Car Buyers’ Worst Mistakes

How much money do you think educated car buyers can save over uneducated buyers when buying the same car?

Would $5,000 get your attention? While you may not save as much as $5,000, you’ll save a bunch if you avoid these classic car-buying errors.

 

* Showing enthusiasm. If you act excited, the sellers know they have a unique product you want. The price goes up instantly. Keep that enthusiasm in check until you’ve driven home. Sneer a little if you like the car.

* Buying in a hurry. If you buy on your first visit to a dealership, you don’t have time to compare. Take your time. Be willing to walk away. The price at most dealerships falls quickly if you move slowly.

* Giving deposits before the dealer approves your offer on a vehicle. Feel free to give a deposit, if you really want a vehicle. But don’t give it until the boss has said “yes.” Some dealerships use deposits to keep you there while they try to convince you to pay more. And you can’t leave if they have your deposit—money, a credit card, a driver’s license, or your kids.

* Being switched to leasing without doing your homework. Because dealerships make a much larger profit if they lease rather than sell, even the best dealership may try to “switch” you. They’ll try to convince you leasing is cheaper than buying. In most instances, it isn’t. If you want to lease, fine. Just don’t do it on the spur of the moment.

* Trading in your old car without knowing its value in advance. A dealership has the right to give you the least you will take for your old car. But you have a right to get the most your car is worth. To know that value, simply clean it up, and try to sell it to several used car departments. The highest amount you’re offered for it is your car’s real value right now. Don’t accept less than that in trade.

* Financing automatically at the dealership. The dealership may be the cheapest place to finance, but not always. To find out, simply bring a copy of the filled-out dealer contract to New Century Credit Union and compare contracts. If the dealership won’t give you a copy, they’re probably telling you they’re not really the cheapest.

Big mistakes, big bucks out the window. We like to help you preserve your money—that’s what credit unions are all about. Avoid these mistakes, and put that money to work rather than throwing it away.

NCCU Quarterly Newsletter – Winter, 2015

Tax Information

In addition to your year-end quarterly statement, you may receive IRS forms by separate mail regarding your various types of accounts with New Century Credit Union.  Please make sure we have your correct address on file.

Dividends and Interest – Form 1099 INT  You should receive Form 1099 INT if you earned a minimum of $10 in dividends and interest on your accounts at NCCU.  Forms will be mailed out on or before January 31, 2015.

Mortgage Interest – Form 1098 ML  You should receive Form 1098 ML if you paid interest on a mortgage loan in 2013.  Forms will be mailed on or before January 31, 2015.

Individual Retirement Accounts (IRA) – Various Forms  You should receive Form 1099-R if you made distributions from your IRA and Form 5498 if you made contributions to your IRA.  Forms 1099-R will be mailed on or before January 31, 2015.  Forms 5498 will be mailed on or before June 2, 2015.

Give us a call if you have questions regarding your accounts at NCCU.  785-235-9551 (Topeka) or 913-362-5200 (Overland Park).  We are here to help!

Affordable Health Insurance Made Easy

As a credit union member, you have access to experts and tools to help you understand the new law and find the best value. Designed for credit union members, the TruStage Health Insurance Program and GoHealth, will help you find affordable health insurance and make the right decision with confidence and ease. Get covered today! Enroll online at TruStageHealth.com or by calling 1-888-416-2166.

The TruStage™ Health Insurance Program is made available through TruStage Insurance Agency, LLC and GoHealth LLC. GoHealth LLC is licensed to sell nationwide and operates in all states with the exception of Massachusetts, Hawaii, Vermont and Rhode Island. © TruStage Insurance Agency, 2014 All Rights Reserved.

Topeka Area Credit Unions Give Back

The Topeka Credit Union Foundation (TCUF) hosted the annual Benefactor’s Breakfast October 16, 2014. Six grant recipients, which included Boys and Girls Clubs of Topeka, Breakthrough House, Inc., Easter Seals Capper Foundation, Housing and Credit Counseling, Inc., TDC Learning Centers, Inc., and Topeka Habitat for Humanity were honored and received a total of $18,550. NCCU and four other Topeka credit unions make up TCUF, and together have donated over $154,000 to local charities and organizations since it’s inception in 2004 through the generosity and fundraising efforts of credit union employees and members.

