October 2023 QuickNote

*Annual Percentage Rate. All loan financing is based upon credit qualifications. Offer applicable to new money only. Other restrictions may apply. Please see credit union for full details and disclosure. Equal Housing Opportunity. Federally Insured by the NCUA to at least $250,000. 

We'll be closed on October 16th and 17th for staff training. Please plan ahead to avoid any inconvenience. Remember, with our E-services and Shared Branching, you can access almost everything you need, even when we are closed.

75 Years of International Credit Union Day®

On October 19, 2023, Quaker Oats Credit Union will join over 56,000 credit unions around the world to celebrate International Credit Union (ICU) Day®.

This year marks the 75^th anniversary of International Credit Union Day®

ICU Day highlights the many ways that credit unions across the world help members work towards achieving their financial goals.

Credit unions were built on the principle of “people helping people.” We’ve seen that philosophy in action for more than 100 years, with credit unions providing access to affordable financial products and striving to meet the needs of underserved communities. Quaker Oats Credit Union is honored to be a part of this proud tradition. 

The Annual Holiday Skip-A-Payment Program allows you to skip December’s payment on any* QOCU loan to help pay for holiday expenses. The following members or loans are not eligible for Skip-A-Payment:

• Members whose account(s) are not in good standing.
• Home equity loans and credit card loans.
• Loans subject to an extension in the year you apply for the Skip-A-Pay.
• If the Skip-A-Pay convenience fee of $25 per loan is not available in your savings and/or checking account when the application is submitted.
• Loans delinquent within the last 6 months of the date you apply for the Skip-A-Pay.
• Loans with a monthly payment of $100 or less.
• Loans financed after June 1, in the year you apply for the Skip-A-Pay.
• Loans subject to an extension in the year you apply for the Skip-A-Pay.
• Loans with a balance of $500 or less.

Vehicle Protection Plan

Did you know approximately 7 tire punctures occur every second, resulting in 220 million flat tires per year? Vehicle Protection Plan (VPP) has multiple benefits, including pothole damage, tire/wheel protection, and lost key replacement. 

Quaker Oats Credit Union offers a Vehicle Protection Plan (VPP) with 6 essential coverages on any vehicle:

1. Key/Remote Replacement
2. Tire & Wheel Road Hazard Protection
3. Cosmetic Wheel Repair
4. Paintless Dent Repair
5. Windshield Repair
6. 24-Hour Emergency Roadside Assistance

Please contact the credit union to get a FREE quote. An auto loan with QOCU is not required to purchase VPP.

Gap Protection

Cars are depreciating faster than people are paying off loans. This means that in the event you are in an accident and your vehicle is totaled you may owe more on your vehicle than the insurance is willing to give you to pay off the loan.

GAP insurance can help protect you in the event that your vehicle is lost, stolen, or totaled. For a one-time cost of only $495, you will be covered for the difference in the market value of your vehicle and what the insurance will give you in the event of a loss.

With the GAP advantage, you automatically get $1,000 to use on the purchase of your next vehicle as long as you finance with Quaker Oats Credit Union within 90 days.

Auto Advantage Deductible Reimbursement Insurance

We're proud to offer our members Auto Deductible Reimbursement Insurance that will help cover out-of-pocket expenses, such as your insurance deductible, when you have an accident or mishap with your vehicle.

• Pays up to $500 per loss when a claim is filed and paid with the primary insurance carrier.
• Loss means an event for which the auto insurance company has approved & paid a claim which exceeds the Covered Auto Deductible for a collision or comprehensive claim.
• Coverage is effective upon the date of enrollment and will continue for three years.

Not only does this insurance cover deductibles for the vehicle you have a loan on but it will also reimburse you for insurance deductibles that you have to pay on all other vehicles, as long as those vehicles are titled in the same person’s name that is listed on the GAP policy.

Extended Warranty

A vehicle is a huge investment. With all the computer and electronic parts in today’s vehicles, one mechanical repair can often end up costing several thousands of dollars. In order to keep you on the road, we have partnered with Route 66 to offer an extended warranty that comes loaded with benefits that you don’t usually get with a warranty from a dealership. Route 66 warranties are often cheaper than dealership offerings, and there is no deductible. 

Plus, you can choose any certified mechanic you’d like and aren’t forced to take your car to the dealership. Also, the warranty is transferable, which makes your care worth more money at resale.

Credit Life Insurance 

Quaker Oats Credit Union offers Credit Life Insurance on all our loans to help protect your home and family if you can’t be there for them. If you pass away during the period of a loan, Credit Life Insurance will pay off or reduce your remaining loan balance.

• Single Coverage - $.69 per $1000 of coverage each month
• Joint Coverage - $1.15 per $1000 of coverage each month
• Maximum coverage amount per loan - $50,000
• Borrowers are eligible to apply for coverage up to age 70
• Maximum loan term - 120 months
• Premium is included in the monthly payment for convenience
• No physical exams and no occupation limitations

Credit Disability Insurance

Quaker Oats Credit Union also offers Credit Disability Insurance on all our loans to help make your loan payments in the event you become disabled or go off work for medical reasons per doctors' orders for at least 14 consecutive days. This insurance will continue to make your loan payments until you return to work.

• Single coverage – $2.11 per $1000.00 of coverage each month.
• Maximum monthly benefit per loan of $600.00.
• Maximum loan term – 120 months.
• Borrowers are eligible to apply for coverage up to age 66.
• Must work outside the home for wages at least 30 hours/week.
• No physical exams or occupation limitations.
• Protects your credit rating.

Auto Insurance Reminder

If you have a loan on your auto, the credit union needs to remain as a lien holder on your insurance policy for the life of the loan. If you make changes to your insurance policy, please notify the credit union so that we can get updated insurance documents for our files.

Let Dawn help you find the right mortgage!

Dawn Saterfield, MLO

NMLS# 24490

319-430-7282

DawnS@PremierLA.org

Dates to Remember

Monday, October 9th - Closed for Columbus Day

October 16th & 17th - Closed for Staff Training

Thursday, October 19th - International Credit Union Day

Remember, even when we're closed, we're still open. Access your account information 24/7 with QOCU Mobile App or Online Banking!