Loans
We make it easier for you to achieve your financial dreams. With our low cost loans, you can purchase a car or home or get money for education, travel, weddings and other special occasions. These Web resources provide the information you need to make big monetary decisions. Then our Financial Consultants will explain your financial options and help you select the loan that best fits your needs.
Personal Loans
Vehicle Zone
Payment Coupons
Automatic Payments
Placing a Security Freeze on Your Credit Report
Rate & Fee Comparison
Personal Loans
Apply Online
Signature Loans
Extra Credit Line-of-Credit
Savings-Secured
Calculators
BALANCE Financial Fitness Program
Signature Loans
Your good credit and signature can get you the money you need for any purpose. Visit any of our 14 branch offices or call 889-7755 (800-347-2838 from outside the Albuquerque area).
Extra Credit Line-of-Credit
You can access this unsecured personal line-of-credit you simply by transferring funds into your checking account any time day or night. This account can also serve as automatic overdraft protection for your checking account. Transfer money (up to your approved limit) from Extra Credit by using Internet Banking or Access 24 phone service.
Savings-Secured Loans
Borrow money for any purpose at our lowest interest rate for a personal loan. You'll also enjoy affordable monthly payments. To apply, visit any of our 14 branch offices or call 889-7755 (800-347-2838 from outside the Albuquerque area).
Preferred Dealers Program
When you're shopping for a new or used vehicle, you have a way to buy with increased confidence...look for the Preferred Dealer logo in the window of any participating dealership.
At a Preferred Dealer, members of New Mexico Educators Federal Credit Union can obtain the very best current interest rate for a Credit Union auto loan. If you have less than perfect credit, it is also easier to get a Credit Union auto loan at these dealerships. In most instances, you can drive home in your new vehicle the same day.
You may want to research your purchase and financing before you shop, and your Credit Union can help. Click here to reach the "Vehicle Zone" section of our website.
You'll find information on vehicle shopping, loans, insurance and warranties. There are also links to some of the top-rated and reliable vehicle research websites. Calculators are available to help you determine if the price is right for you.
Auto buying is easier for our members- by researching your purchase and financing options and then doing business with a Preferred Dealer, you can shop with increased peace of mind.
For more information about the Preferred Dealer program, call 889-7755 (800-347-2838 from outside the Albuquerque area).
New Mexico Educators Federal Credit Union does not establish or negotiate prices on vehicles sold by the dealer; nor do we guarantee purchases. Vehicle warranties are the responsibility of the manufacturer or extended warranty provider.
Preferred Dealers in Albuquerque
American Toyota 823-4440
CU Auto Sales 344-7755
Garcia Automotive Group
Honda 260-5010
Infiniti 217-3000
Kia (Lomas) 294-1455
Kia (Cottonwood) 899-4848
Mazda 294-1455
Micro Cars/Smart Center 998-2501
Mitsubishi 260-5050
SAAB 260-5175
Subaru 260-5155
Karl Malone Toyota 294-8800
Larry H. Miller Hyundai 792-7000
Melloy
Dodge 843-9600
Jaguar 265-8721
Nissan 265-8721
Supercenter 881-0505
Quality Dealerships by DiLorenzo
Pontiac-GMC-Buick 765-1300
Jeep-Chrysler 265-3753
Rich Ford
Albuquerque 275-4522
Edgewood 286-3000
*As of October 2008.
Vehicle Loans
Consumer Reports Says It Pays to Buy a Used Car NowThe October 2008 issue of Consumer Reports magazine gives this example: buying a three-year-old Camry can save you about $13,000 over five years, which is like getting years of free gas. An abbreviated version of this article is available at http://www.consumerreports.org.
Beat the High Cost of Gas
Use these helpful links to locate the lowest price per gallon in your area - and find ways to cut your consumption.
