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.
Automobile Fraud: Steer Clear
When a used car deal seems almost too good to be true, it probably is. Since this is a major investment, it’s important to do your research to verify the car is safe and the dealer is trustworthy. If you’re considering buying a used car, steer clear of automobile fraud by being aware:
Vehicle Equipment
• Air bag fraud: Will your air bag protect you in a crash? Dishonest auto shops bypass the high cost of repairing deployed air bags by installing salvaged or stolen air bags, or by filling the airbag compartment with trash. Determining whether a car has a dummy air bag system is nearly impossible—and unsafe—on your own. Only a certified mechanic using computer diagnostics can ensure your air bag system is installed and in working order.
• VIN cloning: ID theft for vehicles According to the National Crime Bureau, 773,139 vehicles were stolen in 2018. A thief masks a car’s identity by replacing its vehicle identification number (VIN) with that of a similar vehicle. Buyers become victims of automobile fraud by purchasing the stolen vehicles. When the police catch up to them, the cars are impounded, leaving perplexed victims with loan payments and no car.
Hiding The Past
• Not disclosing damage from accident or flood: In most states, used car dealers must disclose whether a car has been damage, but private sellers aren’t required and may not even be aware of damage done by prior owners. Due to the many flooding disasters in the U.S. in the recent past, millions of cars have been damaged. Used cars are transported from all over the country, so even if you don’t live in an area hit by flooding, your local used car lot may be selling cars from flood zones.
• Odometer rollback automobile fraud: The lower the mileage of a vehicle, the more it’s worth—and for unscrupulous sellers, it’s tempting to tamper with the odometer. Rollback fraud hurts victims because they end up paying more for vehicles than they’re worth, and they may have to pay for costly repairs to keep the car running.
Educate Yourself
An informed buyer is an empowered buyer. To protect yourself from automobile fraud when shopping for a used vehicle, consider these tips:
• Take the vehicle to a reputable mechanic for a thorough inspection, including a check of the air bag system.
• Don’t purchase a vehicle without a vehicle history report. Most major dealerships will provide one for free on the detail page of the vehicle you’re interested in. If you’re buying from a private dealer, you can purchase a report yourself from CARFAX or AutoCheck using the vehicle’s VIN.
• Obtain a title report from your state’s Department of Motor Vehicles to find out the car’s ownership pattern.
Taking the time to conduct a thorough investigation could mean the difference between a smart purchase and one that could cost you unnecessary frustration or even your life. Steer clear of automobile fraud!
We Can Help, Too!
Mid Oregon Credit Union can help with all your auto financing needs. Visit our website for more details. Reach out to us by stopping by one of our seven Central Oregon branches, emailing us or calling us today at (541) 382-1795.
When Should You Refinance Your Mortgage?
Mortgage rates are still low. Did you think you missed your home refinance opportunity? You might be one of many Americans who could still benefit from refinancing your home. So, when should you refinance your mortgage?
No Cost Review
There are many different reasons to refinance your mortgage. At Mid Oregon Credit Union, we offer a no cost review of your situation to see if a refinance makes sense. Because there are costs with doing a loan (Typically 2.5-3.5% of the balance) it is important to calculate the savings advantage.
Reasons to Refinance
Here are some of the reasons to consider a refinance:
- Saving 1% on your interest rate. The break-even point in the cost of fees and the savings in interest rate must be calculated, but generally 1% is a good benchmark.
- Removing Private Mortgage Insurance (PMI). This is an insurance that you pay monthly because the amount of your loan was over 80% of the value of the house. This charge can be seen on your mortgage statement. If your value has increased moving your loan to under 80%, then a refinance can make sense. The break even point needs to be calculated to show when you would start saving with a refinance.
- Moving from a variable to a fixed rate loan. If you plan to stay in the property long term, then it may make sense to refinance while rates are low. The refinance can provide a long-term stable payment.
- Refinancing to shorten the term. Shorter term loans have a lower interest rate. The difference between a thirty- and fifteen-year mortgage can be a drastic savings of the total amount of payments. It is important to make sure that the larger payment is comfortable, because it would be expensive to refinance again just to lengthen the term.
