real estate - windstreamhome.windstream.net/marcyroberts/images/affnewslet.pdf · 2013-12-04 · in...
TRANSCRIPT
S P R I N G 2 0 0 6
In search of the right mortgage
Real Estate:
Credit ScoresWhat you need to know
Real Estate:
I N T H I SissueThe Affinity OneCard
–You may never need a checkbook again.
Real Estate–In search of the right mortgage.
Good Grades Aren’t Just for Kids
–What is your credit score?
Car Buying TipsThat Can Save You Money
–Save money by shopping around.
Money Smart: Your Credit Union–Personal service for you.
Affinity News–Exciting changes and
upcoming events.
Welcome New SEGS–Thank you for choosing Affinity
Federal Credit Union.
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IN EVERY ISSUE
DDear Member:
I speak for all of us at your Credit Union when Isay it is our duty and privilege to take the guessworkout of your financial choices to help simplify yourfinancial life.
We live in a world of complex and changinginvestment choices. At Affinity, we are neversatisfied with the status quo. We are committed tomeeting your day-to-day financial needs in themost efficient manner with excellent products andsuperior customer service. Just as important, if not more, we are prepared to help you plan andreach your long-term financial goals, as well.
This issue of Connections focuses on a couple ofmajor milestones that most families will face at onetime or another.
A key focus is on saving for retirement. America is at a crossroads with the current social securitysystem and, at the same time, employers havebegun scaling back on pension plans. To a largeextent, retirement planning rests on the shouldersof the individual, so planning wisely is key.
Another milestone is buying a new home. With the vast selection of mortgages available the choicescan be overwhelming, so we have included aprimer on some of the popular loan programsavailable in today’s marketplace.
Also included in this issue are all the differentways you can use your Affinity OneCard, tips forsaving you money on the purchase of your nextnew car and some suggestions for improving yourcredit score.
In closing, I would like to personally emphasizethat Affinity is prepared to help map out yourshort- and long-term strategies and put your financialresources to work to reach your objectives. Wehope the articles in this issue show you the depthof our commitment to helping you reach yourfinancial goals.
1 Connections | SPRING 2006
John T. Fenton, President and CEO
2 Connections | SPRING 2006
M O N E Y S M A R T
IIn an uncertain and complex financial
world it’s nice to know there’s a place
you can go to get straight answers, an
array of investment choices, competitive
rates and superior one-on-one personal
service: your credit union.
Credit unions have come a long way
since their origination in Europe two
centuries ago, but they still remain true
to their original purpose of being solid
and steadfast not-for-profit cooperatives
owned and controlled by their members.
The United States welcomed its first
credit union in 1909 and the Federal
Credit Union Act was signed into law
in 1934. Since that time, credit unions
have continued to grow in terms of
members and assets and have become well-regulated financial
entities that are held in the highest esteem by their members.
LIKE A BANK. BUT BETTER THAN A BANK.
Larger credit unions such as Affinity are full-service financial
institutions that offer the same services as many large,
commercial banks including savings and certificates, loan
services, investment products and services, insurance, and
more. You can relax knowing that your money is safe because
deposits are backed by the United States government up to
$100,000 per depositor. Credit Unions are insured through the
National Credit Union Share Insurance Fund (NCUSIF).
But unlike banks,
• A credit union is a financial
cooperative, which means we are
owned and operated by our members.
As such, our mission is to serve and
satisfy our member-owners.
• We are a not-for-profit organization.
• Any earnings are returned directly to
our members in the form of lower
rates on loans, higher returns on
savings, and better service.
• Credit unions are lead by volunteers.
The active involvement of volunteers
is the cornerstone of the Credit Union
philosophy. Affinity’s Board of
Directors is made up of individuals
elected by our members, and they
are not paid for their work.
A LOOK AHEAD.
At Affinity, we are listening to our members so that we can
provide the services to satisfy members’ needs. The more
we grow, the more we’re able to offer to our members. As a
member, feel free to contact us with your suggestions. Your
feedback is important to us. Tell us what you think at
SOURCE: NCUA
YOUR CREDIT UNION:
Personal Service for You–A Safe Haven for
Your Finances.
