1. finance
2. personal finance
3. lending
4. credit cards

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October 2014
How to Cut the Cost of Driving
See Any
Hidden
Numbers?
One Could
Be Yours
How can you be a winner? Hidden throughout each newsletter
are different account numbers. If
one of them is yours, you can
claim $20.00!
It does pay to read your newsletter. Remember, you must claim
your prize in person at the credit
union or write us within ten business days of the mailing.
Gasoline prices are rising again, but fuel is just
one factor in the high cost of driving an auto. Driving a small sedan 15,000 miles a year will cost you
$6,957, or 46.4 cents per mile. You'll spend 73.6
cents a mile, or $4,082 more a year, to put 15,000
miles on an SUV with four-wheel-drive .
Many factors feed the cost of driving: (50708) financing, depreciation, maintenance, insurance,
and driving habits.
Financing: Credit unions often offer the best rates
on loans, but you also should compare the loan
term, fees, and prepayment penalties. If the dealer
offers a rebate, you may save more money by taking the rebate and financing at Nucor Employee’s
CU than taking the low-rate loan.
Depreciation: Depreciation is usually the largest
part of the cost of driving: AAA estimates the average annual depreciation on a medium sedan
driven 15,000 miles per year at $3,481. Kelley Blue Book says that after five years,
the average car is worth 35% of its sticker price. But some cars, especially Honda
and Toyota, have much lower depreciation. Ignoring the current value of a used car
can put you "upside-down" if you trade the car and pay off the loan: You owe more
on the car than it's worth.
Maintenance and repair: AAA estimated the maintenance costs of sedans at 5.06
cents per mile in 2014, while fuel costs averaged 13 cents per mile.
Insurance: AAA estimated insurance costs for the average sedan at $1,023 per
year, based on a low-risk driver with a clean driving record. Insurance for drivers who
are male, younger than age 25, poor students, or have a record of moving violations
and/or accidents is more expensive. Raising the deductible and reducing the maximum coverage can lower premiums but will increase your risk. (10267)
Driving habits:
* Drive defensively. Try to stay off the road late at night when most accidents occur.
* Keep tires inflated to improve mileage and cut the chance of a blowout.
* Drive mild, not wild: Accelerating slowly and coasting up to stoplights can improve
gas mileage up to 30%.
* Use the cruise control to save 4% to 14% in gas.
* Drive less to save on gas, oil, maintenance, and deprecation.
* Drive less: Think about carpooling, taking public transit, biking, or walking.
Nucor Employee’s CU can help with all your auto needs. Contact us today.
Copyright 2014 Credit Union National Association Inc.
Special Notice Concerning Life Savings Insurance
Due to a significant decline in demand for the Life Savings product that we currently
offer to our members, our partner, CUNA Mutual Group, has informed us of their intent
to exit this product line. This product was developed more than 75 years ago and have
been in a steady state of decline for the last several years.
Per the terms of our contract, your coverage will expire on December 31st, 2014. All
claims incurred before that date will (11499) be honored.
For Life Savings, you will have an opportunity to convert to a guaranteed individual
member-pay life insurance product called Primary Protection. We will provide more information on that option as our coverage expiration date nears. Please refer to your Life
Savings Certificate for more information.
CUNA Mutual (20292) Group will establish a toll-free number you can call closer to
our coverage expiration date. Should you wish to replace your certificate with an alternative form of life insurance, their staff is available to discuss coverage options that best
fits your needs. They will review your situation with you and provide guidance to ensure
you have the right type and amount of insurance protection for you and your family.
Medical Credit Card Debt Can Confuse Consumers
When you need medical, dental, or even veterinary care in a hurry, getting a zero-percent interest credit card from a physician’s or veterinarian’s office can seem like a great
deal.
But if you fail to read the fine print, you could end up paying twice as much—or more—
than the original bill for your care.
Look out for the ‘promotional period’
Medical credit cards offered in physician, dentist, periodontist, or veterinarian offices
typically have zero percent interest for a specific time period, such as 12 months.
What consumers fail to realize is that the interest is deferred, which means it continues
to accumulate. If the consumer pays off the card within the original 12-month period, that
interest is never charged.
