Dylan Citron

Top 5 Money-Saving Driving Tips

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TOP 5 MONEY-SAVING DRIVING TIPS

When purchasing or leasing a new vehicle, it is important to remember that a vehicle costs more than just the price tag on the window. Gas, insurance, and routine maintenance (i.e. oil changes) quickly add up and can consume a significant portion of your monthly budget. According to the Bureau of Labor Statistics’ 2017 Consumer Expenditures study, transportation costs are the second highest expense for U.S. consumers, trailing only housing expenses. Vehicle expenses (not including the actual purchasing or leasing of the vehicle) cost consumers an average of $4,810 per year. Fortunately, there are ways to minimize driving expenses. Here are our top five money-saving driving tips:

1. Find the Cheapest Gas in Your Area

The purchase of gas tends to be very similar to the purchase of groceries: both are necessities and tend to be purchased on a weekly basis. However, the way consumers go about purchasing both is very different. Consumers research the dynamic pricing of groceries each week to learn which store is offering the best deals and sales, but rarely research which gas station has the lowest price. There are many apps, including GasBuddy, that allow you to instantly compare gas prices in your area in the palm of your hand. So next time before you fill up, make sure you are paying the lowest price for gas.

2. Avoid Idling

Even if you are paying the lowest price, there is no financial recovery for wasting gas. Idling, the act of leaving your engine running while the vehicle is parked, wastes about 1/5 to 7/10 of a gallon of gas per hour. Idling is also detrimental to your engine’s health, as well as to the environment. Idling cars produce as much pollution as moving cars, per the Environmental Defense Fund.

2. Avoid Idling

Even if you are paying the lowest price, there is no financial recovery for wasting gas. Idling, the act of leaving your engine running while the vehicle is parked, wastes about 1/5 to 7/10 of a gallon of gas per hour. Idling is also detrimental to your engine’s health, as well as to the environment. Idling cars produce as much pollution as moving cars, per the Environmental Defense Fund.

3. Don’t Speed or Slam on the Gas

Speed kills…your fuel efficiency. That’s right, speeding and rapidly accelerating do more damage than good when trying to save on your driving expenses. According the U.S. Department of Energy, both aggressive driving tactics can lower your gas mileage by up to 30% at highway speeds and 40% in stop-and-go traffic. Furthermore, gas mileage also decreases when your vehicle reaches speeds above 50 mph. Expect to burn an extra $0.19 per gallon of gas for every 5 mph you drive over 50 mph. From a cost-cutting and safety perspective, it’s better to ease into acceleration and stick to the posted speed limit.

4. Make Sure Your Tires are Properly Inflated

If you find yourself at the gas station more often than normal, it might be time to check your tire pressure. Low tire pressure can cause lower fuel efficiency, as well as extra wear and tear on your tires. Low tire pressure can result from cold weather, over inflation, slow leaking punctures, and osmosis (natural passing of air through the tire over time). Be sure to reference your car’s owner manual to ensure your tires are inflated to the recommended PSI. Also, be sure to inspect the tread of your tires to confirm that they are still in good shape.

4. Make Sure Your Tires are Properly Inflated

If you find yourself at the gas station more often than normal, it might be time to check your tire pressure. Low tire pressure can cause lower fuel efficiency, as well as extra wear and tear on your tires. Low tire pressure can result from cold weather, over inflation, slow leaking punctures, and osmosis (natural passing of air through the tire over time). Be sure to reference your car’s owner manual to ensure your tires are inflated to the recommended PSI. Also, be sure to inspect the tread of your tires to confirm that they are still in good shape.

5. Don’t Overpay for Insurance

Like shopping for groceries and now gas, make sure you are not overpaying for car insurance. Shopping for the right policy might seem overwhelming at first, but resources like The Zebra allow you to compare quotes easily and efficiently. Be sure to also ask your insurance company about any potential discounts for organization affiliations, safe driving history, specific car features, and complete safety training.

