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Have you been considering purchasing a vehicle? Now could be the right time for you to buy.

According to US News, March car sales were off by almost 40 percent compared to the same month in 2019. What does this mean for you? Due to declining sales, dealerships are highly motivated to sell vehicles, but you may not necessarily get the deal that is best for you. Our goal is to encourage you to do your due diligence and buy a vehicle that’s best for your lifestyle and budget. To help you make a smart decision, we’re providing a few tips to ensure you’re well-informed.

Know you have choices

Due to dealerships looking to make up for lost sales, they’re offering flashy, headline-making deals. However, once you take a look under the hood, the deals aren’t as great as they seem. For instance, a cash rebate will be a better deal than 0 percent interest when paired with a low-interest loan as it can lower your monthly payment. Therefore, you can take the rebate and finance with Dow Credit Union for your best deal.

If the dealership requires you to use their financing, you can finance with the rebate and then refinance your auto loan with us. We will work with you to ensure you receive the best deal on your vehicle. TransUnion reports that car buyers who refinanced their auto loan, lowered their rate by over 2 percent!*

Consider your warranty options

When you’re buying a vehicle, whether new or used, dealers will try to sell you or automatically include add-ins like warranties to your loan. When buying a car, think of how long you plan to own it. If you trade or upgrade your vehicle often, you may not need an extended warranty. Typically, new vehicles come with manufacturer warranties that supersede any extended warranties. This means that your extended warranty has no value until the original manufacturer warranty expires.

If you plan on keeping your vehicle for an extended length of time, an extended warranty could be right for you. Compare the costs of the warranties the dealer offers with our warranty options. Our warranties are usually lower in cost, have longer terms and more comprehensive coverage than those offered at the dealership.

Watch out for GAP Insurance

GAP stands for Guaranteed Asset Protection. What is GAP insurance? It’s optional car insurance coverage that helps you pay off your auto loan in the event that your car is totaled or stolen, and you owe more than the car’s current value. This helps bridge the “gap” between what you owe and what your insurance is willing to pay. For example, say you owe $25,000 on your car but the actual value is $19,000. If you incur a total loss accident, your insurance will most likely only pay the value amount of 19,000. GAP insurance will pay the $6,000 so you are debt-free.

Compare the GAP Insurance from the dealership with what we offer. Dealers often charge each person a different amount. They can set their own prices; which are typically very high in comparison to our policies that are reasonably priced and cost the same for each member.

If you’ve made up your mind to purchase a vehicle, you don’t have to be intimidated by the dealer. Take control of your car buying journey and get pre-approved with Dow Credit Union. Learn more about our current auto loan offerings and click here. We will help you compare the numbers and guide you to make the best financial decision.

*Information was collected for this article from credible.com and US News. Credit Union does not endorse these sites and simply used content for informational purposes only. Federally insured by NCUA.

Have you received your COVID-19 stimulus payment or are you expecting it soon? Have you started thinking about how you would spend it?

It’s tempting to think about all of the ways you could spend an extra $1,200 or $2,400 – depending your filing status and the number of dependents you claim. Before you get that list finalized, we want to give you some tips to help your money stretch as far as possible.

1. Prioritize.

Look at your bills. What are essential – rent or mortgage, car payment, utilities – and what bills are non-essential – entertainment, streaming services, unusable memberships? Make a list of what you need and what you can live without. Focus on paying the essential bills first.

2. Save. Save. Save.

Don’t miss an opportunity to pad your savings account with some of your stimulus money. It’s a one-time payment so think of your stimulus as a mini emergency fund. You may want to set aside some of the payment as “in case” money.

3. Divide and conquer.

You only get one stimulus payment, but your bills will still come monthly. If you’re currently unemployed, it’s especially important to be strategic in how you spend your stimulus payment. Take this opportunity to divide it up into smaller chunks to help cover some of the essential bills you pay each month. Also, talk to your landlord or mortgage lender, your utility company and internet service provider if you’re having trouble meeting your monthly obligations. A lot of companies are finding ways to help their customers during this unprecedented situation.

4. Don’t hoard cash.

Hoarding cash is a bad idea in general. Your money is much safer at your credit union than it is in your home. The National Credit Union Administration insures amounts up to $250,000. So, bring it to us and let us keep an eye on it. Plus, if you have a checking account that has a cashback option, you could make money on it while it sits in your account.

5. Pay down debt.

Paying off debt is almost never a bad financial move but think about it and prioritize carefully. Even in these uncertain times, paying off your highest-interest debt isn’t a bad idea. But, don’t feel like you need to be in a hurry to spend all your stimulus money on paying off debt. Look at your options for forbearance, payment deferrals or even the option to skip a monthly payment. If you can get some relief on your debts in the coming months, let that stimulus payment sit in your savings account.

6. Splurge Smartly.

We’re all feeling the weight of stress, grief and uncertainty as we wonder when this pandemic will end, and life will return to normal. No matter how you decide to spend your stimulus check, set aside a little bit to spend on something fun for yourself. Maybe even shop at some of your local businesses to offer support. Remember: the government is hoping these stimulus payments will put some cashflow back into the economy to stimulate it.

