Summer 2019 Newsletter

A FirstLight Federal Credit Union Publication

Summer 2019 Holiday Closings

IN THIS ISSUE • A Message from our President

July 4

Thursday

Independence Day

• Board of Directors Nominations

September 2

Monday

Labor Day

October 14

Monday

Columbus Day

• FirstLight Financials

November 11

Monday

Veterans Day

• FirstLight Debit Card News

November 28

Thursday

Thanksgiving Day

• Long Term Care Seminars

December 25

Wednesday

Christmas

January 1

Wednesday

New Year’s Day

• Mortgage Loan News

• Love My Credit Union Offers • Tips on Financing a Car • Community Events

1 (800) 351-1670 • FirstLightFCU.org

A Message from our PRESIDENT

At FirstLight, improving our member’s experience continues to be at the core of what we do.

We understand that your family comes first and this year we held our Annual Member Meeting with a more family friendly theme. I am happy to announce that this was a great success. We had a great turn out and everyone enjoyed the live music and fun activities we had for all ages. I hope more of our members can join us next year.

Exciting changes are just around the corner and I am proud to share all the new services we have to offer starting this summer.

and reporting a card lost/stolen via online banking. Please ensure that we have your current address so that you receive your new card.

This month, we will be issuing new chip and contactless debit cards to all our debit cardholders, which will provide you with an added level of security and convenience. You will also be able to customize your own PIN number over the phone. You will continue to be able to enjoy the benefits of online banking purchase rewards, our mobile wallet features, and access to over 100 El Paso and Las Cruces ATMs including 7-elevens and Walgreens* and nearly 30,000 nationwide no-fee ATMs through the CO-OP Network. Additional features will be coming out in the future such as fraud alerts sent via text

We now have a new Mortgage Resource Center available on our website, full of helpful information you will find practical when thinking about homeownership.

We understand that the process of purchasing a home can feel long and overwhelming, but it's nothing more than a series of simple steps and we want to walk you through this process.

Not only will you be able to learn about what it takes to become a homeowner, but you can also easily get pre-qualified online with a simple and easy-to-use application.

Our “Get Pre-Qualified” buttons can be found on any of our Mortgage Loan web pages, on our FirstLight website. Simply click on the button and follow the prompts. Fill out the application to find out if you qualify to purchase your dream home.

I invite you to continue visiting our website to find out more about our new mortgage resources and to keep updated on our new debit cards coming soon.

Thank you for allowing us to be part of your financial journey. We pride ourselves in providing new and useful information, so that you feel empowered to take the appropriate steps necessary to making financial decisions. As always, we appreciate your loyalty and membership.

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Would you like to become a member of our

Board of directors?

One of the key differences between banks and credit unions is the democratic structure and control of credit unions. Our Board of Directors is not a group of paid shareholders, but a group of unpaid member volunteers who are elected by the membership to oversee the governance of the financial cooperative.

When you become a board member, you are making a commitment to serve the organization and its membership in a way that maximizes the shared interest of all members and stakeholders.

For the 2020 election, there are Two available positions to be filled for three year terms.

Interested individuals must: • Be a member in good standing • Be at least 18 years of age or older • Have flexibility to attend monthly evening board meetings in El Paso or Las Cruces The nomination process begins with the submission of a resume and a letter of intent by 9/30/2019 to:

Become a FIRSTLIGHT Board MEMBER!

P

Get ! lified a u Q re

Nominating Committee c/o FirstLight Federal Credit Union PO Box 24901 El Paso, TX 79914-9001 Interested persons may also contact Pat Aguilera, Executive Assistant, at (915) 562-1172 for more information.

2019 ELECTION RESULTS: The nominating committee selected incumbents Miguel Cheng-Guajardo and Gil Tijerina for nomination to the board of directors effective 2019. There being no further nominations by petition, Miguel Cheng-Guajardo and Gil Tijerina were elected by acclamation.

Check out our NEW Mortgage Resource Center on our website!

