... if "The We" won't "Do the Right Thing"... then "DIY"!!!
Suggested in the June 2 post [link] that, in fairness, the SECU Board should proceed to automatically lower the rates on existing loans for members who were overcharged in 2023/2024 .
In introducing the new 3-tier risk-based lending scheme, the SECU Board acknowledged the inequity of the 5-tier RBL scheme, which was introduced in 2023. It took less than a year for the SECU Board to reverse its decision on that poorly conceived, dubious 5-tier RBL staff recommendation.
But to date, the Board hasn't corrected the harm created for thousands of SECU borrowers over the last year, particularly those in the now eliminated "D & E tiers". Those SECU borrowers, many with vehicle loans which will continue for another 5 or 6 years, remain stuck in an overpriced loan. Those SECU borrowers may end up paying thousands of dollars in excessive interest charges as a result of the 5-tier lending missteps.
A simple, respectful, good faith answer to the 5-tier RBL overcharge would be for the Board to direct staff to lower the rate on those 2023 5-tier loans - to the more favorable 3-tier rates approved in April, 2024. Easy process - simple, fair.
But unfortunately, this Board is not necessarily into "simple, fair" (nor quick!) in looking after the members' best interest...
So, time to "DIY"! If you made a car loan - new or used - last year at SECU and have a rate higher (rates were up to 13.25%!) than those below (the new 3-tier "C" rates), contact the credit union and ask them to "refinance" your loan to the lower rate.
Here's how:
Contact your local branch, Member Services Support at (888) 732-8562, or apply online
Shouldn't take more than a couple of minutes (the CU has all the info, knows your interest rate, your "score", and can see you are making payments!) If you were "good enough" to qualify 6 or 8 months ago at a higher rate, well then...
One call could save you a bundle and lower your payments... a no brainer!
The "Refi-DIY"only at SECU! (... kinda catchy isn't it!)
*** REFI-DIY! *** REFI-DIY! *** REFI-DIY! *** REFI-DIY! ***
Leighdership should have proposed this along with the 3 tiers. part of the package. Should have passed unanimously. What a mean spirited bunch with no concept of "Do the RIGHT thing!"
ReplyDeleteThat they didn't SPEAKS Volumes about them .....
Delete"One call could save you a bundle and lower your payments.."
ReplyDeleteAlmost sounds like an Insurance commercial ... ;)
If I need insurance there is never ever a rep available. Why would I want a call back? I can call any other insurance company and get what I need then and now. FAS is sales, you need someone there and available to be successful. Another great failure of leadership to recognize this.
DeleteIf folks haven't figured it out yet that the leadership doesn't care about it's members other than to fund their pet projects then they ain't paying attention...
Deletevote 4 more board members out to see if they're awake ...
DeleteBefore: "People helping people"
ReplyDeleteAfter: "People looking out for themselves".
Loan officers should reach out to their members they, know who they are, and ask if they want to refinance. Long officers would be well rewarded and sleep like babies at night. Doing the right thing always makes that happen.
ReplyDeleteI’m not a baby sitter. Also, you must work a slow branch to know all of your members. The other issue with this is most credit scores are below 600 and d/i over 43%. There’s nothing we can do.
DeleteWhat an insane comment made by someone who has clearly never worked in, maybe never even been in a truly busy branch. The LOs in my branch have members in their office all day long. They don't even have time to work collections, they barely have time to pick up the calls that come in. And you think they'd have time to reach out to members and suggest a refi? You just have no idea what it's actually like in a busy branch.
DeleteGuess we shouldn’t be “sending our mamas “ to non-baby sitters!
DeleteSpent over four decades doing it in those “busy “ branches ! If we weren’t all crazy, we would be insane!!
DeleteSECU says that RBL makes for better loans. Take a look at Chip Filson's blog today to learn what a "keh" is in the Korean community and a "tandas" is in the Mexican community. A totally trust based financial cooperative to help the people of those ethnic communities. Highly successful way to help those on the edges of the financial system in these communities. If you asked about credit score they would laugh at you.
ReplyDeleteTheir success is based on trust, character and cooperation with all treated with equal opportunity. Sounds vaguely familiar, like something from the recent past...
any fee to refi?
ReplyDeleteNo, free for the asking
DeleteDoes the board realize how foolish they look? Each individually incompetent for the task at hand to restore SECU.!group of dinks?
ReplyDelete