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.
Take the Secure Identity Challenge!
Take the Secure Identity Challenge!-Stickley on Security
* To read this article, first in the “More Education Options” dropdown menu that appears select “Test Your Security Knowledge”.
Then, close the current article by clicking on the black “x”. Choose the quiz above in the left side “Quiz Yourself” list.
For more information, and to learn about Stickley on Security, visit https://www.midoregon.com/education/security.shtml.
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.