Over the past couple of months, we’ve faced a situation no one could’ve possibly prepared for. We know that our members have been affected in some way by the COVID-19 pandemic. While the stimulus payments will certainly help and offer some relief to most, please know that Dow Credit Union is here for you. We want to help you stretch your stimulus payment as far as it will possibly go. Maybe you need to skip a monthly payment or you’re looking for a relief loan. Regardless of your needs, give us a call and let us figure out how to help.

Economic Impact payments are on their way, and most Americans have already received their money.

But, what does it mean for you if you haven’t?

Where is my stimulus check?

The IRS began sending out stimulus payments in April. But if you haven’t received yours yet, there’s no reason to panic. Retirees, senior citizens, and taxpayers who filed income taxes in 2018 and 2019 and included direct deposit information were the first groups to receive their payments.

If you’re not in one of those categories, you’ll still receive a payment, but it’ll arrive by mail instead of being directly deposited into your checking or savings account. Taxpayers who didn’t include direct deposit information will receive a paper check sometime in May.

The IRS does a feature on its website that will allow taxpayers to provide direct deposit information if their check hasn’t yet been mailed. However, the feature isn’t slated to be up and running until mid-April.

What you need to know about payments

Most taxpayers are eligible to receive a stimulus payment. The payments are automatic, and no further action is needed to receive the payment.

The amount, however, will vary based on filing status, the number of dependents and adjusted gross income (AGI). Individuals or head of household filers will receive $1,200, while married taxpayers filing jointly (if they aren’t a dependent of another taxpayer) will receive $2,400. Taxpayers will receive up to $500 per dependent claimed on their federal tax returns in 2018 and 2019.

Stimulus payments are based on the AGI claimed by the filer. Taxpayers will receive the amounts listed above if they have a work-eligible Social Security number and adjusted gross income up to:

• $75,000 for individuals
• $112,500 for head of household filers
• $150,000 for married couples filing joint tax returns

Taxpayers will receive a reduced payment if their AGI is:

• $75,001 and $99,000 if their filing status was single or married filing separately
• $112,501 and $136,500 for head of household
• $150,001 and $198,000 if their filing status was married filing jointly

Can I track my payment?

You may track the status of your payment here.

The website is open to non-filers. If you didn’t file a 2018 or 2019 federal income tax or you weren’t required to, you can enter your information on the IRS website and select the preferred method of payment.

We’re facing an unprecedented situation that seems to be changing daily. Please know, Dow Credit Union is here for you during this time. If you’re facing an uncertain financial situation, talk to us. Let us help you find a solution that works for you while you’re waiting for your stimulus payment. We have several options available to our members because we want to help them come through this stronger. Please don’t hesitate to reach out and let us know how we can be there for you.

The Federal Trade Commission is taking extra measures to warn people of scammers that will use tactics to try and take your personal information. It’s important to remain aware of the current scams and schemes in order to protect yourself from fraudsters looking to take advantage of your vulnerability. 

In order to stay vigilant and less susceptible to fraudsters, we want to share this information to help you avoid getting taken advantage of. The most current scam fraudsters are capitalizing on are the checks the U.S. might be sending American taxpayers. These scammers are looking to trap people into giving their information in order to take your money and capture your sensitive information such as social security numbers as well as card and account information.

To help combat this, we’ve put together a few tips to help you identify and fight these fraudsters should they try and take advantage of you:

1. Any money from the government will be in the form of a check and will not be immediate. Anyone who claims this money will be made immediately available is a scammer. 
2. If you have to pay anything upfront before you receive anything, it is not legitimate. There are no fees and no hidden charges. Anyone who says otherwise is a scammer.
3. The government won’t call and ask for your Social Security number, bank account or credit card information. Anyone who does is a scammer.

If you receive any communication from someone with the above claims, The Federal Trade Commission urges you to report it and provides guidelines on how to do so. The FTC is also an invaluable resource to stay informed and knowledgeable of current scams and schemes. If you stay informed, you can combat fraudsters trying to steal from you.

Your privacy and protection are important to us. Feel free to reach out to us if you receive communication from an entity claiming to be from our credit union to verify its legitimacy. Thank you for all you do to make our organization great and we wish you all physical and financial wellness. If you need assistance, please feel free to reach out to us to discuss your options. 

Along with the mad dash to buy all the toilet paper stores can stock, some members have asked about the need to withdraw cash from the credit union.

The fact is, the need for cash withdrawals during this crisis has no basis in fact. Unlike overextended banks that caused the Great Recession, the current financial crisis was caused by the reaction to the Coronavirus outbreak, not a systemic banking problem. 

There is a perception and rumors churning within social media that there could be an issue with the credit or debit systems, but there is no validity to that concern. Putting it under your pillow at home is not safe. It’s more prudent to take it as you need it.