- Home Improvements. Refinancing for home improvements may make sense. It is also important to review the total cost compared to doing a shorter-term home equity loan.
- Debt Consolidation. Saving interest rate makes sense in some cases; remember that the debt is being stretched over a longer term and this has a cost. The positive thing about debt consolidation is the immediate savings in monthly payments. Debt consolidation loans should also be compared with home equity options to find the best savings.
Money Can Be Saved
About 3 million borrowers could save at least $200 a month by refinancing. Asking yourself the question of “when should you refinance your mortgage”, and reviewing the reasons, do you have an answer? Could that be you? By refinancing and locking in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage.
We can help you decide. If you are interested in scheduling a no cost review to determine if a refinance benefit you, then please email us at realestateloans@midoregon.com or call (800) 452-3313. For more information about our home loans and our home loan team, visit www.midoregon.com/loans/homes.shtml
Get Financially Educated This Spring
Mid Oregon Credit Union has long emphasized financial education. For many years we have presented workshops on a variety of financial topics free to our members AND to the anyone in Central Oregon. Our Spring workshop schedule is out, and we would like to invite you to attend. Join us to get financially educated this Spring. We hope to see you at one or more of our workshops!
All workshops are free, and will be presented at our East Bend upstairs conference room, at 1386 NE Cushing Avenue.
Workshop Schedule
March 31 Free Workshop: Estate Planning Essentials—6 pm, East Bend Conference Room. Presenter Jeff Patterson of Schwabe, Williamson and Wyatt will cover wills, trusts, powers of attorney, healthcare documents, and beneficiary designation assets/accounts. Free to all members of the community. A light dinner will be offered. RSVP: www.midoregon.com, info@midoregon.com or 541-382-1795.
April 2 No-Cost Workshop: How to Weather A Bear Market— 6 pm, East Bend Conference Room. (See the information below for more details)
April 9 Free Workshop: Understanding the ABCs (and Ds) of Medicare, 6 pm, East Bend Conference Room. Presenter Emily Carrick, of PacificSource Medicare, outlines the differences between Medicare Part A, Part B, Part C, and Part D. You’ll also learn more about who is eligible for Medicare, what is covered, what is not covered, and the enrollment timelines. Free to the community. A light dinner will be offered. Offered for educational purposes only; not a sales presentation. RSVP: www.midoregon.com, info@midoregon.com or 541-382-1795.
Attend A Seminar on Bear Markets
When the market dips, what do you do? How do you react? Without a plan, reacting based on your instincts could hurt your long-term financial goals. Learn steps you can take now to prepare to weather the next bear market. Join us for an educational seminar on “How to Weather a Bear Market” to be held on April 2 at 6 pm at Mid Oregon’s East Bend Conference Room Learn answers to important questions, like:
• What is a bear market?
• How does behavioral finance affect decision-making?
• How do overreaction and bad decisions compromise long-term financial goals?
• How do I weather a bear market?
Hosted by Mid Oregon Wealth Management
This no-cost, no-obligation seminar is hosted by JC Hallman, the Mid Oregon Wealth Management representative at Mid Oregon Credit Union. A light dinner will be offered.
For more information or to reserve your place, call 541-322-5745 or email j.c.hallman@cunamutual.com. Space is limited, so make your reservations today.
Some products discussed in this seminar are annuities and are sold by prospectus. Annuities are long-term insurance products designed for retirement purposes. Many variable annuities offer four main features: (1) a selection of investment options, (2) tax-deferred earnings accumulation, (3) guaranteed lifetime payout options, and (4) death benefit options. Before investing, you should consider the annuity’s investment objectives, risks, charges and expenses. The prospectus contains this and other information. Please read it carefully. To obtain a prospectus, contact your advisor, log onto membersproducts.com, or call 888.888.3940.
This workshop is educational only and is not investment advice. If you need advice regarding your financial goals and investment needs, contact a financial advisor. MEMBERS Insurance & Investments and MEMBERS are marketing name for the products, services and programs offered by CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life) and other leading carriers. MEMBERS® is a registered trademark of CMFG Life. CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. MGA-2079753.1-0418-0520