But if consumers fail to pay the full balance within the 12 months, they owe interest on
the debt from the date when the card was issued. Interest rates on these cards may be
(4487) 20% or more. (70087)
Make a plan
A better option than getting a medical credit card is getting a Nucor Employee's Credit
Union credit card. We offer low rates. Our classic Visa carries a rate of prime interest plus
6% (9.5% currently) or for our premium Visa the rate is prime interest plus 2% (currently
5.25%).
If you do end up getting a medical credit card, read the credit card agreement carefully
so you understand the rules. Then make a plan to repay the full debt before the interestfree period ends, which means paying more than the minimum payment each month.
A good approach is to divide the amount of the debt by the number of months to repay
it interest-free, and then make that payment every month.
If you cannot repay the debt in time, consider transferring your balance to a Nucor Employee's Credit Union credit card. Remember to make a plan to pay off that debt.
Other options
To help with medical debt, you also can:
• Negotiate the cost with the medical provider, who sometimes will adjust prices.
• Ask about the cost of tests and treatments to help decide what you really need.
• Check on payment plans that some medical offices offer.
• Save ahead. Create a Nucor Employee's Credit Union savings account, or use an employer-based flexible spending account or health-savings account to save for health expenses with tax-free earnings.
The professionals at Nucor Employee's Credit Union can help you avoid or work
through medical debt. Stop by or call today at (843) 665-4668.
Copyright 2014 Credit Union National Association Inc.
DIRECTORY
STAFF
PAUL CHAPPELL, Manager
DEBBIE MCGEE, Assistant Manager
BILL DALRYMPLE, Senior Loan Officer
WAYNE DOUGLAS, Loan Officer
RACHEL PIERCE, Head Teller
KATRINA QUILLEN, Collector
HOLLY KIRKPATRICK, Teller
LAURIE HIGNITE, Teller
LINDA ROSIN, Teller
MARILYN MILLER, Teller
BEVERLY MARTIN, Teller
DONNA HAYDEN, Teller
LESLIE TAYLOR, Teller
CHRISTIE HOLSOMBACK, Teller
SUSAN CRIDER, Teller
BARBARA SHIRLEY, Teller
LONA DUNN, Teller
BOARD OF DIRECTORS
PHIL ALEXANDER, President
TERRY WHITE, Vice President
STARLET BRITT, Secretary
LEO CHAPMAN, Treasurer
MIKE MONTROSE
ANNETTE WARD
ROGER LANE
SUPERVISORY
COMMITTEE
VICKI CLARKE
MARY MATTHEWS
TERRY DIGGS
CREDIT COMMITTEE
CLEO LEE
SCOTT JORDAN
JOE OLIVER
JONI WALKER
LARRY SPIVEY
JAMES FLYNN
BILLY GRANT
HELEN MIXON
P.O. Box 6469 • Florence, SC 29502
FLORENCE • 843/665-4668
DARLINGTON • 843/398-5539
HUGER • 843/336-6590
COFIELD • 252/356-1816
SWANSEA • 803/568-2100
CHEMUNG • 607/529-9002
AUBURN • 315/258-4334
DECATUR • 256/560-2031
TUSCALOOSA • 205/562-1520
CONVENT 225/331-4030
Audio Response System
Local to Florence, SC 665-7303
Outside the Florence area 1-888-665-7303
Internet Access www.nucorcu.org
3rd Quarter 2014 Rates
stated in Annual Percentage Yield
SHARES
$5.00 - $999.99
$1,000.00 and up
IRA’s
Checking
0.10% APY
0.30% APY
0.30% APY
0.05% APY
CERTIFICATES
1-year
6-month
0.75% APY
0.50% APY
LOANS
New Vehicle
Used Vehicle
VISA CREDIT:
Premium
Classic
Certificate Loan
Signature Loan
2.90% - 3.90% APR
3.90% - 4.90% APR
5.25% APR variable
9.25% APR variable
2.00% above CD rate
18.00% APR
APR - Annual Percentage Rate
For more information on terms, please contact the credit union
Rates subject to change without notice