I am a digital girl living in a digital world so online banking is an absolute must for me. Sometimes getting set up for something like that can seem like a daunting task, but we wanted to make it as easy as possible so you too can jump on into the digital world with your credit union account. If you're a member of Tropical Financial and have been pushing off the setup, now is the perfect time to get started.
Below is a video giving you the easy step-by-step process to set up your account. Once you're set up you'll have access to your account 24/7 and then can proceed to setting up your BillPay or begin budgeting on FinanceWorks!
If you have any questions or need any help, feel free to give us a call at 888-261-8328.
We created the story of Joe to show one of the biggest
mistakes new car buyers can make – financing at the dealership.I should preface that by saying this is a
general statement and doesn’t apply to all dealers – if you have an established
relationship with a dealer you’re ahead of the game, this is more for those
who are walking into a dealership for the first time.Even if you’ve done all your due diligence
online and feel armed with enough information to buy that car, there are still
some pitfalls you may not be aware of that can end up erasing all the work
you’ve done to negotiate the best deal on the car itself.
To go a little deeper into the story you need to understand
how dealers make money.Most people
believe it’s in the sale of the car, but the reality is that’s only part of
where the profit comes from (if at all). First rule of thumb - if you have
a trade-in DON’T TELL THE DEALER THAT until AFTER you’ve negotiated the best
deal on the price of the car – you can lose a lot of money if they factor that
trade-in before you talk price. There
are also “backend” products that can create much more profit for the dealership
than the actual sale of the car.Things
like extended warranties or even fabric protection can make a big dent in your
wallet.Couple that with higher interest
rates than you could potentially get at the credit union and you’re talking big dollars for
them and lost for you. Even those 0% financing deals can actually cost you money in the long run. All these things are
negotiated in the “F&I” office.
The
F&I (Finance & Insurance) office is the dealership's last place where
they make money before you drive off the lot in your shiny new wheels…and often where they make the MOST money.If you don’t have financing already in place,
they will try and “sell” it to you, often at an inflated interest rate. In
addition they will offer you extra products like GAP (Guaranteed Asset Protection) insurance, sealants, extended warranties, service
contracts, etc.I’m not saying these don’t
have value, but sometimes the markup on these “extras” can be a bit extreme.At Tropical Financial we also offer GAP
insurance and mechanical breakdown insurance, but the cost is at a very
competitive rate – remember we’re not-for-profit so our number one priority
will always be you.
Your best option is to get pre-approved by TropicalFinancial before you go to the dealership, or if you're just starting the search process, you can save time driving around dealerships and use our concierge service Auto Nation Direct and avoid the F&I office altogher.
If by chance you’re reading
this and think, “drats, I just financed my new car at the dealer!”FEAR NOT – with our auto refinance programs you
STILL can get the great rates from your credit union and save money…just like Joe!
Today is #DontTaxTuesday - a day to raise awareness and advocacy for the "Don't Tax My Credit Union" movement. With all the talk of new taxes, credit unions are in real
jeopardy.I encourage you to learn more
about what you can do to keep our tax exempt status so we can continue to serve
our communities with the member’s best interest in mind. So tell your friends, family, co-workers, and everyone in your social networks to help raise our voices and tell our legislators DON'T TAX MY CREDIT UNION!
