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Old 07-09-2009, 12:57 PM   #1
nUcLeArEnVoY
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Drives: 2011 1SS/RS M6
Join Date: Jun 2008
Location: Homestead, FL
Posts: 3,455
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Hey guys, I've got a quick question about Credit Unions...

Hey guys!

So okay, anybody who's ever read my posts often knows that I am one of the 'save OHMYGODWTF massive down payment over an extended period' guys. Got 17K now and a credit score of around 710-720 and I plan to go for a 1SS with only RS and Boston Acoustics when I get around 20-21K...

But college comes first, which'll slice into my savings (since I'm paying for it whole) by a potential 4K-5K at the end of two years. So I am being conservative in saying that I still might not have this car till' around this time next year, despite how close I am 20K right now.

By that time, I could be eligible for two types of discounts, ASSUMING that the car's hype isn't settled down enough yet that dealers are actively selling for invoice or below MSRP, because I doubt that'll be happening for a loooong time. ANYWAY, I will be eligible for the College Discount and I could be eligible for the Credit Union Discount, same exact discount, but for some reason the latter of the two seems a little more foolproof for me.

So my question is, what's the difference between joining a Credit Union and a normal bank? I bank with Wachovia right now and am for the most part pleased with the service and I have all my money in a Free Checking account.
Is a Credit Union any different? I have two Credit Unions near me - People's Credit Union and Power Financial Credit Union and I go to their websites and they seem no different as far as banking is concerned. My banking process is very spartan, all I do is deposit money and withdraw from the account when I need to (pay credit card bills, basically).

Are there any rules for Credit Unions, any stringent regulations or join-up requirements that normal banks don't entail? For those of you who are in Credit Unions, gimme some pep talk! I'd like to be eligible for this discount!
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