Online Survey
What do you think about Connections Magazine?Please give us your feedback by completing our short online survey at www.affinityfcu.org/survey
This newsletter is distributed with the understanding that it does not constitute legal, accounting or other professional advice.Neither Affinity nor any other party will assume liability for loss or damage as a result of this material. Appropriate legal or accountingadvice should be sought from a competent professional. Affinity is not responsible for typographic or inadvertent errors. AffinityFinancial Services is a wholly-owned subsidiary of Affinity Federal Credit Union. © 2006 Affinity Federal Credit Union.
3 Connections | SPRING 2006
More than a million people retire every
year. If you plan to join the ranks of
those living the good life, the most
pressing question you will face is “how
much money will I need?” Social security
won’t be enough to do the job. You’ll need
a combination of pensions, employer
retirement plans, tax-advantaged accounts,
personal savings and maybe even
part-time work to fill in the gap.
Experts agree that maintaining a
comfortable lifestyle during retirement
requires about eighty percent of peak
annual earnings. You’ll also want to take
inflation into consideration and that means
beefing up that amount every year by the
increase in the cost of living.
EFFECTIVE PLANNING BEGINSWITH THE FACTS.
Relying on a false set of assumptions is a
surefire way to fall off track from the
beginning. Dispel these myths so you can
chart an accurate course to a comfortable
retirement:
• Myth: “Ten to fifteen years of savings
should be plenty.”
• Reality: People are living longer. You
should plan to save enough to last until
age 85 or 95.
• Myth: “My expenses will be lower than
they are now.”
• Reality: While some everyday living
expenses may go down, such as your
commuting costs to work, the reality is
that many of your expenses will
continue to rise.
• Myth: “I’ve worked almost all my life
so social security will support me.”
• Reality: Social security benefits aren’t
enough and may not be available to the
extent that they are now.
• Myth: “I’ll be in a lower tax bracket.”
• Reality: Future changes in tax law can
never be completely ruled out.
BUILD A STRONG FINANCIALPLAN. STICK TO IT. ADJUSTWHEN NECESSARY.
Although it’s never too late to start
saving, it’s better to start while you are
young because of the power of
compounding. Saving a small amount
per pay period over a long stretch of time
is a lot easier than saving large chunks
over the short term. And try this course:
1. Your best retirement savings options
are usually available through your
employer. Contribute the maximum
to 401(k) or 403(b) plans; or if you’re
self-employed, a SEP or Simple IRA or
Self-Employed 401(k). If you are unable
to contribute the maximum at least
contribute no less than the “free
matching dollars” provided by your
employer.
2. Save the most you can in tax-favored
plans such as Traditional and Roth IRAs.
3. Free yourself from debt so you can
save more for retirement.
The investment choices you make today
will determine the type of retirement
lifestyle you will enjoy tomorrow. Make
it a happy one by saving early, often
and wisely.
On the Road to Retirement:
How Much Do You Really Need?
I’m thinking aboutretiring soon. Where do I start?Decisions you make about your
finances prior to retirement will
have long-lasting ramifications so
you’ll want to make sure you do it
right. There’s no need to do it
alone. Start by calling Affinity
Investment Services* for a free,
no-obligation consultation. Our
experienced Financial Advisors
will guide you every step of the
way. Call us at 800-325-0808,
option 4.
* Securities offered by Affinity InvestmentServices, LLC, 73 Mountain View Boulevard,Basking Ridge, NJ 07920, member NASD/SIPC.Investments offered by Affinity InvestmentServices are not deposits or obligations ofAffinity Federal Credit Union. They are NOTNCUA INSURED and NOT GUARANTEED byAffinity Federal Credit Union or any governmentalagency and are subject to INVESTMENT RISK,including LOSS of PRINCIPAL. Investments maylose value. Affinity Investment Services, LLC is a wholly owned subsidiary of Affinity FederalCredit Union.