Say Hello to the Sprint Credit Union Member Discount

If you’re looking to save with a #1 wireless company, then it might be time to say hello to the Sprint Credit Union Member Discount from Invest in America!  As a member of New Century Credit Union, you can save with the one that JD Powers & Associates ranks as the “Highest satisfaction with the Purchase Experience.”

Ways You Can Save:

• 10% off* select personal Sprint plans
• 15% off* select business Sprint plans
• Waived activation fee on new activations
• Waived upgrade fee
• Available to new and existing Sprint Customers

Valuable discounts like these are just some of the many benefits of credit union membership.

Three Ways to Get Your Discount:

• Call 877.SAVE.4CU (877.728.3428) and let them know you’re a New Century Credit Union member .  Corporate ID – NACUC_ZZM.
• Click LoveMyCreditUnion.org/Sprint
• Visit your nearest Sprint store

Start saving today with a #1 wireless company and take advantage of the Sprint Credit Union Member Discount.

*Application of discount requires 2-year contract extension on existing plans.  Verification of credit union membership is required at time of activation/upgrade.  Discount not available on secondary lines for Family and Business Share plans.

All rights reserved.  Sprint, the logo, and other trademarks are the trademarks of Sprint Nextel.

The Holiday Season’s Most Unwanted Gift!

Nope, not fruitcake, it’s the rotten holiday debt!  If holiday spending has you desperate for a little extra cash, consider refinancing those high interest credit cards.  We always offer great rates on loans and have plenty of money to lend!  Or, you may be able to skip-a-payment on the loans you currently have at NCCU.  A few rules apply, so give us a quick call to see if you qualify!  785-235-9551 (Topeka) or 913-362-5200 (Overland Park).

e*Statements

We encourage all of our Members to enroll in our FREE e*Statements program. By switching to e*Statements, our members will receive their statements via e-mail and also have a chance to win a $100 Visa Gift Card! To find out more, click HERE. To sign up, visit www.newcenturycu.com or call our offices 785-235-9551 (Topeka) or 913-362-5200 (Overland Park). We’ll take good care of you!

Members who opt to continue receiving paper statements by mail will pay a monthly fee of $1.00 for printing and postage. IMPORTANT EXEMPTION: Members who are enrolled in our New Adventures program will NOT be charged for receiving paper statements by mail.

Out With the Old

The New Year is a great time to clean out your closets and filing cabinets of old statements and other personal financial data.  Don’t ever throw those types of documents in the trash – load it up and bring it to the credit union and toss them in our shred bin to be destroyed.  EVERY day is FREE shred day at NCCU!

*APR = Annual Percentage Rate. Rate listed is best qualifying rate and subject to credit approval. Rates, programs, terms and conditions are subject to change without notice. NCCU membership required upon approval. 

Office closings

Monday, January 19 – Martin Luther King, Jr. Day
Monday, February 16 – Presidents’ Day

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Easy Ways to Save for the Holidays

Yes, the holiday season seems to come earlier every year, but unfortunately for too many Americans, saving for Christmas often arrives too late—if at all.

The average American spends $800 on holiday-related expenses every year, according to the National Foundation for Credit Counseling (NFCC), Washington, D.C. Despite the significant outlay, many consumers forget to plan for these annual costs and instead charge them to credit cards.

If you charge $1,000 and pay only the minimum 2% balance, at an 18% annual percentage rate it will take you 12 years to pay it off. And by the time you do you will have spent $2,353. Now imagine if you have to do this every year.

The NFCC offers a better alternative—plan for the holidays.

If you spent too much this holiday season, here are five easy ways to save for next year’s holiday season.

1. Tighten your everyday spending with the goal of saving about $1 a day between now and December 25th, 2015.

2. Adjust your W-4 to accurately reflect what you owe in taxes. The average tax return is $3,000, but that money doesn’t arrive until April. By taking less out of each paycheck, you can save that money for the holidays.

3. Cut back on monthly expenses that aren’t fixed. Aim to spend $10 less every month on categories like gas, food, and entertainment.

4. Sell unused items. Sell clothes at consignment shops, books, utilities, and CDs online at sites such as Amazon, resale shops, or have a garage sale.

5. Open a Century Club account with New Century Credit Union. Don’t use existing accounts because you could too easily spend that money on other items.

You can also always rethink the kind of gifts you give.

“It makes no financial sense to pile new debt on top of old. Kindness and experiences are meaningful substitutes for purchased gifts, and are remembered long after the wrapping paper and bows have been discarded,” says Gail Cunningham, spokesperson for the NFCC.