Day Air Credit Union has new way to save - and buy a car Day Air Credit Union has developed a way for members to save money with a new product which, according to DACU's Colleen Scott, no other financial institution has offered.
"There is a real concern that people do not save anymore," Scott said. "Many people do not have down payments for cars or car repairs that unexpectedly come up. To help prevent this problem we created the Auto Loan Plus."
The Auto Loan Plus in an auto loan with a built-in savings account.
"In this day and age, people put money into a 401K and that's about it," Scott said. "We do it because we are so used to the money just being taken out of our check. The Auto Loan Plus works in the same manner. We set-up your payment for the loan incorporating your savings amount."
For example, if your car payment is $250 and you want $20 to go to your savings each month, your payment will actually be $270. This money goes into a high dividend earning account so if unexpected car repairs come your way you'll have the money. Or, best case scenario you will be able to use the money at the end of a loan to put a down payment on a new car.