O N T H E M O N E Y
You probably realize you can use your Affinity OneCard towithdraw money from your checking and savings accountswhen you’re at an ATM machine. But you may not be awareof all the other ways you can use it. In fact, your AffinityOneCard actually functions as three cards in one—anATM card, a debit card, and a Visa® Check Card. Here’s howeach works:
• ATM card: allows you to access your cash at ATMsaround the world—including 50,000 surcharge-free ATMs (for locations, visit www.affinityfcu.org/locator).
• Debit card (uses your PIN to authorize the purchase):A debit card is really just an ATM card that also has a“point-of-sale” feature—which means you can use it tomake purchases at grocery stores and other merchants,instead of writing a check. To make a purchase, simplyrequest a “debit” transaction, swipe your card, and enteryour PIN (Personal Identification Number). The money willbe withdrawn from your checking account.
• Advantages:• It’s more convenient than writing a check.• Many stores will give you cash back (up to a specified
amount)—saving you a separate trip to an ATM machine.
• Visa® Check Card (uses your signature to authorizethe purchase): A check card works like a debit card—you use it to pay for purchases, and the purchase amountwill be withdrawn from your checking account.
• How does it work? First, request a “credit” transaction.(Even though you are requesting “credit”, your paymentis going to be withdrawn from your checking account.)The merchant (or you) will swipe your card, and you’ll begiven a receipt to sign, just as if you were using a creditcard. But, as noted, the money will be withdrawn fromyour checking account.
• Advantages:• Like the debit option, it’s more convenient than
writing a check.
• You can use it anywhere Visa® is accepted—at millionsof locations worldwide including restaurants, departmentstores, online merchants and much more.
• You’re protected by Visa® Security, which means youhave zero liability for unauthorized charges.
SO, DEBIT OR CREDIT? HOW DO YOU CHOOSE?
Some merchants accept only PIN-based or “debit” payments,while others accept only the signature-based or “credit”payments. However, when you do have a choice, weencourage you to select “credit”.
Why? Because in addition to the benefits noted above,merchants pay fees to Affinity for each purchase you make on your Affinity OneCard, and the fees are higher for“credit” transactions than for “debit” transactions. And,because we are not-for-profit, these higher fees are returnedto you—our members—in the form of better interest ratesand added services.
So use the Affinity OneCard as an ATM card, a debitcard and as a Visa® debit card. The choice is yours.
4 Connections | SPRING 2006
The Affinity OneCard–you may never need a checkbook again!
5 Connections | SPRING 2006
RealEstate:In Search of theRight Mortgage
YYou’ve shopped and shopped and you’ve finally found your new
home. Congratulations! Now all you need is a “typical” mortgage
to go along with that four-bedroom, two-and-a-half bath beauty.
Fixed rate, Adjustable Rate, Balloon. 15-year, 20-year, 30-year.
Interest Only, No Down Payment, Low Down Payment.
Piggyback, Reverse, No Documentation…there is certainly
nothing typical about today’s mortgages!
The seemingly endless list came into existence about six years
ago. Rates hit historically low levels and financial institutions
feverishly began marketing new mortgages (and resuscitating
old mortgages) to create a stunning array of choices.
Indeed, sifting through today’s myriad of mortgages may be
more cumbersome than in the past, but there’s probably a
suitable mortgage out there for you.
THE WORLD OF MORTGAGES.
Fortunately, once you understand the basic types of mortgages
and learn the terminology, you can pretty much figure out the
concepts behind many of the newer loans available in the
marketplace. Some are complex and nearly require a PhD. So
eventually you’ll want to work with a mortgage professional like
an Affinity Home Financing Consultant. He or she will be able
to explain the variations and intricacies (as well as the charges
and fees) associated with the mortgages that best fit your needs.
• Fixed-Rate Mortgages
Fixed-rate mortgages have always been a popular loan option
due to their predictability. A fixed-rate mortgage has a monthly
payment and interest rate that do not change. Fixed-rate
mortgages are offered for 15-, 20- and 30-year periods. Generally,
the shorter the term of the loan, the lower the interest rate.
