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CU System
Charlotte Metro FCU profiled in auto-refinance story
CHARLOTTE, N.C. (5/26/09)--Charlotte Metro FCU was profiled last week in a story about auto-loan refinancing on WSOC-TV Channel 9 in Charlotte, N.C. The segment focused on credit union member Monica Johnson, who refinanced the auto loan on her Jeep Commander two weeks ago at 6.25%, down from an initial rate of 7.64%. With the lower rate, Johnson’s monthly payment dropped to $288 from $298, which may not seem like much, but it adds up, the segment indicated. “Over the life of the loan, I’ll probably save a good--I’d say about a good $2,000,” Johnson said. Auto-loan refinancing is a big draw for new members at the $184.3 million asset credit union. No matter the type of car or the age of the vehicle, the credit union can save members a percentage point or more on interest rates, depending on the member’s loan balance and credit score, said Liz Ramos, Charlotte Metro vice president. “We can save [members] anywhere from $25 to $50, $75 [per payment],” she added. Members can refinance in about 30 minutes if they bring in their old auto finance contract, their account number and mailing address for the payoff, a 10-day payoff quote, a driver’s license and two pay stubs, the credit union said.
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