Thursday, April 3, 2014

Weokie's Troubling Car Loan Ad

I received the following ad about financing or refinancing a car loan through Weokie Credit Union in Oklahoma City (see ad below).

This ad is misleading, if not deceptive.

The ad states that you can defer making a payment for 90 days on this loan. It goes on to say in bold, large font that the 90 days no payment savings is $1,357.62.

However, a person, who choses to defer for 90 days making a payment on this loan, does not save $1,357.62 unless the credit union is making the first three payments on the loan, which I doubt. The member still has to make that payment -- it was just delayed.

Moreover, in the ad's fine print, Weokie states that if you chose to defer payment for 90 days, interest will continue to accrue during this time period. In other words, you even owe more in interest.

In addition, Weokie's ad is making a farce out of the membership requirement. Weokie will pay to open an account for you.

The ad says:
"Don't have an account? Don't worry...
WEOKIE WILL MAKE YOUR FIRST DEPOSIT INTO A NEW ACCOUNT."

I checked Weokie's website and the minimum deposit to open an account for membership in the credit union is $5. Don't you think that the person can at least deposit $5 into a savings account to become a member.

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5 comments:

  1. AnonymousAugust 22, 2014 at 5:04 PM

    I wonder if the fact Mr. Leggett works for the bankers association has anything to do with this article? Same organization that supports BOA's $5 charge for an ATM card a couple years ago. Don't you think the bank could pay the $5 it costs to have a debit card Mr. Leggett?

    ReplyDelete
  2. WebbRowanDecember 11, 2015 at 2:57 AM

    If something is too good to be true, it probably is especially when it concerns loans. Never take finances lightly because you might just get yourself in hot soup after you have nonchalantly followed the misleading facts on the institution’s advertisement. Before signing up for any plan, go down to a branch and get an officer to clarify in-depth all the doubts that you may have.

    ReplyDelete
  3. UnknownDecember 28, 2015 at 4:46 AM

    When you see something that seems misleading or too good to be true, never take those words in their exact form. Instead, approach an officer to better clarify any doubts that you might have. This is especially crucial when it comes to your finance to prevent you from making any mistake that could be deadly in landing you in debts.

    ReplyDelete
  4. AnonymousSeptember 16, 2017 at 3:24 AM

    You always do a great job of explaining things.

    I can definitely see where you're coming from and I appreciate the insight.

    I shared this on Facebook and my friends seemed to enjoy
    it too. Keep it up!

    ReplyDelete
  5. AnonymousJuly 23, 2019 at 12:24 PM

    I don't view the part about defered loan payments misleading. I have defered payments before around the holidays... It just extended my pay off date an extra month each time (defered twice before) and Didn't hurt my credit score for "skipping" that months payment.. so when I see defered for 90 days I just automatically expect that my pay off date is extended without it hurting my credit score for not paying my bill those months defered.

    ReplyDelete

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