What’s better, a 15-year or a 30-year fixed-rate mortgage?
This is popular question among many mortgage seekers. The
monthly payments on a 15-year fixed-rate mortgage are higher
than those on a 30-year, but the interest rate on the 15-year
mortgage is usually lower. If you can afford a 15-year fixed-rate
mortgage you'll generally end up paying off your house twice
as fast and at less than half the total interest cost of that on a
comparable 30-year.
When is a fixed-rate mortgage appropriate?
Fixed-rate mortgages make sense for individuals who require a
non-fluctuating payment plan. These loans are most sought after
when interest rates are low since they “lock in” a rate at current
levels to avoid future spikes in interest rates.
• Adjustable-Rate Mortgages (ARMs)
Adjustable-Rate Mortgages, also known as variable-rate mortgages,
have interest rates (and therefore payments) that fluctuate based
on changes in an index tied to market conditions. During the
initial period, the interest rate you pay is usually low. It is then
“adjusted” on a regular basis after the initial timeline ends.
ARMs have more interest-rate risk than fixed-rate loans due to their
variable nature. On the positive side, all ARMs have interest-rate
caps. A cap is the limit on the amount the interest rate can increase
from one adjustment period to the next as well as over the life of
the loan.
Why choose an ARM?
ARMs are most attractive when interest rates are on the decline.
Often, mortgage seekers choose ARMs when they plan to be in
the home for only a brief time. An ARM is easier on the
pocketbook (initially) than a fixed-rate mortgage for the same
amount because the interest rate is generally lower for the ARM.
Traditional ARMs: A traditional ARM adjusts for identical
periods for the life of the loan. For instance, it may adjust
after the first year and then every year thereafter, or for six
months and every six months thereafter.
Hybrid ARMs: You may notice mortgages called 3/1, 5/1,
7/1, 10/1. These are what’s known as Hybrid ARMs. These
loans offer a fixed rate for the first 3, 5, 7 or 10 years. Then
the rate adjusts annually thereafter. A homeowner who
knows they will not be in the house for more than seven
years, for example, may want to select a 7/1 ARM if the rate
is much lower than that of a 30-year fixed-rate mortgage.
Option ARMs: Option ARMs are the most flexible, and
most risky, of all ARMs. These loans allow you to choose
your monthly payment as you see fit. After the first
payment, you may select from four different payment
options including a minimum payment, interest-only
payment, 30-year amortized payment or 15-year amortized
payment. So, for instance, you may pay a minimum
payment one month and an interest-only payment the next.
6 Connections | SPRING 2006
• Balloon Mortgages
Balloon mortgages are short-term loans. They have regular fixed
monthly payments and fixed interest rates over a very brief term
of about five to seven years. Balloon loans entice mortgage
buyers with lower interest rates and payments. Here is the catch:
at the end of the five (or seven) year period, the entire balance
becomes due all at once. At that time, the balance must be paid
off in cash or by refinancing.
• Interest Only
Interest-only is really a type of payment option whereby you pay
only the interest and not the principal for a set number of years.
After the initial period, the monthly payment resets. The
interest-only feature may be available on adjustable-rate or
fixed-rate mortgages.
• Other Loans
For your information, there are many other nontraditional types
of mortgages as well as special government loans with favorable
terms for low and moderate income families, veterans and
service persons as well as rural property buyers.
Things to Do Before You Begin Shopping.
• Know Your Credit Score
It’s important to know how creditworthy you are in the eyes of a
lender. To do this you will need copies of all three of your credit
reports as well as a copy of your credit score. Review your
reports carefully. Clean up any discrepancies that could pose a
problem. For more information, see related article on page 9
“Good Grades Are Not Just for Kids; What is Your Credit Score?”
• Figure Out What You Can Afford
Know your limits. This will help you funnel out the types of
mortgages that are inappropriate.
