Posts Tagged 'payment'

Payment-free auto loan winners

Payment-free auto loan - Carl and Pamela

A hearty congratulations to Carl and Pamela Barkema of Onondaga. American 1 is paying off their $8,800 Ford F250 loan thanks to our big payment-free auto loan promotion in September.

The Barkemas have been members since 1989, and remember getting their first loan with American 1 – a four-wheeler to take up north.

In September, the Barkemas used their truck to finance an outdoor wood stove to heat their home. They were deciding between a signature loan or a secured loan using their vehicle. Carl and Pamela made the right decision, because American 1 is paying off their loan completely.

When we called and talked to Carl, he couldn’t believe what he was hearing. He only remembered vaguely what the promotion involved.

“I thought maybe it was to pay off all the interest,” Carl said. “It surprised me to hear that the whole thing was being paid off.”

“It’s like having an extra $180 a month for the next five years,” Pamela said.

The Barkemas are using their new-found money to purchase a hi-def TV.

We held a little celebration for them at the Home Office Tuesday morning. Check out pictures on our Flickr photo gallery, and congratulate the Barkemas if you see them around.

Three days late on your Visa? BoA jacks rate up to 30%

Talk about the punishment not fitting the crime.

The Consumerist tells the story of some poor chap who was one and three days late on his Bank of America Visa payment. He’s a good customer, has a mortgage with the giant bank, and has a great credit score. His punishment? An interest rate of almost 30%. This is a common practice with big banks, as we’ve outlined on our Top Secret Visa web site.

The guy’s brother tells it like it is:

Bottom line: Don’t take those warm and fuzzy bank commercials—where they show the loving banker taking care of their customers—seriously. The bank doesn’t care about the customer.



Can’t make your car payment? Don’t torch it.

From the Washington Post, it seems people who can’t keep up with their auto loan payments will do anything – torching their vehicle included – to keep from being reposessed:

Investigators estimate that hundreds of such crimes occurred in the Washington area in the past two years, although the exact number is unclear, and experts predict the number will increase because of the worsening economy. Many offenders have fallen behind on payments to car dealerships. This year, more people are behind on such loans than in nearly two decades.

Amazing. Please (please!) don’t try this at home.

Sadly, people are having to choose between making payments on their house or their car. But setting fire to your vehicle is a big-time crime, and very (very!) dangerous.


Home ownership information available

Facing a foreclosure? Having trouble making your mortgage payment? Fall for a sub-prime mortgage? Help is on the way, thanks to two resources who offer housing counselors. Visit these web sites for more information on how to avoid or live through a foreclosure.

> “Save the Dream” – State of Michigan

> Homeownership Preservation Foundation

We’ve had a few members speak highly of the “Save the Dream” initiative from the state.




American 1 Federal Credit Union