First-Time Auto Buyer Program
If you are age 18 or older and have never had an auto loan in your name, New Mexico Educators Federal Credit Union has a special program to help you start building a good credit record. We offer a competitive low, fixed interest rate with a minimum down payment of only 10%. You can choose from new or used vehicles from the 2001 to 2009 model years. To qualify, you need to be employed for 1 year or have an employment contract or a firm job offer. For full details, speak with a Financial Consultant at any of our 14 branch offices, or call 889-7755 (800-347-2838 from outside the Albuquerque area).
Proof of Insurance
With any vehicle loan from New Mexico Educators Federal Credit Union, you must provide proof that you have insured the vehicle within 30 days of your purchase of the vehicle. Otherwise the Credit Union must purchase insurance for the vehicle for you and the premium will be added to your monthly payment.
You can enter your proof of insurance securely online or call us at 889-7755 (800-347-2838 outside the Albuquerque area) to provide that information.
New and Used Autos - 2007 and Newer
At New Mexico Educators Federal Credit Union, you're not limited to certain makes and models. Instead, you can get quick financing on exactly the vehicle you want. Our best rates are available for the two most recent model years. That means you can save money on your financing for quality used vehicles as well.
- Terms are available for up to 72 months to assure you of affordable monthly payments.
- No down payment / 100% financing is available for qualified members.
Used Autos - 2006, 2005, 2004, 2003, 2002 and 2001
At New Mexico Educators Federal Credit Union, loans for used cars, trucks, SUVs and minivans are available at attractive low rates.
- Check our low rates on used vehicles for the 2001 - 2006 model years.
- No down payment / 100% financing is available for qualified members.
- For 2005 and 2006 vehicles, terms are available for up to 60 months ($15,000 minimum amount financed).
Specialty Auto
If you're a collector of classic cars, your Credit Union can provide you with a loan to put that very special car in your garage.
- Up to 36 months to pay off
- Automobile must be fully restored
- The auto must be listed in the "CPI" book (price book specific to classic vehicles)
Please e-mail us to discuss the exact vehicle you're considering.
GAP Insurance
Guaranteed Auto Protection (GAP Insurance) is particularly valuable in the early months of your Auto Loan. In the event of the total loss of your vehicle through collision or theft, GAP Insurance covers the difference between the actual cash value of the vehicle and your outstanding loan balance.
Speak with a Financial Consultant about adding this coverage to your Auto Loan.
We can save you money on these extra services:
GAP Insurance
Extended Warranty
Credit Protector
Extended Warranty
Mechanical Breakdown Protection at your Credit Union is a much better value than the extended warranties sold at dealerships. Besides being very competitively priced, it offers these advantages:
- Available when you purchase a new or used vehicle (up to 10 years old) from either a dealership or a private seller.
- Low deductibles: $0 and $50
- No claim forms to fill out - you make claims by phone toll-free.
- Repairs can be made at any licensed repair facility, anywhere in the U.S. and Canada.
- Rental car reimbursement up to $180.
- No limit to the number of claims.
- Coverage is transferable, adding extra value to your vehicle if you sell it.
Speak with a Financial Consultant about adding this coverage to your Auto Loan.
Motorcycles and Snowmobiles
Cars and trucks aren't the only form of transportation you can get a loan for at your Credit Union. Check our low Annual Percentage Rate for motorcycle loans before you settle for expensive dealer financing options. You may be surprised at how much you can save at your Credit Union.
Recreational Vehicles
For your home-away-from-home needs, come to your Credit Union. We offer competitive rates and flexible terms to help you purchase a new or used recreational vehicle.
Calculators
Use these tools to help you calculate your costs for buying and maintaining a vehicle. Click here to determine if your next purchase is right for you.
Placing a Security Freeze on Your Credit Report
Placing a freeze on your credit report can be an aide in preventing identity theft. It can prevent unauthorized persons for making a credit application in your name.
All New Mexico consumers have the right to have a security freeze placed on their credit report after making a written request to a consumer reporting agency by certified or regular mail, or by telephone or a secure electronic method if such is provided by a consumer reporting agency.
There is no charge for this service in these cases:
- Consumers 65 years of age or older are entitled to have a freeze placed on their credit file and removed free of charge.
