SPRING 2022
REFINANCE A VEHICLE LOAN, PERSONAL LOAN, OR CREDIT CARD BALANCE FROM ANOTHER LENDER AND GET $200 LAPFCU wants to help you achieve your financial goals faster. One way we can do that is by refinancing your loans and credit cards. You can lower your rates and payments, pay off debt sooner, or consolidate debts to simplify your life. And, for a limited time, get $2001 when you refinance a personal loan, credit card, or any vehicle loan (including auto, motorcycle, boat, watercraft, motor home, or travel trailer loan) from another lender.
OFFER ENDS JULY 31ST
Get $200 when you refinance a vehicle loan, personal loan, or credit card debt from another lender! Plus, no payments for 90 days on autos. ($10,000 minimum balance required)
Take advantage of auto loan rates starting at just 1.99% fixed APR2. Plus, enjoy no payments for 90 days on refinanced auto loans3!
CONSOLIDATE CREDIT CARD DEBT If you have high interest credit card balances elsewhere, there’s never been a better time to refinance into an LAPFCU personal loan and save with rates as low as 7.49% fixed APR4.
HURRY, THIS OFFER EXPIRES JULY 31ST Check the LAPFCU app or online banking to see if you’re already pre-approved or apply at lapfcu.org/refinance-save. Speak with a Loan Officer at (877) 695-2732 to find out how much you may be able to save.
INCLUDES END OF WATCH DEBT PROTECTION5 FOR SWORN AND CIVILIAN LAW ENFORCEMENT, WHICH COVERS UP TO $850,000 OF ALL LAPFCU LOANS! DETAILS APPLY AT LAPFCU.ORG/EOW.
1 Offer valid January 18, 2022 – July 31, 2022. Existing LAPFCU loans do not qualify. Must refinance a personal loan, credit card debt, or vehicle loan (auto, motorcycle, boat and watercraft, motor home and travel trailer loans) from another lender that is at least $10,000. Credit card debt from another lender is eligible for a personal loan refinance. Offer applies to each eligible loan. The $200 will be credited to the primary applicant’s S1 Share Savings Account within 60 days after loan origination. Offer subject to change or cancellation at any time and other restrictions may apply. May not be combined with any other offers. Members who receive the $200 offer cannot refinance the new loan with LAPFCU again for a lower APR. Please ask for complete details. 2APR = Annual Percentage Rate. To qualify for 1.99% fixed APR for 60 months requires a FICO score of 800 or greater and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to lapfcu.org/ member-benefits/ for complete details. 60-month term payment example: A 5-year loan at 1.990% fixed APR will have 60 monthly payments of $17.52 per each $1,000 borrowed. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details. 3Only applies to auto loans. Number of total payments on your auto loan remains the same, and interest continues to accrue during deferred payment months. Deferring an auto loan payment may void your GAP insurance. Consult your insurer for details. 4APR = Annual Percentage Rate. Minimum loan amount of $500 and the maximum loan amount of $100,000. To qualify for 7.490% fixed APR for 48 months requires a FICO score of 800 or greater and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to lapfcu.org/member-benefits for complete details. 48-month term payment example: A 4-year loan at 7.490% fixed APR will have 48 monthly payments of $24.17 per each $1,000 borrowed. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details.
(877) 695-2732 • lapfcu.org
PRESIDENT’S MESSAGE
WORKING HARD TO IMPROVE SERVICE
And Preparing to Meet Members’ Future Needs As you go about your daily life, you probably don’t give a lot of thought to how your banking works. You just know that it does, and you expect it to. And you should. If you stop to think about it, though, you may quickly begin to imagine that a lot goes on behind the scenes to make those banking services happen. You’d be correct. The scope and complexity of what’s required to bring you fast and seamless banking services is vast. Now consider that your credit union isn’t simply trying to maintain these services, but constantly working to improve them. You’ve heard the one about trying to change a tire on a car while it’s driving down the road at 65 miles per hour, right? Yet, it’s what we do, because we live our mission of improving our members’ quality of life – and we’re always working to raise the bar. Why are we telling you this? Later this year, we’re going to change that tire while the car is driving. Actually, more like change the engine. You see, we’re rolling out a major system change. We’ll be upgrading to a new core computer transaction processing system. This is the system that houses records of all your balances, deposits, withdrawals, loan payments, and more. The amount of information we’re moving to the new system is considerable. And, we have to get it right so that you don’t experience any issues when we “flip the switch” and go live with the new system. This will mostly happen in the background and if we do a good job, you’ll hardly notice it.