GrooveCar Direct Announces 20 New Credit Union Partnerships

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GROOVECAR DIRECT ANNOUNCES 20 NEW CREDIT UNION PARTNERSHIPS

GrooveCar Direct, the credit union industry’s leading solution for direct auto loan growth, announces 20 new program partnerships in Q2 2019. Joining the program in Q2 2019 are:

  • 20th Century Fox FCU, based in Los Angeles CA, with assets of $47 million, serving 3,607 members
  • Agriculture FCU, based in Alexandria VA, with assets of $332 million, serving 25,551 members
  • Changing Seasons CU, based in Hampden ME, with assets of $24 million, serving 2,017 members
  • Community CU, based in Lewiston ME, with assets of $57 million, serving 10,231 members
  • Corrections FCU, based in Soledad CA, with assets of$16 million, serving 2,479 members
  • Elga CU, based in Burton MI, with assets of $656 million, serving 72,063 members
  • Emporia State FCU, based in Emporia KS, with assets of $96 million, serving 6,982 members
  • Equishare CU, based in Wichita KS, with assets of $33 million, serving 4,147 members
  • Jacksonville Fireman’s CU, based in Jacksonville FL, with assets of $35 million, serving 2,599 members
  • Listerhill CU, based in Sheffield AL, with assets of $790 million, serving 91,237 members
  • Ouachita Valley FCU, based in West Monroe LA, with assets of $239 million, serving 30,801 members
  • Palmetto Health CU, based in Columbia SC, with assets of $68 million, serving 12,576 members
  • PartnerShip Financial CU, based in Morton Grove IL, with assets of $177 million, serving 13,372 members
  • Peach State FCU,based in Lawrenceville GA, with assets of $492 million, serving 60,167 members
  • Peru FCU, based in Peru NY, with assets of $21 million, serving 2,806 members
  • SharePoint CU, based in Bloomington MN, with assets of $235 million, serving 22,468 members
  • Shoreline CU, based in Two Rivers WI, with assets of $95 million, serving 8,492 members
  • TruService Community FCU, based in Little Rock AR, with assets of $39 million, serving 5,290 members
  • United CU, based in Mexico MO, with assets of $170 million, serving 23,467 members
  • United Financial CU, based in Bridgeport MI, with assets of $216 million, serving 24,957 members

GrooveCar Direct is a leading member experience platform, providing credit union partners with the ability to engage members from day one of their car purchase journey. When combined with the trust and reliability of the credit union, GrooveCar Direct provides a reliable channel for deepened relationships, member engagement, and incremental direct auto loan growth.

Leasing 101: Terms to Know Edition

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LEASING 101: TERMS TO KNOW EDITION

Shopping for a new car can be a stressful experience, especially when deciding whether to buy or lease the new vehicle you pick out. While both options have their own distinct benefits, leasing a car may be the best decision if you are looking for more flexibility. Some of the benefits of leasing include:

Lower Monthly Payments

Leasing a car will almost always provide you with a lower monthly payment because you are paying for the depreciation of the vehicle that occurs during the term of your lease, plus sales tax. When you finance a car, you are paying off a loan for the retail price of the vehicle plus interest (sales tax is paid at time of purchase). A lower monthly payment means more financial flexibility. Leasing also may allow you to get a more loaded car for the same monthly payment as financing the base model.

New Car Every Few Years

One luxury of leasing a car is the ability to get a different vehicle every few years. Of course, you must wait until your current lease agreement is up, but you will never have to deal with the hassle of selling or trading your old car. When you lease, you are not the owner of the vehicle; the leasing company or bank is. They allow you to drive the vehicle for the duration of your lease agreement, a similar process to renting an apartment. With the flexibility to change vehicles every time you enter a new lease agreement, you can enjoy the latest models, tech and safety features the industry has to offer.

New Car Every Few Years

One luxury of leasing a car is the ability to get a different vehicle every few years. Of course, you must wait until your current lease agreement is up, but you will never have to deal with the hassle of selling or trading your old car. When you lease, you are not the owner of the vehicle; the leasing company or bank is. They allow you to drive the vehicle for the duration of your lease agreement, a similar process to renting an apartment. With the flexibility to change vehicles every time you enter a new lease agreement, you can enjoy the latest models, tech and safety features the industry has to offer.

Even if you determine that leasing is the right option for you, reading through and understanding every word in the agreement can still be a stressful process. The automotive leasing industry may seem to have its own language, but its not as complicated as you think. Below are the most common leasing terms with explanations to help you successfully master the car leasing process.

Acquisition Fee

The fee charge by leasing companies and banks to cover expenses of administrating the lease

Disposition Fee

The fee charged to cover expenses of cleaning, preparing and selling the vehicle after you return it at lease end

GAP Waiver

Agreement to waive the difference of what you owe on the lease and what your insurance company will reimburse if your car is stolen or destroyed

Mileage Allowance

The number of miles you can drive during the duration of your lease agreement. Exceeding the allowance will result in an excess mileage charge because the number of miles affects the residual value of the vehicle.

