The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Millennials and Builders- Credit Union Knowledge?
More than 70% of millennials don’t know the benefits (and savings) of belonging to a credit union.
Recently, CUNA Advocacy created a YouTube video interviewing a group of young adults. The interviewers wanted to see what young consumers knew about their options regarding financial institutions. The results were surprising. Nearly three in four surveyed had a lack of credit union knowledge, no idea what a credit union was! They weren’t aware that credit unions offer a local, member-owned, not-for-profit alternative.
Knowledge gap: Seeking out trusted financial partners
Because very few Millennials (and their younger cohort, the Builders) receive any form of financial education, they’re eager to find reliable, community-based, transparent financial partners as they begin to establish their adult lives. Doesn’t that sound just like a credit union? As a result of this credit union knowledge gap, a lot of young consumers lose out by turning instead to more expensive (and less consumer-friendly) national banks and finance companies.
Did you know that the average Mid Oregon member saves $88 a year in lower fees and better interest rates* over other types of financial institutions? Why not share that benefit with others who could really benefit? That’s why we credit union members have the chance to help build a stronger cooperative—while helping the young adults in our lives have a better financial outlook.
Tell A Friend, Get a Gift!
Tell a young person you know about the benefits that await them at Mid Oregon Credit Union. If he or she joins, and opens a Simply Free Checking account, we’ll pay them up to $10 for their unused checks and debit cards from their previous institution. And we’ll reward you with a $10 gift card! Just visit https://refer.midoregon.com/ to get started. There’s no limit to how many people you can refer—friends, family, co-workers!
Would you like a refresher about the main ways that credit unions are different? Check out this infographic from MyCreditUnion.gov.
* From 2016 Credit Union Impacts by ECONorthwest, an independent analysis of the gross economic impacts of credit unions in Oregon and Washington.
The Lease is Up-Should You Buy the Car?
Your auto lease gives you a right to buy the vehicle for a fixed price at the end of the lease. But should you? If you have less than three months remaining on a lease, now’s the time to decide. So, find your lease and read on.
How To Decide
1. Do you like the car? If it’s performed well with a minimum of unexpected cost and repair, then it might be good to renew the lease.
2. Will it still fit your needs? If you’re driving a 2-door sports coupe but are expecting a baby, you probably need a new car.
3. What is your lease-end buying price? You’ll find the purchase option price in your lease. Let’s assume it’s $14,000.
Is it Worth It?
4. What is your vehicle actually worth? Check websites such as Kelley Blue Book (kbb.com) and Edmunds.com Let’s assume your highest wholesale value is $15,000.
5. How does your vehicle’s wholesale value compare with its lease value? If it’s higher than the lease value, then it’s a good deal. In our example, your lease says you can buy for $14,000. You’ve confirmed wholesale value is $15,000. You’re buying a car you know and like for $1,000 less than its wholesale value. Buy the car.
6. What if the wholesale value is less than the lease value? If it’s a lot less, don’t buy the car. It doesn’t make sense to buy the car if your lease’s buy-out price is $14,000, and the car’s wholesale value is only $11,000.
7. What’s the bottom line? If your lease car is a good friend, and you can buy it for no more than $1,000 over wholesale value, that’s a smart buy. Your next smart decision is to finance it at Mid Oregon Credit Union. We have affordable financing with low rates and flexible terms.
Protect Your Investment When You Finance
We have additional loan protection choices such as MEMBER’S CHOICE TM Borrower Security, Guaranteed Asset Protection, AD&D Insurance and Mechanical Repair Coverage. These additional products our members can add with their loan offer insurance against many of life’s unexpected situations.
Visit any of our seven Central Oregon branches, email us or call us at (541) 382-1795 to talk to one of our Contact Center loan officers to learn more about how Mid Oregon Credit Union can help you make a good decision on your leased vehicle.
A Very Fast Start In 2017!
By Bill Anderson, Mid Oregon President/CEO
Our Newest Branch- in Sisters
Mid Oregon is off to a very good start in 2017. In March we opened our newest branch in Sisters! New members are joining and we are hearing positive feedback from existing members who have been waiting patiently for the branch to open. Our team; Marc Madron, Christina Schulz and Madison Gibney are very happy to serve you and are looking forward to lots of referrals and new business.
Our first quarter financial results were impressive. We are ahead of our goals for lending, membership growth and income. All very strong for the first three months of the year and putting us on pace for a solid performance in 2017.
New Checking & Referral Programs
Part of our first quarter success and strong growth can be contributed to our new checking programs and referrals from our members. Thank you for sharing your credit union with your friends and family! Please keep letting people know about our great checking accounts.
Biggest Free Shred Day Ever!
Additionally, we had a very successful Free Shred day on April 15th, which we thank our key partner Bend Garbage and Recycling for providing the service to our communities in Bend, Redmond, Prineville and Madras. The total amount of paper recycled was almost eight tons and we were able to raise over $3,000 in contributions for Healthy Beginnings Adopt-A-Bear from our members who participated in the event. Thank you!
For the remaining 2017 year, we will continue to focus on you by looking for opportunities to provide great service and convenience and a trusted and secure source of financial products
and information.
Thank you for being a member of Mid Oregon Credit Union!