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We want you to know about the new system because you will need to be aware of some important upcoming changes to accounts. But don’t worry, we’ll send more information and walk you through it when the time comes.
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We’re modernizing our system. This will allow for greater speed, accuracy, and security. We’ll have more ability to automate tasks and add features and services that make your life easier.
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We’ll be able to better serve you. With greater insight into your preferences, we can more proactively anticipate and meet your needs.
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We’ll increase our efficiency. With one centralized hub to log into, our staff can be trained more quickly and serve you faster.
It may take a little getting used to for you and for us in the short term, but we promise that it will be worth it in the long run. While we may be changing systems, we want you to know what won’t change: our commitment to improving the financial wellbeing of the law enforcement community. This change is just another step toward furthering our mission to serve you today and in the future. We’ll continue to provide the level of service and security you deserve, while striving to bring you the value and respect you won’t find elsewhere. Stay tuned for additional updates and thank you for being part of law enforcement’s premier financial services provider.
Ok, but…why are we telling you this? Well, now that we’ve told you what we’re doing, it’s important to let you know what’s coming up, and to explain why we’re doing it.
“ We want you to know about
the new system because you will need to be aware of some important upcoming changes to accounts.
ANDRE PLUMMER | CHAIR
EDWIN W. HADA | PRESIDENT/CEO
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GET UP TO $6,000 FOR COLLEGE1 Email Applications By May 1 This year, we have two scholarship programs to help outstanding LAPFCU members further their academic goals. Scholarships will be given based upon a combination of written essay, scholastic achievement, extracurricular activities, and community involvement.
TRADITIONAL SCHOLARSHIP
LAW ENFORCEMENT SCHOLARSHIP
• One $6,000 Grand Prize • Up to eight $4,500 Excellent Achievement awards
• One $6,000 Grand Prize • Up to eight $4,500 Excellent Achievement awards
ELIGIBILITY
Open to general LAPFCU members. See complete eligibility at lapfcu.org/scholarship.
Open to youth in law enforcement programs (Cadet, Explorer, or equivalent) See complete eligibility at lapfcu.org/scholarship.
ESSAY QUESTION
In the current digital-first environment, we have heard leaders of some of the biggest tech companies state things like “formal education is not always necessary.” What is your interpretation of this whether one chooses a career inside or outside law enforcement, and what is the relevance to how you envision your future?
In a world where social media is so prevalent, how can law enforcement use this as a tool to positively represent their agency and profession?
PRIZES
To apply and for more details, visit lapfcu.org/scholarship. Email your application and supporting documents to scholarships@lapfcu.org by May 1. If you have any questions or need assistance, contact Angela at (818) 779-3398 or adenerson@lapfcu.org. 1 Qualification Requirements: Scholarship Applicant must be an LAPFCU member at time of application submission. No applications will be accepted until membership is verified. Cannot enter if you or an immediate family member is a previous LAPFCU scholarship winner. Applicant must be between 17 and 22 years old and in good standing with LAPFCU. Applicant must be enrolled in an accredited university, college, junior college, technical or trade school for fall 2022. If you’re applying for the law enforcement scholarship program, in addition to the above requirements, you must also be an active member or a 2021 graduate of a youth law enforcement program, such as Cadets, Explorers, POPP, ACOP, or equivalent. Can only apply to one LAPFCU scholarship program. Scholarships will be awarded based upon combination of GPA, extracurricular activities, scholastic awards and achievements, community involvement and a written essay. Application, essay, and supporting documentation must be emailed to scholarships@lapfcu.org by May 1, 2022. Word or PDF file format only. Complete details at lapfcu.org/scholarship.
YOUR FREE INSURANCE REVIEW IS A CALL AWAY With rebuilding costs rising by more than 20 percent in the last few months, now is the perfect time to speak with an Insurance Expert to review your current policies and ensure you have adequate coverage for your home. A few minutes with a professional will give you reassurance and confidence that you and your loved ones are more prepared for an unforeseen emergency. For over two decades, LAPCUSO Insurance Services1 has helped LAPFCU members find the right coverage for their unique needs. LAPCUSO will compare your coverage with other policies to help make sure you’re getting the best prices, from the most reputable insurers. They will explain your options and customize a plan that makes sense for you. LAPCUSO specializes in property coverage for homeowners, renters, and commercial property owners.
