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We will be closed in observance of Memorial Day this Saturday thru Monday! Read More May 24, 2018
You can still RSVP – join us for our Annual Member Meeting tomorrow night for... Read More May 23, 2018
It’s graduation season! Ask us about smart option student loans and get your learn on.... Read More May 22, 2018
https://www.greatbasin.org/14240/justaskjennifer-0-interest-rate-whats-catch/Question: My friend recently got a 0% interest rate for her car loan at a... Read More May 22, 2018
#JustAskJennifer – A 0% interest rate? What’s the catch? May 22, 2018

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Ask her anything! #JustAskJennifer Read More May 21, 2018
Don’t walk the tightrope when it comes to HR… learn more about HR Law at... Read More May 21, 2018
Yea, they made over $6 billion last year. Read More May 18, 2018
Read More May 17, 2018
https://www.greatbasin.org/14219/bond-strategies-period-rising-rates/MARKET VIEW Bond Strategies for a Period of Rising Rates May 7, 2018 Not all... Read More May 17, 2018

Featured

#JustAskJennifer – A 0% interest rate? What’s the catch?

Just Ask Jennifer

Question:

My friend recently got a 0% interest rate for her car loan at a dealership. This is crazy to me! Are there any downsides to this? How did she get this rate?

Answer:

Thank you for taking the time to write in with such a great question! It certainly does not seem real that somebody could get a zero percent loan. While there is no true “downside”, there could be restrictions and there could actually be a benefit to paying a bit of interest.

Let’s start with how the dealers are even able to do this. You will find that this option is only available on new automobiles from the major brands like Ford or Toyota. That zero percent financing is available from the dealer’s captive finance company (Ex. Ford Motor Credit or Toyota Motor Credit). The manufacturer and the financial division are all under one corporate umbrella. The dealership gets incentives from the manufacturer to sell large volumes of automobiles. If they sell more volume by offering great financing, everybody wins.

The only potential downside for you, the buyer and borrower, is that there is often a restriction on the term, such as 48 or 60 months. In addition, this offer is generally only available to those with exceptional credit (750+). If you can afford the higher payment for the shorter term, you would be foolish to pass this up! But before you sign on the dotted line, see if there are any other incentives. For example, they will often offer a large rebate of $2500 or more. A rebate is a reduction in the amount financed. When we put pencil to paper, you may find that a reduction in the amount financed actually saves you more money overall than a zero percent rate.

When you are ready to buy, please reach out to myself or one of my wonderful lending experts to help you calculate what option is best for you.

Thank you again for just asking Jennifer!


Have your own question for Jennifer? Just use the hashtag #JustAskJennifer on social media, or submit a question here.

#JustAskJennifer – How can one take over someone else’s car loan and payments?

Just Ask Jennifer

Question:

My Mom has a car loan with Great Basin that has a balance of about $6,800. Mom had a stroke and will not drive anymore. She wants to give her granddaughter the car and take over payments. Can you please advise the proper way to handle this. I want to make sure the car and car loan will no longer be in my Mom’s name.
Thank you!

Answer:

I am so sorry to hear about your mom’s stroke.  I imagine it is difficult for her to give up the freedom of driving.  You ask a great question and I appreciate you trying to do what is best for everybody. 

There are a few reasons that it is best that the car gets refinanced out of your mom’s name.  First, the insurance and registration should always be in the name of the driver to ensure proper protections for unforeseen circumstances.  Heaven forbid there was an accident, your mom could be held liable if the title, registration and insurance are in her name.  The second reason it is best is because if the granddaughter did not make timely payments, your mom would continue to be responsible and her credit would be impacted.  Finally, if your mom were to pass away, it would be difficult (but not impossible) to transfer the title into the name of the next owner, which could be stressful.

I recommend the granddaughter contact the credit union and explain the situation.  We could get an application started for her to see if she can qualify on her own.  If her credit us not strong enough individually, we can always consider a cosigner.  If she is able to qualify individually, the process is very simple and could be complete in just a day or two.  Please have her call the loan department at 775.789.3171 to get started today, they will help walk her through the process.  Tell them that Jennifer sent you.

Thank you for just asking Jennifer!

 

Have your own question for Jennifer? Just use the hashtag #JustAskJennifer on social media, or submit a question here.

The Amazing Audrey

audrey

Meet Audrey. In April, she has worked at Great Basin Federal Credit Union for 5 years! We asked her to take a minute out of her busy day as Branch Manager at the Sparks Crossing Branch to tell us all a little about herself.

Last song that came on your iPod:
Who listens to an iPod anymore?! lol The last song I had playing is Next to Me by Imagine Dragons.

When I was little, I wanted to be:
A veterinarian, I have always loved animals. I used to hide under my front porch and play will all the feral kittens.. they were sooo cute but I got ring worm a couple of times!

Little known fact:
I’m adopted! My stepdad adopted me when I was 12 years old, that is where my last name, Love came from.

Audrey’s boss Sarah had this so say about her! “Audrey takes our members situations personally, being able to put herself in others shoes is a strength of hers. Her strong leadership skills help her team uphold our service promises and ensure we meet our vision to be member loved.”

Aren’t we lucky to have a gal like Audrey.

Congratulations to Audrey on this huge accomplishment! Here’s to 5 more great years!

Board Member Spotlight: Gary Nelson

Gary Nelson

Gary Nelson is on the Supervisory Committee here at Great Basin! Here’s a little bit about Gary.

Gary has been a member of GBFCU for several years and really enjoy its services, operation, personnel and management. Gary says, “To me, GBFCU embodies the true nature and intent of a credit union, to professionally serve its customers in a friendly and welcoming manner, and provide a full scope of services to meet its member’s needs.”

Gary has over 30 years of varied and extensive experience in the management of financial products and divisions. He really has a lot of credit union experience! Some of his achievements include:

  • Raising $1 billion in funds, from loan participation from a large, group of banks, and used these funds to lend for commercial real estate projects in 35 states
  • Recruiting, hiring, managing and training staffs from 5 – 2,500 people in up to 50 locations
  • Managing the lending and servicing of a $3 billion + portfolio of complex commercial loans and an asset portfolio in excess of $15 billion

Great job Gary! We are so glad to have you on the Supervisory Committee here at Great Basin.

We Are So Lucky To Have Members Like You!

There is never a wrong time to express gratitude, and this month when we think about pots of gold at the end of the rainbow and the luck that St. Patrick’s Day symbolizes, I keep coming back to the thought:

“What am I lucky to have; What am I grateful for?” 

Previously, before working for Great Basin Federal Credit Union, I was employed by a company where people weren’t happy and weren’t grateful for those around them. Joining the Great Basin Team has been such a rewarding change. Not only do I now get to work with such a large group of wonderful people that care and support one another, but I also get rewarded daily with the presence of all our members. Each one of you is a special treat that we get to experience when you come in to a branch, call in, or come to our seminars.

I’ve gotten reunited with old faces and acquainted with so many new ones. I am so thankful for each member I get a chance to greet; Each member that I get to provide service to; Each non-member and shared branching member that we get to enjoy. At the end of each day I think to myself:

“We are so Lucky to have members like you!”

Thank you all for your continued relationships with us here at Great Basin Federal Credit Union. We aren’t just member loved, we love our members.