Firstly, take your salary and debt into consideration: How much
can you afford to pay on a mortgage each month? Think about
the future as well. Do you expect to earn a higher salary down
the road? Are the children’s college expenses paid off? Will you
need a new car? Will you have more expenses or fewer expenses
in 5 years, 10 years, 15 years, 30 years? Have you taken taxes
and insurance into consideration?
Secondly, think about how long you plan to stay in the home.
Do you require low monthly payments or do you want to pay
off your home as quickly as possible?
Thirdly, think about interest rates. Here is where you probably
need the services of a professional. Will rates head up or down
in the short term? What about the long term? How do rates
affect different types of mortgages? How do you feel about
taking risks with your money? Are you a risk-taker or are you
more conservative?
SHOP LIKE MAD.
It’s time to go shopping. Look at everything. Immerse yourself
in the details. Are you allowed to make extra payments monthly
without prepayment penalties? Can you pay off the loan early
without incurring additional charges? Compare fees and points
in addition to rates. Most important of all, don’t sign anything
you don’t understand.
7 Connections | SPRING 2006
Seek Professional Advice and Assistance.Affinity’s Home Finance Consultants can steer youthrough the entire mortgage buying process from startto finish. You can get started by calling 800-325-0808or visiting us online at www.affinityfcu.org.
SOURCE AND FURTHER READING: AFCU website, www.affinityfcu.org; “Which Mortgage? A Complicated Tale.”, The New York Times, July 15, 2005
8 Connections | SPRING 2006
?Didyou
know
Your family and household memberscan join Affinity too?
Not only is membership at Affinity availableto the employees of our participatingorganizations, but immediate family membersand household members can also join.
Immediate family members include:Spouse, child, sibling, parent, grandparent,grandchild, adopted children, step-parents,step-children and step-siblings.
Household members include: Any person who is a permanent member of and participates inthe maintenance of the household, including family members, domestic partners, foster childrenand legal guardian relationships as well as roommates in a single residence.*
If you have questions about membership, please call 800-325-0808.
*Fraternity, sorority and nursing home roommates do not qualify as household members.
Buying a new home but still own the old one?Affinity offers Bridge Loans! A Bridge Loan can help you purchase a new home by letting you borrow on thehome you're selling. Contact Affinity’s Home Finance Consultants for more information toll-free at 800-325-0808or send an email to [email protected].
9 Connections | SPRING 2006
Good Grades Aren’t Just for Kids.
10 Connections | SPRING 2006
HOW CREDIT SCORES ARE DETERMINED.
Your credit report is used as the basis for your credit score.
Credit reports are compiled using your consumer credit
information as well as public records. These reports are issued
by three major credit bureaus (TransUnion, Equifax and
Experian) that sell this information to approved subscribers
such as retailers, banks, insurers and potential employers. You
are issued a credit score based on your credit records from each
of these bureaus.
The most widely used credit score is the FICO® score. The
origins of the FICO score date to the 1980s when Fair Isaac and
Company developed the software that credit bureaus use to
calculate credit scores.
ONE NUMBER CAN MAKE OR BREAK YOU.
Lenders look at your score to evaluate what type of credit risk
you pose. Scores range from 350 to 800. Generally, high scores
mean great rates for you on your loans and credit cards. Someone
with a lower score, on the other hand, is a higher credit risk
and may qualify for less attractive interest rates. Very low scores
may be denied credit altogether.
STRIVE FOR A STELLAR CREDIT HISTORY.
Five factors paint your overall financial picture. The following
pie graph shows the weight of each element used in determining
your credit score:
By managing your personal portfolio of credit factors wisely, you
can keep your credit history in good standing:
• Payment history: Pay bills on time.
• Amounts owed: Keep balances low. Don’t “max out” your
credit cards.
• Length of credit history: Manage some of the same accounts
for a long period of time to create a positive history of
payments.
• New credit: Don’t open many new credit cards simultaneously,
and avoid opening and closing accounts frequently.
• Types of credit used: Use credit wisely. Lenders look at a
combination of your credit card accounts and loans to gain
an overall view of your situation.
