Wednesday, March 8, 2023

SECU New Culture, New Direction - LIMBO LOAN RATES!, folks shopping for a used car?  Need a quote so you can compare interest rates (with Bank of America)?  That would be the financially wise, prudent thing to do - a car after all is a big purchase! 

In the past - like last week before RBL was introduced  (3/1/2023) - you could always obtain a firm, instant quote. Why? Because all members were "A" paper at SECU and got the same rate. Now there is a 60% + chance you won't get the best rate offered by SECU - you will pay more.

But the SECU Board knows best, so check out the new risk-based LIMBO LOAN RATES now available at SECU! Contact the call center, branch or website - even better give one of the Board members a call!

You'll find that SECU can no longer give you an instant quote, unless you apply and SECU pulls a credit score...and even then, check out the new "fine print" on the SECU website! Here's the best you can hope for from call center, branch, or website:

                                               Used Auto: 5 Years Old

                                          👉 APR1 as low as
                                                            5.75 %
                                                         60 Months
                                                    Calculate Payment
But beware:
👇SECU Now has fine print!

1 APR = Annual Percentage Rate. APR is your cost over the loan term expressed as a rate. Rates are subject to change prior to the completion of the loan. Your actual APR will be determined at the time of disbursement and may vary based on credit score, collateral, and loan terms. If you qualify, we can give you a quote for the current rate and most loan documents can be signed electronically

                                        "As low as...." Say what?


                                 Never thought SECU would stoop this low.


Hey, better get "legal" to check that statement:"... rate "may vary" based on credit score"...think that should be "will vary". Your liability is already running high enough with RBL!



1 comment:

  1. SECU lenders were informed via WebEx that if a member was to inquire about a quote that we are to give them the lowest rate and then informed them these rates may vary depending on credit, collateral and term. Oh, and to be positive about this. Actually told lenders if members ask why have we done this to be positive. They also gave us a QRG for it, an instructional video to watch with an assessment at the end.