Residual Value (RV)

Set at the beginning of the lease, this is the vehicle’s estimated value at lease end. The RV is used to calculate your monthly payment. The higher the RV, the lower the monthly payment (less depreciation). 

CU Xpress Lease Partners with Mid-Hudson Valley FCU

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CU XPRESS LEASE PARTNERS WITH MID-HUDSON VALLEY FCU

HAUPPAUGE, NY – CU Xpress Lease, the nation’s leading credit union lease program and a Fusion Auto Finance lease product, announces their partnership with Mid-Hudson Valley FCU.

MHVFCU began to offer auto leasing to its members in Ulster, Dutchess and Orange Counties of NY on April 1st2019.

Founded in 1963, member-owned MHVFCU has over $1.04 billion in assets. With a network of more than 77,000 members, 812 businesses partners, and 13 branches, it is one of New York state’s largest credit unions.

Steve Carle, Senior Vice President / Chief Lending Officer for MHVFCU stated, “The Hudson Valley region represents one of the top lease markets in the U.S. By working with CU Xpress Lease, we are able to add value to our members with affordable vehicle financing while enhancing the credit union’s dealership exposure. Additionally, leasing provides us an opportunity to immediately expand our automotive portfolio. Since leasing is becoming more popular due to lowered monthly payments and no money down requirements, we know our potential will only increase with this new service for our members.”

Added Robert O’Hara, Vice President of Strategic Alliances for GrooveCar: “We are excited to partner with Mid-Hudson Valley FCU and look forward to bringing the CU Xpress Lease program to their members. Consumers are payment-driven and leasing provides a true medium for credit unions such as MHVFCU to capture that market share without the responsibility of managing the residual risk when the lease matures.”

GrooveCar Direct Announces 19 New Program Partners in Q1 2019

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GROOVECAR DIRECT ANNOUNCES 19 NEW PROGRAM PARTNERS IN Q1 2019

GrooveCar Direct, the nation’s leading online auto loan growth partner for credit unions, announces 19 new program partners in Q1 2019. Joining the program in Q1 2019 are:

  • AFL CIO Employees FCU, Washington DC, with assets of $50 million, serving 4,992 members
  • Berkeley Community FCU, Moncks Corner SC, with assets of $12 million, serving 2,374 members
  • Cedar Point FCU, Lexington Park MD, with assets of $497 million, serving 43,647 members
  • Cove FCU, based in Edgewood KY, with assets of $64 million, serving 7,777 members
  • Destinations CU, based in Baltimore MD, with assets of $60 million, serving 7,747 members
  • EPB Employees CU, based in Chattanooga TN, with assets of $28 million, serving 2,321 members
  • Family Advantage FCU, based in Spring Hill TN, with assets of $66 million, serving 7,523 members
  • First Eagle FCU, based in Owings Mills MD, with assets of $90 million, serving 9,262 members
  • Golden Plains CU, based in Garden City KS, with assets of $657 million, serving 79,136 members
  • Greenville Heritage FCU, based in Greenville SC, with assets of $99 million, serving 12,284 members
  • Greenwood Municipal FCU, based in Greenwood SC, with assets of $42 million, serving 6,301 members
  • Health Care Professional FCU, based in Richmond IN, with assets of $24 million, serving 3,516 members
  • K.U.M.C. CU, based in Shawnee KS, with assets of $28 million, serving 2,579 members
  • Kimberly Clark CU, based in Memphis TN, with assets of $113 million, serving 10,353 members
  • LCRA CU, based in Austin TX, with assets of $22 million, serving 2,678 members
  • Southern CU, based in Chattanooga TN, with assets of $22 million, serving 2,615 members
  • Town of Hempstead Employees FCU, based in Baldwin NY, with assets of $127 million, serving 8,406 members
  • Valwood Park FCU, based in Carrollton TX, with assets of $22 million, serving 3,888 members
  • WCU CU, based in Decatur AL, with assets of $25 million, serving 3,439 members

GrooveCar Direct is a leading member engagement program, allowing credit union partners the ability to reach members throughout the entire auto research and purchase cycle. Credit unions can provide a more consistent and complete member experience, creating an environment to guide the member along the path to auto loan closure.

Third-party sites are the most used sites for car shopping, used by 78% of shoppers. When combined with the trust and reliability of the credit union, the program provides a solid channel for deepened relationships and member engagement.