Sonepco Federal Credit Union
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Auto Loans
SONEPCO Federal Credit Union makes it easy to drive a hard bargain for a new or used vehicle with financing that gives you the winner’s edge.
 
SONEPCO FCU offers new and used auto, truck, SUV and classic car loans at low, competitive loan rates (please use the "Rates" button for our current auto loan rates). Compare our rates with any other financial institution’s auto loan rates and save money by borrowing at your Credit Union. A pre-approved, low-rate SONEPCO FCU auto loan will help you negotiate a better deal on the vehicle of your choice.
 
Buy a Car on the Internet!
 
Member’s Auto Brokerage, Inc., is a hassle-free way to buy your next vehicle at a discount without having to work with a car salesman. Avoid the high prices you’ll pay at the dealership. Member’s Auto Brokerage does the negotiating for you and secures the lowest possible price for exactly the vehicle you want. Go to membersauto.com for a look at how easy it is to use this service.
 
Choose the car you want, arrange the financing with SONEPCO FCU and then call Member’s Auto Brokerage. Your new car will be delivered to the Credit Union’s main office for you to pick up. Call Member’s Auto Brokerage at: 939-3115.
 
Credit Union Direct Lending
Sonepco has partnered with Credit Union Direct Lending (CUDL) in an effort to make buying your next new or used vehicle easier and more convenient. CUDL allows you to get your credit union auto financing within minutes, right at the dealership! From 7am ‘til closing Monday thru Saturday, participating CUDL dealerships can approve your Sonepco auto financing without the need to visit the credit union office.
Be sure to look for the Credit Union Direct Lending when shopping at the dealerships. This logo signifies that the dealer can offer your credit union’s financing. Make sure to identify yourself as a Sonepco member and ask for your financing CUDL system. To find a local participating dealership, simply call the dealership locator at 888-CUDIRECT or click here.
 
New & Used Car Sales
The Credit Union often participates with auto dealers in sales in which vehicles are discounted for credit union members only. Special Credit Union financing is often associated with these sales. Watch your newsletter and mailbox for notice of special sales.


REBATES VS RATES

This one is very tricky. When the dealer offers you what seems like a great rate, or a rebate, it seems like the rate would save you more! NOT ALWAYS TRUE!
Use this quick calculation to see when taking the rebate and using it for a downpayment and your CU’s low rate could be the best way to go. You may be VERY surprised to see how often the rebate is your best choice!

How to use the Rebates Vs Rates Table:

Find where the Credit Union rate and the dealer rate intersect.
Multiply that number by the thousands you’re financing.
Place a decimal point after the thousands. (i.e. for a $12,900 loan, you would use 12.9).
If the answer is less than the rebate, the Credit Union loan – using the rebate to increase your down payment – is the better choice.



A * on the chart indicate the Credit Union loan is a better deal regardless of any dealer discount.

When a rebate is better than a three-year dealer loan
Dealer Rate
1% 2% 3% 4% 5% 6% 7% 8%
Credit
Union
Rate
5.5% $66 $51 $37 $22 $ 7 * * *
6.0 73 58 44 30 15 * * *
6.5 80 65 51 36 22 $7 * *
7.0 86 72 58 44 29 15 * *
7.5 93 79 65 51 36 22 $7 *
8.0 100 86 72 58 44 29 15 *
8.5 106 93 79 65 51 36 22 $7
9.0 113 99 85 72 58 43 29 15
9.5 119 106 92 78 64 50 36 22
10.0% 126 112 99 85 71 57 43 29


When a rebate is better than a four-year dealer loan
Dealer Rate
1% 2% 3% 4% 5% 6% 7% 8%
Credit
Union
Rate
5.5% $86 $67 $48 $29 $ 10 * * *
6.0 95 76 58 39 19 * * *
6.5 103 85 67 48 29 $10 * *
7.0 112 94 76 57 38 19 * *
7.5 121 103 85 66 48 29 $10 *
8.0 129 111 93 75 57 38 19 *
8.5 137 120 102 84 66 47 28 $10
9.0 146 128 111 93 75 56 38 19
9.5 154 136 119 101 83 65 47 28
10.0% 162 145 127 110 92 74 56 37
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