BEING A BOY SCOUT OR GIRL SCOUT MAY NOT BE ENOUGH.
You think your finances are in order and the time has come to
apply for that mortgage. Your lender comes back and says your
credit score is good but not great. You thought you did
everything right! What happened?
Lenders often look at more than just your FICO number. A
lender may evaluate your assets, employment history and cash
flow, for example. But if you are well qualified in all of these
areas, the problem is likely due to errors on your credit report!
It pays to keep your credit report in check so that you know
where you stand. You’ll be able to get the loans you need, when
you need them, without delays or complications.
Thought getting good grades was kid stuff? Think again! We are graded each day on how adeptly we
manage our finances—the way we make purchases and the way we pay our debts. In fact, the financial
snapshot of every American ultimately can be summed up with just one number, and that is what’s
known as your credit score.
Payment History 35%
Amounts Owed 30%Length of Credit History 15%
New Credit 10%
Types of Credit Used 10%
SOURCE: MyFico.com
What is Your Credit Score?
11 Connections | SPRING 2006
HOW TO CLEAN UP MISINFORMATION ON YOUR REPORT.
To clean up your credit, order credit reports online. Go to
www.affinityfcu.org, click on loans, then click online credit
report. Or, go to www.annualcreditreport.com (877-322-8228).
Alternatively, you can order online or by phone from each of the
three credit agencies: TransUnion.com (800-888-4213),
Experian.com (888-397-3742) and Equifax.com (800-685-1111).
Fortunately, a new law went into effect recently that requires the
national credit bureaus to provide you with one free credit
report per year. (If you want your credit score included, you’ll
have to pay for it.)
Examine your credit reports carefully. According to Guide to
Understanding Personal Finance, common errors include:
• Confusing you with someone else with the same name;
• Confusing you with someone who has a similar social security
number;
• Including incorrect information;
• Failure to incorporate changes based on information you or
your creditors supply; and
• Failure to remove damaging information after an issue has
been resolved.
If you do catch errors in your report, you must notify the credit
bureau that issued the report. Credit bureaus will provide you
with specific instructions for filing disputes when you receive
your credit reports.
Helpful Tip:Combat identity theft by putting a freeze on yourcredit report. A credit freeze keeps your credit filecompletely off limits. You must use a PersonalIdentification Number (PIN) to lift the freeze whenyou want to apply for credit to allow a creditor toview your report. Contact a credit bureau to getmore information on freezing your credit report.
For more information, call 800-325-0808 or visit us at www.affinityfcu.org.
Protect Yourself From Identity TheftMonitoring your credit reports regularly will not only help you keep an accurate record,it will also help alert you to fraudulent activity. Identity theft occurs when someone elseuses your name and credentials to get credit cards and other loans. In fact, credit cardfraud is one of the most common types of identity theft, according to Equifax.
One way you can protect yourself is to sign up for a fraud-alert monitoring service.
Affinity is proud to be the first financial institution in the state of New Jersey to offercomprehensive Identity Theft coverage to all of its members for FREE! We have partneredwith Identity Theft 911™, the nation's leading provider of identity theft informationand resolution services. Identity Theft 911TM provides victims of identity theft:
• A personal advocate who works with you one-on-one until the crisis has been resolved
• Systematic notification of agencies,businesses and institutions
• Comprehensive case file creation forinsurance and police
• Preparation of all needed documents
• Comprehensive 3-in-1 credit report
• Threat alerts and consumer education
• One year of credit monitoring and fraudmonitoring
SOURCE: Kiplinger’s Personal Finance Magazine, “ReportCard on Credit Reports,” September 1, 2005
Want to learn more about how to improve your creditscore? An Affinity Budget and Score Enhancement Coachcan help. Get started today by calling 800-325-0808.
SOURCE: - MyFico.com, the web site from Fair Isaac and Company - The Wall Street Journal Guide to Understanding Personal Finance,
Kenneth M. Morris and Virginia B. Morris, © 2004 Lightbulb Press.- TransUnion, Experian and Equifax.
