... 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! ***