FirstLightFCU.org/mortgage-resource-center

Monthly payment of $930 is based on qualifying credit, 3% down payment, 30-year term and APR of 4.08. Must meet member and loan eligibility requirements.

FirstLight Financials As of April 31, 2019, FirstLight Federal Credit Union reported the following statistics: 2

Assets: $1,134,067,416 Deposits: $1,023,878,575 Loans: $887,400,000 Members: 109,173

The debit card you’ve come to trust is getting even better.

Starting July 10, 2019, FirstLight will begin issuing new chip and contactless Visa® Debit cards to all debit cardholders. Expect your new card to arrive in the mail sometime between July 10 and July 26, 2019. It’s important to have your current address on file so you receive your new card in the mail (instructions are listed below). Be sure to activate your card immediately and update your new card information for recurring charges with merchants and update your digital wallet. For your protection, your existing card will be deactivated 30 days from the date the card was mailed. Once you activate your new debit card, please securely discard your current debit card.

Enjoy the possibilities of your FirstLight Visa® Debit Card: • Use your card at millions of locations worldwide– Your chip card allows you to pay at national merchants and at international merchants where chip cards are standard.

• Pay with confidence – Your chip card comes with enhanced security and protection against card counterfeiting and fraud.

• Experience the ease of contactless transactions – Your card is also enabled with the ability to ‘tap to pay.’ For small-dollar amount purchases, you can tap your card on terminals with the following symbol to pay . If a merchant does not have this functionality, you will need to insert the card into the terminal to complete the transaction.

• Customize your own PIN number over the phone.

You’ll continue to enjoy your favorite benefits: • Turn everyday purchases into cash with Online Banking Purchase Rewards.

• Add your card to your mobile wallet or favorite wearable device.

• Access to over 100 El Paso and Las Cruces ATMs including 7-Elevens and Walgreens.* and nearly 30,000 nationwide no-fee ATMs through the CO-OP Network.

• And more! *Walgreens and 7-Eleven No Fee ATMs include Cardtronics ATMs only ● To update your address, please log into Online Banking at FirstLightFCU.org on your desktop, select Change Address under the Additional Services tab, enter the information requested and submit the form. (If your information is correct, please re-enter the information and submit the form.) ● To update your email address, click on My Settings at the top right corner once you are logged into Online Banking on your desktop.

Upcoming Educational Seminar sponsored by: MEMBERS Financial Services LONG-TERM CARE Planning for Long-Term Care You can never know for sure if you will need long-term care. Maybe you will never need it. But an unexpected accident, illness, or injury can change your needs, sometimes suddenly. The best time to think about long-term care is before you need it.

Date & Time: September 18, 2019 at 6:00 p.m.

Topic: Planning for Long Term Care Hosted by: Joe Reyes Financial Services Representative Location:La Morena Restaurant and Cantina 1516 N. Lee Trevino Dr El Paso, TX 79936

For more Financial Education Classes offered, visit FirstLightFCU.org

Date & Time: September 19, 2019 at 6:00 p.m.

Topic: Planning for Long Term Care Hosted by: Phillip Boyd Financial Services Representative Location: Golden Corral Restaurant 4610 Transmountain Rd El Paso, TX 79924

If interested please contact: Dianne Grant at: 915-564-3271 or Dianne.Grant@cunamutual.com Or use the following link to register today, SPACE IS LIMITED so reserve your spot today!

Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.

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MEMBERS Financial Services

FR-2582587.1-0619-0919

Members have saved nearly $2 billion with Love My Credit Union Rewards! ®

Get more from your credit union membership 3 at LoveMyCreditUnion.org

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Reasons to Line Up a Loan Before Visiting a Car Dealer Author: Philip Reed, NerdWallet® (Jan. 11, 2019)

While many people fear getting a raw deal from a car salesperson, the real damage can be done when the finance manager sets up your loan. But getting preapproved for a loan before you go car shopping can protect you against this financial sleight of hand.

“Auto financing is the last pocket of consumer finance that is truly opaque, and it is opaque for good reasons,” says Jon Friedland, chief executive of auto loan company Outside Financial. The more confusing the process is, the more consumers can be taken advantage of, he says.