12 Connections | SPRING 2006
A F F I N I T Y N E W S
Reaching out to not-for-profit andcharitable organizations within ourcommunity is an ongoing commitmentfor all of us at Affinity. One of theways we accomplish this is throughemployee volunteer initiatives which helpfoster a spirit of caring and concernfor those in difficult circumstances.
Most recently, Affinity employeesvisited the Amandla CrossingTransitional Housing Program in Edison,New Jersey to deliver a donation ofdiapers and wipes. Amandla Crossing
is operated by Middlesex InterfaithPartners with the Homeless andprovides transitional housing andsupport services for single-parent,homeless women.
“Service-oriented initiatives such as the visit to Amandla Crossing are soimportant to the credit union ideologyof giving back to our communities,”explained John Fenton, President andCEO of Affinity. “Affinity advocates allaspects of volunteerism to improve thelives of others.”
Affinity Federal Credit Union Reaches Out
Watch for these exciting changes and upcoming events:
Stay InformedWant to be the first to know about our new products and services? Subscribe to our email news bulletins by sending anemail to [email protected] with the words "Subscribe Affinity News" in the subject or body of the message.
• New Hillsborough Branch Coming Soon.In late Spring, Affinity will open its new location in Hillsborough, N.J. at the Hillsborough Promenade on Route 206 nearLowe's. For more information call 800-325-0808 or visit www.affinityfcu.org.
• Extended Saturday Hours.At many of our branches, we’ve extended our Saturday hours! The new hours are: Saturday 9 a.m. to 1 p.m.
Extended hours are available at the following branches:
• ATMs, ATMs and More ATMsAccessing cash is easier than ever. Our network of surcharge-free ATMs has grown from 20,000 to 50,000. To find the location nearest you visit us at www.affinityfcu.org/locator or call 800-325-0808.
• Don’t miss our Annual Car Sale Event: Saturday, June 3rd from 9 a.m. to 3 p.m., rain or shineAFCU Headquarters, 73 Mountain View Blvd., Basking Ridge, NJ. Members andnon-members can shop for certified, previously leased vehicles. Financing isavailable to qualified applicants.
Cedar Knolls
Country Mile
New Providence
Mountain View
Bedminster
Piscataway
Middletown
13 Connections | SPRING 2006
5 Car Buying Tips ThatCan Save You Money.1. Comparison shop.
You can save money by simply shopping around. Getprices online at sites like Edmunds.com and call severaldealers to find the lowest price.
2. Don’t skimp on the down payment. The larger the down payment, the lower your paymentsare likely to be over the long term.
3. Take advantage of rebates.If the car you desire comes with a rebate, apply it to yourdown payment to reduce the amount of your loan.
4. Read the fine print.Make sure you have the option to pay off your loan earlywithout incurring penalties, fees or additional charges.
5. Get quotes from a variety of insurance companies.Be sure to include the company that is insuring yourhome; you may see significant discounts.
Affinity Auto Consultants Are Ready to Put You in the Driver’s SeatRemember, Affinity Auto Consultants are available toassist you with your auto needs! We provide:
Call us at 800-325-0808 or visit www.affinityfcu.org
• Negotiation serviceswhen you are ready topurchase a new car
• Auto insurance - NJresidents only
• Leasing services
And of course Auto Loans.Our Customize YourPayment program tailorsyour payment to yourbudget. Ask us for details.
Ready to Step Up to the Plate?Buy a New Hybrid Vehicle in 2006 for a Grand-Slam of Savings.Starting January 1, 2006 buying an approved hybrid vehicle can entitle you to asizeable federal tax credit ranging from $250 to about $3,600. Eligible vehiclesinclude the Toyota Prius, Honda Civic GS, Ford Escape Hybrid, Chevy SilveradoHybrid and Honda Insight.
A tax credit is more valuable than the equivalent tax deduction since it’s a directdollar-for-dollar reduction in your tax liability. This tax credit will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles so it pays to act fast.
