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Free gas.
It's an offer that has piqued the interest of many members at Fiberglas Federal Credit Union here, tired of paying as much as $3.09 per gallon.
The CU, in conjunction with one of its SEGs, Englefield Oil, which owns a chain of gas stations and convenience stores throughout Ohio, launched the month-long promotion in September to help ease some of the gas pains members are feeling, said Shani Smith, VP of Marketing.
"In light of the recent gas price hikes, we wanted to do something nice for our members," Smith said. The catch is that members have to take out a new car loan or refinance a car loan from another financial institution to qualify.
The clever offer that had members swarming into the credit union for details as soon as it was announced is among many promotions across the nation triggered by events of recent years-and weeks - that have impacted the price of gasoline.
Many are offering discounted loan rates on purchases of environmentally-friendly vehicles with one going so far as to give its members a chance to win one.
United Teletech Financial Credit Union, Tinton Falls, N.J., announced its discounted rates plus extra incentives that include a 90-day payment deferral and a $50 gas card.
Reducing Loan Rates
"Reducing loan rates for hybrid vehicles is a small way to make a difference in the quality of life in Monmouth, Ocean and Middlesex counties," said Leo R. Ardine, CEO of the $256-million UTFCU. He said the promotion includes reminders that hybrid vehicle owners can take advantage of federal clean-fuel tax deductions available through 2006. Under current law, a one-time $2000 deduction can be made on hybrids purchased by Dec. 31, 2005.
"With the escalating price of gas, buying a fuel-efficient car not only makes a lot of sense, but it's good for the environment, as well," Ardine said. "As a responsible corporate neighbor, we believe it's important to do whatever we can to help make hybrids more affordable in our communities."
Columbia Credit Union in Vancouver, Wash., launched a year-long promotion in January that offers a chance for one lucky member to win a 2006...