still take advantage of FREE vehicle search and buying help with LAFCU Auto Buying Service. If you do not qualify for these special rates, there are other loan rate discounts available, including 0.125% discount when applying for a loan online with e-Loan Express, and our vehicle "Rate Beater" program.

To apply for a vehicle loan, click here.

*Annual Percentage Rate: As of 1/1/11, the approximate payment per $1,000 borrowed is about $43 monthly for a new or used vehicle at 1.99% APR for 24 months, a credit score of 680 and above with 100% financing (ask us for complete details). New vehicle loans are also available at 2.99% or 3.99% APR. Used vehicle rates at 1.99%, 2.99%, or 3.99% APR are available for vehicles the current model year and the prior two model years with under 75,000 odometer miles. The APRs quoted do 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.

Home Loans: As Low as 2.849% APR

Now is the best time to buy a home...and securing a low interest rate loan at LAFCU is easy. We offer a 30-year fixed first trust deed loan for 5 years, with rates as low as 2.849 APR%.** Note rate 3.125%. Take advantage of our Real Estate "Rate Beater" Loan Program; 80% financing, minus outstanding liens; and no-point, low-point and flat-fee loan options. Apply 24/7 at www.LAFCU.org and get a rapid response with e-Home Loan.

** 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 $300,000 and 1 point ($3,000) and $3,059 in fees, as of 11/10/10. Rate may be locked at time of final loan approval. 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.

ShopLA Visa Credit Cards: featuring a low 0% intro rate

Hurry and apply for your ShopLA Visa card today. Co-sponsored by the ShopLA City program, the new ShopLA City Visa Platinum Plus credit card is the first of its kind to offer TRIPLE CURewards points for all purchases at merchants in the city of Los Angeles (including most of the San Fernando Valley) and single rewards points in other cities.* The rewards can be redeemed for travel, merchandise or gift cards through CURewards, or used for consumer loan rate discounts at LAFCU.** This variable-rate card also has a six-month introductory rate of 0% (for new LAFCU credit card holders) or 7.9% (for current LAFCU cardholders that transfer to the ShopLA City card), then low variable rates from 9.90% APR.***

*Loan application required, card approval based on factors such as credit history and income status, and not all applicants will qualify.
** Consumer loan discounts include closed-end LAFCU loans such as boats, cars, motorcycles, personal computers, RVs, trucks, "Personaline" lines of credit and Signature loans.
***APR = Annual Percentage Rate. Variable rate ranges from 9.90% APR to 18.00% APR and the cardholder´s rate is based on the Prime rate plus a margin of 6.65% to 14.75% (margin based on factors such as the applicant´s credit history). Rate cannot be combined with any other promotional rate offer. No annual fee the first year of card ownership. The grace period for repayment of balances for purchases is 25 days, and the Late Payment fee is the lesser of $25 or minimum payment due.

Need Help with Loan Payments? We Can Help.

Having trouble with your loan payments? Maybe LAFCU can help. Based on your financial situation, we may be able to offer you low monthly loan payments and flexible repayment terms on your home or vehicle.
Plus, if you are recovering from credit challenges and want to borrow money, we have a "Step-by-Step" Credit Repair Loan Program that will help you pay off delinquencies with your creditors. Loan proceeds are sent directly to your creditors and your payments are automatically made via payroll deduction or Direct Deposit. Then, after your delinquencies have been reduced or paid off, we will gladly consider any reasonable loan requests you may have. For details, click on "Step-by-Step Credit Repair" from the "Search by Page Name" list.

Real Estate and Vehicle Loans Available

If you´re getting ready to purchase a home or vehicle, we can help with that, too! LAFCU makes it easy and affordable to get a loan. LAFCU offers several real estate loan options. In addition, many fees are waived, we offer a FREE 40-day rate-lock (longer than most lenders), and our loans have no prepayment penalties or negative amortization. We even have lower 30-year mortgage loans* with fixed rates for five or seven years. To apply for a real estate loan 24/7, use e-Home Loan or call us.

For your next vehicle purchase, LAFCU provides low loan rates, a "Rate Beater" program, loan pre-approval before you shop, VIP loan rate discounts, extended terms, no money down options and convenient payments. Vehicle purchasing and LAFCU financing is available at dealers affiliated with the Credit Union Direct Lending (CUDL) network. To apply for a vehicle loan 24/7, use e-Loan Express or call us.

* APR=Annual Percentage Rate. LAFCU rate example is a 10-year fixed to adjustable rate loan with 30-year amortization for $500,000 and 1 point ($5,000) and about $1,700 in fees, as of 3/01/09. Rate is set upon the acceptance of a completed loan application package. Other rates and terms are available. Rates are 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.