Unity One Credit Union

Unity One CU informs: Is buying or leasing right for me?

Thu, Mar 31, 2016 @ 12:37 PM / by Alyssa Guillory posted in FairLease, buying vs. leasing, leasing a vehicle, Unity One Credit Union

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shutterstock_256873072-web.jpgFREE WEBINAR: IS BUYING OR LEASING RIGHT FOR ME?

You probably have a good idea of the vehicle that you want to drive. Sometimes the hardest decision you have to make is which type of financing is right for you. Purchase or lease?

Join Unity One Credit Union and FairLease for a FREE webinar to destroy the most common myths of leasing and ultimately help you decide which financing option is the right choice for you. 

Date: Wednesday, April 20
Time: 1:00 p.m. CST

Register Now!

*The FairLease program is only available in Texas.

About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals. 

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has seven branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

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Credit union informs: Destroying the myths of leasing

Mon, Jan 26, 2015 @ 01:20 PM / by Alyssa Guillory posted in FairLease, Buying a car, #FirstTimers, leasing a vehicle, Unity One Credit Union, first time car buyers

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shutterstock 194800994 smallYou probably have a good idea of the vehicle that you want to drive. Sometimes the hardest decision you have to make is which type of financing is right for you. Purchase or lease?

Our friends at Fairlease have provided the information below to help detroy the myths about leasing. 

Myth 1 - High mileage drivers should not lease. False! High mileage drivers can make great auto-leasing candidates! The number one way to depreciate the value of a vehicle is to drive high miles. That vehicle then becomes the most difficult vehicle to resell. Fairlease allows you to customize your lease agreement for over 15,000 miles a year so you won't have to worry about trading or reselling a high-mileage vehicle. 

Myth 2 - Wear, tear and mileage are penalties. False! Wear, tear and mileage expenses are an equalizer. When you agree to "lease" a vehicle from the the registered owner, the owner guarantees the residual value of the vehicle. If you drive more miles than agreed, you use more of the vehicle's worth, and therefore you will pay for those miles at lease end. If you own the car, you resell it for less and you still absorb the expense of the mileage and excess wear and tear. Whether you lease or own the vehicle, driving high miles or incurring excess wear and tear will affect the vehicle's value. 

Myth 3 - You don't own the car. True...but does that matter? In the lease relationship, the lessor owns the vehicle and you lease (or rent) the use of it. Therefore, at the end of your automobile lease term, the car is returned to the lessor who resells the vehicle. If you want to own the vehicle at the end of your finance term, you can continue to drive a used, depreciated vehicle or you can sell it yourself. You then own the depreciating asset and its value is worth far less than when you purchased the vehicle. 

Myth 4 - Automobile leasing is only for the wealthy. False! Automobile leasing is for anyone who has qualifying credit. You don't have to be wealthy to understand the value of leasing. Everyone has the same opportunity to minimize monthly expenses and maximize savings and investments. 

Myth 5 - Leasing requires more expensive insurance coverage. False! Many leasing companies may require higher limits of liability coverage causing your monthly insurance costs to rise. Not at Fairlease! We require the state minimums of liability, exactly like a conventional auto loan.

Ready to lease a new or used car?
Get a Quote! 

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Credit Union Informs: Pros and Cons of Leasing a Vehicle

Tue, Mar 25, 2014 @ 11:36 AM / by Erayne Hill posted in credit union, leasing a vehicle, Unity One Credit Union

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There’s a lot to consider when you’re on the market for a new vehicle. Once you’ve decided on the perfect make, model and color, you also have to find the best way to finance your new car. In order to determine if leasing is right for you, consider the following pros and cons:

Pros:

You get more for your monthly payment - When you lease a vehicle rather than purchase one, the same monthly payment can typically get you a better vehicle. This is because when you lease a vehicle, your monthly payment only covers how much the vehicle’s value depreciates over the life of the lease, rather than the entire sale price.

“This is one of the biggest single attractions of car leasing for many people,” states Eric Peters from AOL Autos. “A car (or truck) that might cost you $500-$600 per month to buy might cost $100 per month less with car leasing.”

Save money on the down payment - Another of the most attractive features of a lease is the fact that leasing typically requires little to no down payment. Although choosing a small or nonexistent down payment when you sign your lease can set you up for higher monthly payments, it may still be the right choice for people who need a vehicle right away and don’t have the ability to wait to save up for a down payment.

Better warranty coverage - Three years is a typical lease term, and it’s also the duration of many new vehicle’s bumper-to-bumper warranty coverage. This means that if you lease, your car may be covered the entire time you drive it. Once the warranty runs out, you’ll be ready to lease a new vehicle, potentially saving you money on repairs that arise after the warranty period.

Newest technology - Leasing a new vehicle every few years means that your vehicle will never lack the latest technology. This makes leasing a great option for tech lovers and drivers who simply like to have the newest features in their vehicles.

Tax benefits - There are several tax advantages that come with leasing a vehicle. When leasing, you rid yourself of the upfront sales tax. Also, if you own a business and use the vehicle only for business purposes, you might be able to claim it as a tax deduction.

Cons:

Limited mileage - One of the biggest drawbacks of leasing a vehicle is that the lease will specify a maximum number of miles that you can drive per year. For example, if your three-year lease has a yearly 12,000-mile limit, this means you have 36,000 total miles. At the end of your lease, if you have exceeded that limit, you will need to pay a fee for each mile over the limit. These fees can be substantial, so it’s important to consider how much you typically drive per year before leasing.

Potential fees for modifications or damage - Another disadvantage of leasing is that you likely won’t have full freedom to modify the vehicle without incurring a fee. This means you may not be able to install a better audio system or make other improvements. It can also mean that you could be charged a fee if you alter the appearance of the vehicle in a negative way, such as by harming the paint with a bumper sticker.

You won’t build equity - “Since you’re basically renting the car when you lease, you’re not building any equity,” states Liz Opsitnik from U.S. News. “This is similar to renting an apartment versus buying a condo or house.”

No end to the payments - When you lease a vehicle, you will need to make a payment every month. If you purchase your vehicle, however, you will be free from monthly payments once you pay off the full purchase price of the vehicle.

Higher credit scores may be required - “Another potential downside to leasing is that usually only shoppers with good credit scores will qualify for a car lease,” states Opsitnik. “If your credit score is less than perfect, you may want to consider buying a used car.”

If you’re not able to afford the big down payment and monthly payments associated with buying a new vehicle, but don’t want to deal with the downsides of leasing, purchasing a used vehicle with affordable financing may be your best bet.

I would like to speak with a loan officer.

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