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December Member’s Day Car Draw Winner No 2

Congratulations to  James Lillis, winner of one of the four cars In our Member’s Day car draw. If you have not signed up for the member’s car draw yet simply call to any of our branches and fill out the Car Draw form. For just €4 per draw you could be like James and driving off in a brand new car!

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December Member’s Day Car Draw Winner No 1

Congratulations to Margaret Corcoran, winner of one of the four cars In our Member’s Day car draw. If you have not signed up for the member’s car draw yet simply call to any of our branches and fill out the Car Draw form. For just €4 per draw you could be like Margaret and driving off in a brand new car!

Why is a credit union car loan better?

When it comes to financing the purchase of a car, many people simply look for the lowest rate on offer and believe it to be the best option. Headline rates may attract the most attention, but the devil is very much in the detail. Many ‘car finance loans’ offered by garages and some banks are actually hire purchase agreements.

The main difference between using a personal loan and a hire purchase agreement to buy a car is that with a personal loan you borrow money, pay for your car, and own it immediately. With a hire purchase agreement, you don’t own the car until you make the final repayment. This means you cannot sell the car if you run into problems making your repayments.

If the motor dealer is arranging the hire purchase agreement, the motor dealer acts as an agent for a finance company and earns commission to arrange the finance for you. In this case, the motor dealer is acting as a credit intermediary and must be authorised to act on behalf of the finance company.

When you use a hire purchase agreement to buy a car, the motor dealer sells the car to the finance company. The finance company then rents the car to you for an agreed period of time in return for a set monthly repayment over a number of years.

Watch out for the range of additional fees and charges which you may incur as part of a hire purchase agreement. This would include a documentation fee (for setting up the agreement) and completion fee (a fee charged to end the agreement and pass ownership to the car purchaser). If you run into difficulty in meeting the terms of the hire purchase agreement, you may be charged a penalty fee for missed repayments, a rescheduling fee (if you need to change the terms of the agreement) and a higher rate of interest may be charged on any repayments which you missed.

The conditions of some hire purchase agreements result in monthly payments not being evenly spread out and you may pay less in the earlier months of the agreement. This can make your monthly repayments appear more affordable. However, you may have to pay a large final payment (known as a balloon payment) at the end of the term, a payment you may not have budgeted to meet. It can be a real sting in the tail for some.

Thankfully, a car loan from your local credit union is much more straight forward. CEO Pat Shanahan, Tipperary Credit Union said “You borrow the money from us, pay for the car and you own the car immediately. You agree a repayment schedule with us. If you run into difficulty, you can talk to us to see if you can come to an agreement on the repayment terms. Should you be in the happy position of being able to repay the loan early, you may do so without any penalty charges.”

Having arranged finance with your local credit union in advance of going shopping for a car also puts you in a stronger position. It helps to know exactly how much you have to spend and because you are not going cap-in-hand to the dealer, you are effectively a cash buyer and you may be able to negotiate a better deal.

CEO Pat Shanahan, continued “Don’t forget at Tipperary Credit Union you can also get great value car insurance through the credit union insurance website coveru.ie. where until the 31st of March 2016, you can get 12 months cover for the price of 11 (equivalent of 9% discount). We are also running a promotion whereby if you take a car loan out between now and the 31st of March. You are automatically in a draw where you can win your Car Tax paid for, for one year.

So if you’re thinking about your options for financing a car purchase, look no further than Tipperary Credit Union.

For further information please contact Tipperary Credit Union on 062 80400 or apply online at www.tipperarycu.ie

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Christmas 2015 Car Draw Winners

Christmas 2015 Car Draw Winners

It was a great day at Tipperary Credit Union with 4 members winning superb new cars


Christmas 2015 IPAD Mini Winner

Congratulations to Miss Molly Heffernan, Cordangan, Tipperary who won an IPAD Mini 4 in our younger members savings promotion! Thanks to all who took part!

Christmas 2015 Member Draws

Winners of the Christmas Hamper Promotion

  • Patricia Cunningham Turif
  • Jean Mc Donnell
  • Winners of Member Christmas Hampers
  • Carmen Lowry
  • Emma Campbell Adams
  • Tammy Barry
  • Neil Hassett
  • Michelle Mulcahy
  • Mary Harris
  • Maria McCarthy
  • Sabrina Cummins
  • Debbie Price
  • Zara Ryan

Winners of €50.00 SuperValu Vouchers

  • Susan Corcoran
  • Dolores Cummins
  • Joan O’Donnell
  • Kathleen Crowe
  • Mary Casey

Statement regarding the ILCU Savings Protection Scheme

There has been some media attention in recent days regarding the Irish League of Credit Unions operated Savings Protection Scheme (SPS)

Tipperary Credit Union would like to reassure members that we are financially independent of other Credit Unions, have sound finances, and that your MONEY IS SAFE IN OUR HANDS. Tipperary Credit Union Limited is affiliated to the Irish League of Credit Unions.

Members can take comfort in remembering that individual member savings of up to €100,000 in your credit union are guaranteed by the Deposit Guarantee Scheme operated by the Central Bank of Ireland. We also pay a levy to the Central Bank which is in place for financial institutions should one of them face collapse

Q: Is my money safe?

A: Yes, one hundred thousand times, yes. This is because all accounts in Tipperary Credit Union are covered by the Deposit Guarantee Scheme, which is a permanent scheme set up by law and operated by the Central Bank of Ireland.

If there is any major problem with any credit union, your account money will be paid to you up to a maximum of €100,000. All credit unions are part of this scheme regardless of their representative body.

Q: So what is this SPS then?

A: The Savings Protection Scheme (SPS) was set up in 1989 by credit unions affiliated to the Irish League of Credit Unions, the largest representative body for the movement.

The SPS pre-dates the State’s deposit guarantee scheme (DGS), and was designed to protect the savings of credit union members.

It is supposed to do this by providing funding and other assistance to credit unions in financial difficulties.

Credit unions that are members of the league pay a combined €8m into the SPS fund every year.

Tipperary Credit Union remains a strong, secure financial co-operative which continues to use the funds from member savings they have built up in a co-operative manner in the best interests of all members. We have a professional team managing your Credit Union and we are well positioned to continue to provide for member saving and loan requirements in a safe and secure way.

We will continue to keep our members informed of any credit union industry concerns and we continue to remind our members that we are confident that Tipperary Credit Union along with other progressive, professional credit unions in Ireland are well placed to ensure the safety of member savings.

If you have any questions on the information above or on recent newspaper articles don’t hesitate to contact us.

Head Office Phone number 062 80400, email info@tipperarycreditunion.com