MARIA ASCENCIO
LAPCUSO INSURANCE SPECIALIST
(818) 373-8384 CUSO@BISINS.COM
Call our in-house Insurance Specialist, Maria Ascencio today! Be sure to ask about multi-policy and other special discounts!2 1 Insurance services provided by Bichlmeier Insurance Services, Inc., California license #OB26427. Insurance products offered are not sold or guaranteed by LAPFCU. They are not deposits, are not federally insured, are not protected by the NCUA and may be subject to risk. Any insurance required as a condition of an extension of credit by LAPFCU need not be purchased from the Credit Union and may be purchased from an agent or an insurance company of the member’s choice. Business conducted with Bichlmeier Insurance Services, Inc. is separate and distinct from any business conducted with LAPFCU. 2Restrictions may apply, ask for complete details.
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H O L I D AY CLOSURE
Branches are closed Monday, May 30 for Memorial Day
Please use the LAPFCU app or online banking. For 24/7 assistance, call our Member Contact Center at (877) 695-2732.
PRODUCT HIGHLIGHTS All rates and terms are subject to change without notice. Additional terms and conditions may apply. Call (877) 695-2732 for details.
LOAN RATES EFFECTIVE MARCH 28, 2022 Mortgage Rates 30 Year Fixed†........ 4.750% / 4.767% APR* | Zero Points 15 Year Fixed ......... 3.875% / 3.904% APR* | Zero Points Auto Loans New Auto / Used Auto............ as low as 1.99% fixed APR** SAVINGS RATES EFFECTIVE MARCH 28, 2022 Regular Share Certificates 1-Year Certificate.................................... 0.40% APY***^ 3-Year Certificate.................................... 0.50% APY***^
PERSONAL SERVICE FROM THE COMFORT OF HOME Our virtual appointments offer remote, one-on-one member service from a friendly LAPFCU Associate. Conveniently and securely get assistance with new accounts, loan applications, questions, and updating account information. Book your free virtual appointment today at lapfcu.org/bookings. Remember to turn on your camera, microphone, and speakers. We look forward to seeing you! Los Angeles Police Federal Credit Union is a financial institution with over $1.3 billion in assets exclusively serving active and retired, sworn and civilian employees of Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties Law Enforcement, their families and select police-related groups.
*APR = Annual Percentage Rate. **APR = Annual Percentage Rate. Effective March 28, 2022. To qualify for 1.990% Fixed APR requires FICO score of 800 or greater, and member must qualify for Member Benefits. Actual APR offered may be higher depending upon applicant’s credit rating and other underwriting factors (Member must apply online, participate in automatic payment program and qualify for Member Benefits program at time of funding). Go to https://lapfcu.org/member-benefits/ for complete details. Only on a new or used auto loan for a 36-month term. May not be used to refinance an existing LAPFCU vehicle loan. All rates, terms, and promotional offers are subject to change without notice. Cannot be combined with any other offer. Restrictions may apply, ask for complete details. †4.750% /4.767% APR as of March 28, 2022. Payment example: A 30 year fixed rate mortgage with a loan amount of $500,000 and no points would result in monthly payments of $2,608.24. Monthly payment excludes tax and insurance. All rates subject to change without notice. Fees run 1-1.5% of loan amount financed. Restrictions apply, ask for complete details. ***APY = Annual Percentage Yield. Minimum opening deposit for a regular share certificate is $500. An early withdrawal penalty may apply. ^Member Benefits program rate. Member Benefits is available to all LAPFCU members in good standing who qualify. Member must fulfill Member Benefit Program requirements in order to receive incentives. Program subject to change or cancellation at any time and restrictions may apply. Ask for details. More information available at lapfcu.org/memberbenefits. The following loan types are excluded from Member Benefits rate reductions: Real estate loans, mobile home loans, unsecured lines of credit, credit cards, share loans and share certificate loans.
(877) 695-2732 • lapfcu.org
0222-45
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