At Truliant, we have an internal Success Story Inbox that allows staff to share some of the great things they are doing to help our member-owners. Here’s a quick story from Robin at our High-Point, NC Member Financial Center.
“I had the best experience working with a member-owner this week. She works for another financial institution, but became a member at Truliant through an auto loan a couple of years ago.
She stopped in to make an auto payment and saw our sign about the 90 day deferred payment. This was of interest because she just found out that she has to pay $849 in taxes, and skipping those car payments would be a big help.
While doing the application, I noticed that she had several credit cards that were probably at high rates based on experience with those companies. I knew she had enough equity in her car to pay off a couple of the cards, and she was very interested in perusing that option.
We couldn’t defer the payments for 90 days, but we were able to refinance the car, with the rate dropping for her from 6.55% to 5.75% (subject to credit approval). In doing so we had the $849 for the taxes and $3,438 remaining to use towards her credit card (interest rates ranges from 15 – 28%) debt. When everything was said and done she completely paid off all but one of her credit cards, but it only had a remaining balance of $300.
We dropped her car payment by $3.00 and eliminated $323.00 a month in credit card payments! She is in much better shape now and on a good path to bettering her financial fitness.”
