Founded back in 1951 in Kalamazoo, Michigan, this organization initially catered to Consumers Energy employees. Over the years, it has grown to serve members across the state and even nationwide through its digital services. With assets exceeding $2.3 billion, it proudly supports around 140,000 members through 29 branches, mainly in Michigan, but you can access their services online from anywhere in the country.
Membership Eligibility And How To Join
Who can join? – Residents and employees in CCU’s service areas (that’s Michigan, folks!). – Family members of current members. – Employees of affiliated organizations—all it takes is a one-time $5 fee to become a part of the Consumers Cooperative Association. Here’s how to get started: – You can apply online, over the phone, or in person at a branch. – Just pay that one-time $5 membership fee. – Then, open a share savings account (which is federally insured through NCUA).
Auto Loan Type And Terms
Looking for New & Used Vehicle Loans? Here’s what you need to know! Eligible vehicles include new and used cars, but only those purchased through dealerships—sorry, private-party sales and lease buyouts aren’t included. When it comes to loan amounts, there’s no set minimum or maximum; it all depends on factors like loan-to-value ratio, your creditworthiness, and the vehicle itself. As for the terms, they typically range from 36 to 84 months, with some options going up to 96 months, although 84 months is usually the longest you’ll find. If you’re considering refinancing, we’ve got you covered! Members can refinance their existing auto loans to snag better rates or extend their terms. Plus, there are autopay discounts available, and you might even have the option to skip a payment here and there!
Interest Rates And Discounts
Looking to buy a new car? Check out CCU’s car-buying service, where you can snag an APR as low as 3.99%. If you prefer not to use the service, the rate is 4.49%. For used vehicles, rates start at around 6.19% APR. In Illinois, you can expect used rates to kick off at 6.68% APR. When it comes to refinancing, rates can vary but are often competitive, especially if you have a strong credit profile. Plus, if you’re considering a hybrid or electric vehicle, you might qualify for a discount of -0.50% APR. And don’t forget, enrolling in automatic payments can earn you an additional -0.25% APR discount!
Perks And Features
Looking to buy a new car? Check out CCU’s car-buying service, where you can snag an APR as low as 3.99%. If you prefer not to use the service, the rate is 4.49%. For used vehicles, rates start at around 6.19% APR. In Illinois, you can expect used rates to kick off at 6.68% APR. When it comes to refinancing, rates can vary but are often competitive, especially if you have a strong credit profile. Plus, if you’re considering a hybrid or electric vehicle, you might qualify for a discount of -0.50% APR. And don’t forget, enrolling in automatic payments can earn you an additional -0.25% APR discount!
Fees And Drawbacks
Detect AI-generated content and transform it into something that feels more human with our AI Content Detector. Just paste your text, and in a matter of seconds, you’ll receive accurate, relatable results! Here’s the text we’re looking at: – Late fee: $29 if payment is over 10 days late – No lease buyouts: Cannot refinance or buy out a lease – Membership required: Need the $5 membership before funds are disbursed – Dealership-only financing: Doesn’t support private guest purchases – Online banking may be limited: Some members report outdated website/app and slow payment processing – Customer service complaints: A few users cited payment issues or slow support – Rates vary widely: Credit score and loan term significantly affect APR (ranging from about 4.74% to over 16% for new cars)
Member Feedback
Negative feedback: There have been reports about poor customer service, confusing policies, payment delays, and challenges with remote coordination. People have also criticized the website and app for dysfunction, auto-pay glitches, and misinformation. On a neutral to positive note: Many users appreciate the low rates, autopay discounts, no origination fees, and the option to have cosigners. Reddit users have pointed out competitive rates, saying, “You are approved for a rate as low as 5.79% for 60 months or 6.04% for 72 months.” A Redditor from Grand Rapids mentioned, “Consumers CU is decent… they had the lowest rates around by a bit.”
CCU Auto VS. Other Lenders
Check out our AI Content Detector to see how human-like your text really is! Just paste it in, and you’ll get quick, accurate results in no time! Here’s the breakdown of the features: – **APR (new)**: – Consumers CU: ~3.99–4.49% – Credit Unions Average: ~6.36% – Banks/Dealers: ~7.39% – **APR (used)**: – Consumers CU: ~6.19–6.68% – Credit Unions Average: ~6.42% – Banks/Dealers: ~7.69% – **Membership**: – Consumers CU: Required ($5) – Credit Unions: Required – Banks/Dealers: Not required – **Fees**: – Consumers CU: No origination, $29 late fee – Credit Unions: Varies – Banks/Dealers: Often origination and higher late fees – **Convenience**: – Consumers CU: Branches in MI, online nationwide – Credit Unions: Varies – Banks/Dealers: Larger reach – **Extras**: – Consumers CU: Autopay/eco discounts, skip payments, TrueCar – Credit Unions: Varies – Banks/Dealers: Often fewer perks Overall, CCU offers significantly better rates compared to banks, aligning well with other credit unions, though keep in mind that their branches are mostly located in specific regions.
Who Should Use CCU Auto Loans?
If you have good to excellent credit (think 600+ FICO, according to NerdWallet), you’re in a great spot! This is especially true for buyers who are financing through a dealership, those looking to take advantage of autopay or eco-friendly discounts, and members who appreciate the flexibility of skip-payment options and no origination fees. Plus, if you’re open to joining a credit union, you can enjoy some fantastic perks. However, be cautious if: You need to handle private-party deals, lease buyouts, or quick digital-only transactions; You’re located outside of Michigan and prefer the ease of full digital services; Or if you’re concerned about potential service issues or outdated online systems.
Tips To Get The Most From CCU
Check your estimated rates online without any hard inquiries! You can visit lendingtree.com, seeloans.com, or financedevil.com for this. If you want to snag the lowest APR (up to -0.50%), consider using the TrueCar service to negotiate your pricing. Plus, if you set up autopay, you can enjoy a 0.25% reduction on your rate. Just a heads up, be smart about using skip-payment options; remember that interest will still accrue. Keep an eye on your payment reporting—some users recommend marking payments as “principal-only” if you’re paying early. And don’t forget about late-payment rules: there’s a 10-day grace period before a $29 fee kicks in.