- Victims of identity theft are entitled to a security freeze free of charge if their request is accompanied by a copy of a police report alleging the crime of identity theft.
Otherwise, this is the cost: Consumers who are not victims of identity theft and who are not 65 years of age or older may be charged up to $10 for each request to place a freeze, and up to $5 to remove or temporarily lift a security freeze on their credit file.
Consumer reporting agencies are required to include a specifically worded "Notice of Rights" with any summary of rights required by the federal Fair Credit Reporting Act (FCRA) to consumers explaining the processes for initiating, temporarily lifting or removing a security freeze and that notifies the consumer of their right to bring a civil action against a consumer reporting agency in the event of a violation.
Implementation, Removal and Temporary Lifting of Security Freezes
Security freezes prohibit consumer reporting agencies from releasing information from a consumer's credit report without the express authorization of that consumer.
Under the terms of the State of New Mexico Credit Report Security Act of July 1, 2007, consumer reporting agencies must comply with the following requirements and requests from consumers:
- A consumer reporting agency must implement a freeze within three business days of receiving a request from a consumer.
- Within five business days a consumer reporting agency must send a written confirmation of the freeze to the consumer and provide a unique personal identification number (PIN), password or similar device for the consumer to use in connection with their credit report.
- A security freeze must be removed or temporarily lifted for a specific period of time or for a particular party within three days of receiving a proper request that includes payment of any applicable fee, and a consumer's proper identification, unique PIN, password or similar device, and information concerning the period of time for lifting the freeze or regarding the party authorized to have access.
- As of September 1, 2008, a consumer reporting agency must lift a freeze within 15 minutes of receiving a consumer's valid request to do so between the hours of 6:30 a.m. and 9:30 p.m. by telephone or a secure electronic method provided by the agency that may include the Internet or facsimile, and providing proper identification: the unique PIN, password or similar device.
- A consumer reporting agency may remove a security freeze on a credit report if the consumer initiated the freeze due to a material misrepresentation of fact, but must notify the consumer in writing five business days prior to removing the freeze.
- A consumer reporting agency must notify a consumer in writing five days prior to removing a freeze that was placed on a consumer's credit report due to a material misrepresentation of fact by the consumer.
- A consumer reporting agency must notify a consumer within five days of discovering that it erroneously released information while a security freeze was in effect, and inform that consumer of the specific information released and the third party to whom it was released.
Exceptions to the Security Freeze Provisions
In the following instances, security freezes do not apply to the release of a consumer's report:
- for the purpose of account review or debt collection by a person with whom the consumer has had an account or contract;
- for use by a governmental agency acting to investigate fraud, collect delinquent taxes or unpaid court orders, or to fulfill any of its lawful duties;
- pursuant to a court order, warrant or subpoena;
- for the purpose of prescreening as provided by the federal FCRA;
- for the sole purpose of providing a credit file monitoring subscription to an enrolled consumer;
- by any entity providing a credit report in response to a consumer's request;
- by a state or local law enforcement agency conducting a background check or investigating a crime;
- to the child support enforcement division of the human services department;
- for use by an insurance company for underwriting purposes, adjusting an insurance claim or adjusting an insurance rate;
- a credit report this is used solely for the purpose of tenant screening;
- a credit report that is used solely for the purpose of employment screening; or
- a consumer reporting agency may release a consumer's credit report to be solely for the purpose of fraud prevention or detection.
Check services, or fraud prevention services companies, deposit account information service companies, and resellers of credit information are exempted from having to implement security freezes, but a reseller of credit information must honor any freeze placed on a credit report from another consumer reporting agency.
A consumer reporting agency is exempted from having to remove or temporarily lift a security freeze within fifteen minutes if a consumer does not provide the required information, or if the agency's ability to comply is prevented by any of the following: an act of God; illegal acts by a third party or labor strikes; operational interruption due to equipment failure; governmental action; regularly scheduled maintenance outside of normal business hours; or, unscheduled commercially reasonable maintenance.