For more information visit www.energy.gov/taxbreaks.htm or contactyour hybrid auto manufacturer.
Welcome!Since the last edition of Connections, the following companies have joined the Affinity FederalCredit Union family. We’d like to thank you for choosing Affinity. Choosing Affinity puts you invery good company. Affinity is the largest credit union in NJ and is ranked in the top 1% of allcredit unions nationwide. Regardless of your company size, we provide you with an opportunity to make your benefits package more competitive. We’re at your service to help you with yourfinancial needs. You can count on us to provide the individual attention you expect.
1 Bernards Twp. PBA Local 357
2 Somerset Home for TemporarilyDisplaced Children
3 Palavi Handicrafts
4 Graphic Research Unlimited, Inc.
5 DLL Holdings, LLC
6 La Jolet Salon
7 Allan Industries, Inc.
8 Anderson House, Inc.
9 Courier News
10 EasyLink Services Corporation
11 Sarnoff Corporation
12 Jewish Family Service of Somerset, Hunterdon and Warren Counties
13 Northern Building Products
14 The Folk Project
Your strength is in
our numbers!
• 50,000 surcharge -FREE ATMs.
• 1,700 shared branches—just like doing business at Affinity.
• 24/7 account access—online or via automated phone service.
Find the closest ATM or branch in secondsat www.affinityfcu.org/locator.
As always, Affinity’s Member ServiceCenter is ready to answer your questions.Call 800-325-0808 to learn more.
If you know of a business that wishes to take advantage of offering the benefit of Affinity membershipto their associates, please have them call 800-325-0808. We’ll be happy to talk to them about theCredit Union Difference.
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73 Mountain View Blvd.Basking Ridge, NJ 07920
Std. PresortPAIDPermit No. 5Philadelphia, PA
FEDERAL CREDIT UNION
73 Mountain View Blvd.Basking Ridge NJ, 07920LobbyMonday-Wednesday, Friday, 8:30-4:00Thursday, 8:30-6:00Saturday, 9:00-1:00
Drive UpMonday-Friday, 8:30-6:00Saturday, 9:00-1:00
1520 Route 206 NorthBedminster NJ, 07921LobbyMonday-Wednesday, Friday,8:30-4:00Thursday, 8:30-6:00 Saturday, 9:00-1:00
Drive UpMonday-Friday, 8:30-6:00Saturday, 9:00-1:00
235 Ridgedale AveCedar Knolls NJ, 07927Monday-Friday, 8:30-6:00Saturday, 9:00-1:00
Saint Clare’s Hospital25 Pocono RoadDenville NJ, 07834Monday-Wednesday, Friday,8:30-4:00Thursday, 8:30-4:30
Saint Clare’s Hospital400 W. Blackwell StreetDover NJ, 07801Monday-Wednesday, Friday, 8:30-4:00 Thursday, 8:30 - 4:30
1860 Route 35 SouthMiddletown NJ, 07748Monday-Friday, 8:30-6:00Saturday, 9:00-1:00
1098 Mt Kemble AveMorristown NJ, 07960LobbyMonday-Thursday, 8:30-4:00Friday, 8:30-5:00 Saturday, 9:00 - 1:00
Drive UpMonday-Friday, 8:30-6:00Saturday, 9:00-1:00
A&P Shopping Center598 Central AvenueNew Providence NJ, 07974Monday-Friday, 8:30-6:00Saturday, 9:00-1:00
15 East Midland AvenueParamus NJ, 07652Monday-Wednesday, Friday,8:30-4:00Thursday, 8:30-5:30
1342 Centennial AvenuePiscataway NJ, 08854LobbyMonday-Wednesday, Friday,8:30-6:00Thursday, 8:30-7:00 Saturday, 9:00-1:00
Drive UpMonday-Wednesday, Friday,8:00-6:00Thursday, 8:00-7:00 Saturday, 9:00-1:00
www.affinityfcu.org | 800-325-0808C O N T A C T U S O N L I N E O R B Y C A L L I N G O U R M E M B E R S E R V I C E C E N T E R :