DETAILS:
• Members get $200* when they refinance any vehicle loan, credit c ard debt, or personal loan or line of credit from another lender with LAPFCU
• No payments for 90 days on qualified refinanced auto loans ONLY**
• Eligible refinanced loans or lines of credit must have a balance of $10,000 or more
• Required Promo Code: AR23
WHY?
This promotion:
• Helps members save
• Generates additional loans
• Is a great business development tool
• Helps us open new memberships
• Results in a positive return on investment (Shown through analy sis)
DATES:
February 17, 2023 – December 31, 2023 (Subject to change or can cellation at any time without notice)
COLLATERAL FOR MEMBERS:
Coming soon...
MEMBER CREDIT INSTRUCTIONS:
Once the staff member has added the promotional code for qualified loans to the system (AR23), IT will run a report at the begining of each month for the prior months fundings and credit the member’s S1 account.
FREQUENTLY ASKED QUESTIONS:
Q: Which loans qualify for the $200 offer?
A: All vehicle (auto, motorcycle, boat, watercraft, motorhome, travel trailer), and credit card debt, and closed-end personal loans and lines of credit with a balance of at least $ 10,000 or greater and refinanced from another lender.
Q: What loans qualify for the 90-day loan deferment?
A: No payments for 90 days only applies to refinanced auto loans.
Q: Can a member receive the $200 offer multiple times?
A: Yes. If a member refinances an auto loan and a motorcycle loan from Chase with us, the member will receive $400. There is no limit to qualified loans.
Q: How will the member receive the $200?
A: The $200 will be credited to the primary applicant’s Share Savings Account within 60 days after loan origination.
Q: Can the member refinance the new loan again with LAPFCU to receive a lower APR?
A: Yes, the member is able to refinance again through LAPFCU.
Q: Are members with A+ credit (760 or greater FICO) eligible for this offer?
A: Yes
DISCLOSURE:
*Associate must use code “AR23” to apply this offer. Offer valid through December 31, 2023. Existing LAPFCU loans do not qualify. Must refinance a personal loan, credit card debt, or vehicle loan (auto, motorcycle, boat and watercraft, motor home and travel trailer loans) from another lender that is at least $10,000. Credit card debt from another lender is eligible for a personal loan refinance. Offer applies to each eligible loan. The $200 will be credited to the primary applicant’s S1 Share Savings Account within 60 days after loan origination. Offer subject to change or cancellation at any time without notice. Other restrictions may apply. May not be combined with any other offers. Please ask for complete details.
**Only applies to auto loans. Number of total payments on your auto loan remains the same, and interest continues to accrue during deferred payment months. Deferring an auto loan payment may void your GAP insurance. Consult your insurer for details.
OTHER Q1 CAMPAIGNS/MEMBER COMMUNICATIONS:
• ARMs (Adjustable-Rate Mortgages): Online and mobile banking prompts, digital ads, and email – January - March
• Home Loans and HELOC (Home Equity Line of Credit): Online and mobile banking prompts, digital ads, and email –January - March
• Preferred Money Market Account: Online and mobile banking prompts, digital ads, and email – January - March
• 10-4 Share Certificate: Online and mobile banking prompts, digital ads, postcard, and email – January - March
• Loan Engine Wave 33: Emails and letters with pre-approved vehicle loans and invitations to apply for real estate loans – February - ¬March
• IRA Contribution: Reminder postcard with IRA contribution amounts and deadlines – February
• Scholarship: Invite members to join our annual scholarship contest to win up to $6,000 for college. We offer 2 programs: Traditional and Law Enforcement. Applications available in February and due April 3.
• Balance Transfer Promotion: Prompts and emails to transfer credit card balances for 0% interest for 12 months –February, March
• Credit Card Rewards Program: Online/mobile banking prompts and email will share the Total Rewards credit card rewards program perks and encourage members to switch to Platinum and earn 10,000 intro bonus points – February, March