During this time, please keep these things in mind when it comes to your money: 

1. Our credit union is federally insured by the National Credit Union Administration. All deposits are insured up to $250,000. This means that you will not lose a dime of money that is federally insured. 
2. The Federal government has declared credit unions an essential business. While we’ve had to adjust our standard operations, our credit union is ready and able to assist you with whatever needs you may have. It’s our priority to ensure you receive the level of service you’ve come to expect from our credit union; even in an ever-evolving capacity.
3. You incur more risk if you withdraw your money. Cash is much harder to recover if at all in the event of loss, theft, or any other unfortunate circumstance. Keeping your money in the credit union to withdraw as needed is much safer than keeping in your home or carrying on your person.
4. The Centers for Disease Control recommends that frequently handled items be cleaned as a precautionary way to help ward off the virus. Cash cannot be easily washed and has passed through many hands which makes it less than optimal to have in abundance on your person.  
5. If you pay your bills through automatic draft, you will have to find alternative ways to ensure your payments are satisfied.
6. If you withdraw your money, you could be missing out on rewards if you have a Dow Interest Checking Account.
7. With our online services, you are able to keep a pulse on your account and an eye on your money digitally from wherever you are. With these digital offerings, you don’t have to be tied to keeping your money on your person at all times to ensure its safety. We have many services available to you.
   • Virtual Branch (Online Banking)
   • PayIT (Bill Pay in Virtual Branch)
   • Mobile Banking
   • Audio Response
   • Alerts

During this time of uncertainty, it’s natural to feel pressure to make quick decisions. We’re here to help you maintain a sense of peace regarding your money. It’s tough to know what is coming, but you can rest assured that we have your best interest in mind and will do anything we can to help you during this time. If you have questions or concerns, please feel free to reach out. We wish good health and financial wellness for you and your loved ones as we navigate this together. 

No question – the past few weeks have been insane as a result of the Coronavirus (COVID-19). We’re seeing things unfold that most of us haven’t experienced before. Entire cities have shut down, people are being quarantined, and credit unions are being forced to find different ways to serve members.

While we’ve seen the best in humanity from Dollar General setting aside the first hour they’re open to serve the elderly to multiple restaurants providing meals for kids who are out of school, we’ve also seen scammers who are exploiting people’s Coronavirus fears.

Scams you should be aware of

Android malware and ransomware

Android devices in particular have been left vulnerable to malware attacks allowing scammers to spy on you through your smartphone camera, listen to you through the microphone and go through your text messages. The scammers, suspected of operating in Libya, send out text messages with a link promising an app that will allow you to track the Coronavirus. Once you click on the text message, the malware installs itself on your phone.

DomainTools, a Seattle-based security research team, has discovered that Android users are also the target of ransomware that threatens to erase their phone. Much like malware, users are promised an app with a real-time COVID-19 tracker. The app is actually poisoned with ransomware called CovidLock that denies users access to their phone by changing the locked- screen password. It requests $100 in bitcoin within 48 hours or the phone’s contacts, pictures and videos will be erased. It also threatens to publicly leak social media accounts.

Scammers impersonating organizations

The FBI, Centers for Disease Control (CDC), and World Health Organization (WHO) are investigating multiple claims of scammers who are sending out emails impersonating these organizations and spreading incorrect information about COVID-19. The WHO is among the most-impersonated organization in the scam campaigns. Fraudsters pretend to offer important information about the virus in an attempt to get potential victims to click on malicious links. Typically, such links can install malware, steal personal information, or attempt to capture login and password credentials.

Exploiting charitable giving

Another common type of scam going around is an attempt to tug on the heart strings and attempts to get the recipient to help fund the vaccine for children in China. Currently, there is no vaccine for COVID-19. Officials at the Federal Trade Commission (FTC) have served cease-and-desist letters to retailers who are trying to profit from the COVID-19 pandemic by selling fake or misbranded products claiming to combat the disease directly.

How to protect yourself

Even though there are lots of ways to get taken advantage of, there are also lots of ways to protect yourself.

• Don’t click on links from any sources you don’t know. It could download viruses on your computer or device.
• Be aware of emails claiming to be from a government organization. If you receive an email from the WHO or CDC, don’t click on links in the email. Instead, go to the website to verify the information.
• Ignore online offers for vaccinations. There currently are no vaccines, pills, potions, lotions, lozenges or other prescription or over-the-counter products available to treat or cure Coronavirus disease 2019 (COVID-19) — online or in stores.
• Do your homework when it comes to donations, whether through charities or crowdfunding sites. Don’t let anyone rush you into making a donation. If someone wants donations in cash, by gift card, or by wiring money, don’t do it.
• Be wary of giving your personal information. Legitimate organizations will not ask for any of the following:
  • Full social security number
  • Account or card numbers
  • One-time password
  • PIN information
  • Usernames or passwords
  • Payment through Bitcoin, money cards, gift cards, etc.

While it seems that this unfortunate epidemic has come upon us most unexpectedly, there are fraudsters out there quickly taking action and prepared to hustle unsuspecting, innocent people. If you aren’t sure of the legitimacy on a certain request, take extra steps to verify to ensure you’re doing everything you can to protect yourself, your sensitive information, and your money.

Your privacy and protection are important to us. Feel free to reach out to us if you receive communication from an entity claiming to be from our credit union to verify its legitimacy. Thank you for all you do to make our organization great and we wish you all physical and financial wellness through this trying time.