But even some car dealers favor preapproval.

“I always suggest that you apply for financing with your bank or credit union before you go car shopping,” says Michael Bradley, fleet internet sales manager at Selman Chevrolet in Orange, California. “Then let the dealer try to get you a better rate than you already have.”

Arranging financing first can help you avoid overpaying for your car. Here’s why it works so well:

If you’re ready to buy, getting preapproved for an auto loan will show you roughly what interest rate you qualify for. Some lenders also let you pre-qualify with only a soft credit inquiry, which doesn’t lower your credit score.

2. You can design loan terms to fit your budget Applying for a loan ahead of time also shows you how much you can borrow. Using a car loan calculator, you can compare offers and adjust the terms to see how that affects your monthly payment.

Since you know your budget best, you’ll know what monthly payment you can afford. Try different loan lengths and down payments until you find what fits. Doing this in a relaxed setting, rather than when you’re in the hot seat at the dealership, means you’ll make better financial decisions.

3. It shows the car salesperson you’re an informed buyer Salespeople do their best to size up buyers and their level of knowledge. If a buyer seems inexperienced, the sales staff is trained to exploit this lack of knowledge.

1. You can identify credit problems ahead of time Even people with strong credit sometimes miss paying a bill on time. And this can ding your credit in a hurry. Taking the steps to set up financing before heading to the dealership shows you where you stand.

Setting up your financing first shows the car salesperson that you’ve thought through the process. Instead of the dealer leading you in negotiations, you’ll have more control to get the deal you deserve.

First, check your credit score. If it’s lower than expected, look to see what’s causing the problem.

Because higher credit scores typically mean lower auto loan interest rates, it might be worth delaying your car-buying until you repair your credit and can qualify for a better rate.

4. It simplifies negotiations while strengthening your position A question car salespeople are trained to ask early in the process is, “What monthly payment would fit your budget?” If you name a figure, they’ll find a way to get it for you, usually by juggling the numbers in a way that costs you money.

But with a preapproved loan offer you can deflect

this question. Just tell them, “I’m a cash buyer — let’s talk about the cost of the car.”

“It helps keep the different car-buying transactions separate,” says Outside Financial President Sonia Steinway. “Buying the car, financing and trade-in are three separate things. If you combine them, chances are that you won’t get the best deal on any of those things.”

5. It forces the dealer to beat your rate Dealers have access to some of the lowest financing rates available, and when you come in with a preapproved loan offer, they must compete for your business.

In the finance office, the manager will probably ask what rate you’re preapproved for. Instead of tipping your hand, ask the manager to name the best interest rate they can provide. If it’s better than what you’re preapproved for, take the offer.

But make sure the dealer doesn’t change the terms of the loan you agree to.

Auto lending is growing The good news for car shoppers is that preapproval is easier than ever before — sometimes just a few clicks away — with new players jumping into the auto loan space all the time. In many cases, you can apply on your phone and get a decision in minutes.

So even if you think you can get a better rate at the dealership, there are plenty of reasons to begin with preapproval from an independent FirstLig lender.

you can

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© 2019 NerdWallet, Inc. All Rights Reserved

FirstLight where Community Matters August

September

October

• Spooktown • Freedom Crossing Fiesta • Freedom Crossing Back to School Expo • Realtor Rally • Let Freedom Sing Concert • Segundo Barrio Back Pack Drive • Home & Garden Show • Shot in the Dark • YISD Convocation • FirstLight Shred Day • Entravision Health & Financial Wellness Fair • Relocation El Paso • International Credit Union Day • Bienvenidos • 5K-Race for Education • Parade of Homes • Yucca Council Popcorn Kick Off FirstLight is proud to be a community leader in El Paso, Las Cruces and Fort Bliss area. We thank all our staff who • Men who cook volunteer to give back to the community and invite all our members to support us in the upcoming events. Please visit our website, FirstLightFCU.org, and Facebook page, for more events information and updates.

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