Banking
Borrowing
Planning
Learning
Membership
  • ABA/Routing # 311992904
  • Locations
  • Contact Us
  • About Us
  • Rates
  • Forms
    • {{ result }}

welcome to online banking

* Required
* Required
Forgot Password Enroll in Online Banking Enroll in Business Online Banking
Banking
Checking Accounts Savings Accounts Credit Cards Small Business Banking
Mobile & Online Banking
Borrowing
Auto Loans Home Loans Personal Loans Student Lending Small Business Loans
Planning
Financial & Retirement Planning Protect Your Family & Assets
The Navigator Financial Calculators
Learning
Personal Financial Wellness Blog
Membership
Join Now Why Join? Benefits Events Member Stories Offers
  • Need to pay a friend?

    Use Send Money to transfer funds from your checking account.

    Learn more.
    • {{ result }}

    Banking

    Banking
    Checking Accounts Savings Accounts Credit Cards Small Business Banking
    Mobile & Online Banking

    Borrowing

    Borrowing
    Auto Loans Home Loans Personal Loans Student Lending Small Business Loans

    Planning

    Planning
    Financial & Retirement Planning Protect Your Family & Assets
    The Navigator Financial Calculators

    Learning

    Learning
    Personal Financial Wellness Blog

    Membership

    Membership
    Join Now Why Join? Benefits Events Member Stories Offers

    • ABA/Routing # 311992904
    • Locations
    • Contact Us
    • About Us
    • Rates
    • Forms

    welcome to online banking

    * Required
    * Required
    Forgot Password | Enroll in Online Banking
    1. Home
    2. Blog
    3. Getting a Great Auto Deal
    Auto, Vehicle

    Getting a Great Auto Deal

    01/01/2023

    Buying a new or used vehicle can be a stressful — and expensive — proposition for most consumers these days. According to 2020 statistics from the U.S. Department of Transportation, households spent an average of $9,826 on transportation, second only to housing. Today’s overheated pandemic-era market has changed the game even further, reflecting a perfect storm of rising prices and decreased inventory.

    So, what’s the best way to get a quality car at a reasonable price? According to American Airlines Federal Credit Union Regional Director Paul Vaught — doing your homework is key.

    “There are a lot of things we can educate our members on, set their expectations to help understand the environment they’re driving into, and to have a better understanding of what they really need,” he said.

    Find the perfect car for you

    Being tech-savvy is one of the simplest ways to research the vehicle you want and it will help you avoid spending hours driving from dealership to dealership. COVID-19 has accelerated this transition, and a number of vehicle retail websites are now established resources for buyers.

    With more than 6,000 vehicles in its database, the Credit Union’s online research tool, CAARS.org, makes it easy to locate a dealer, compare prices and find the car you want. The Credit Union also routinely makes referrals to dealerships that have provided exceptional service to members in the past.

    Lock down your loan
    Getting preapproved for a loan can help you identify any credit issues, set up the optimal down payment and loan term for you, and potentially serve as a bargaining chip with the dealership.

    “During preapproval, we want you to know your rate and how much you can afford before you go to the dealer,” Vaught said. It’s important to remember that the car you might want is not necessarily the car you can afford. This includes factoring in add-ons dealers are likely to push, as well as the cost of insuring your new vehicle.

    Find out fair market price
    “If you’re looking at a specific vehicle, we can share with you what the actual MSRP [Manufacturer Suggested Retail Price] value is, depending on all the options,” Vaught said. The Credit Union can also provide the NADA [National Automobile Dealers Association] value for your current vehicle marked for trade-in and allow you to ballpark a figure when it comes to negotiating with the dealership. Additionally, vehicle-pricing research is available on the Credit Union’s website through its dealer partnerships.

    Build a big-ticket budget

    American Airlines Credit Union offers a number of financial calculators designed to aid members in finding loan options that fit their budgetary needs and educate them on financial decisions. Along with the auto calculator for members in the market for a new vehicle, calculators for personal finance, home lending, savings, credit cards and small business are available to members. Loan officers can also talk you through the process and help you understand how to structure payments.

    Say no to the hard close
    Dealerships can be a high-pressure environment, now more than ever. “They’re going to try and sell you all types of services. They’re going to try to and sell you their financing, extended warranties, GAP [Guaranteed Asset Protection] coverage and other add-ons,” Vaught said. “If something doesn’t feel right, then it probably isn’t. Trust your instincts and don’t feel bad walking away from a deal.” Remember, many of these add-on options are available at the Credit Union at a typically lower cost.

    Is the deal right?
    In the current environment with sticker prices greatly exceeding MSRP values, patience is vital. “When you find the vehicle of your choice, before your close the deal, make certain you talk with your lender and have them review your purchase order to make sure you’re getting good value,” Vaught said. “A lot of people forget that step, because it’s easy to be overwhelmed by the process. But it’s something we encourage our members to do.”

     

    About the Author
    Brian Keagy
    ,

    Share:

    Related Posts

    • Stay Protected with an Extended Warranty
    • Why GAP is a good idea when you are buying a car
    • Why GAP insurance is a good idea
    • Top 10 reasons to Refinance your Vehicle
    • Shop For Your Next Auto Online

    Related Posts

    • Stay Protected with an Extended Warranty
    • Why GAP is a good idea when you are buying a car
    • Why GAP insurance is a good idea
    • Top 10 reasons to Refinance your Vehicle
    • Shop For Your Next Auto Online

    ABA / Routing # 311992904

    • Online Privacy Policy
    • Privacy Notice
    • Website Accessibility

    Questions?

    Chat Hrs:
    Monday - Saturday, 8 a.m. - 5 p.m., CDT

    (800) 533-0035 within the U.S.

    (817) 952-4500 Outside USA, Canada, Puerto Rico & U.S. Virgin Islands


    American Airlines Federal Credit Union 2025 | American Airlines Credit Union and the Flight Symbol are marks of American Airlines, Inc. If you are using a screen reader and are having problems using this website, please call (800) 533-0035 for assistance. Equal Housing Lender
    Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. NCUA, National Credit Union Administration, a U.S. Government Agency.

    Let's Connect:

    • Online Privacy Policy
    • Privacy Notice
    • Website Accessibility

    Questions?

    Chat Hrs:
    Monday - Saturday, 8 a.m. - 5 p.m., CDT

    (800) 533-0035 within the U.S.

    (817) 952-4500 Outside USA, Canada, Puerto Rico & U.S. Virgin Islands

    ABA / Routing # 311992904


    Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. NCUA, National Credit Union Administration, a U.S. Government Agency.

    Let's Connect:

    American Airlines Federal Credit Union 2025 | American Airlines Credit Union and the Flight Symbol are marks of American Airlines, Inc. If you are using a screen reader and are having problems using this website, please call (800) 533-0035 for assistance. Equal Housing Lender
    ["aacu01mstrt9x16inte.dxcloud.episerver.net","integration.aacreditunion.org","aacu01mstrt9x16prep.dxcloud.episerver.net","preprod.aacreditunion.org","www.aacreditunion.org","apply.aacreditunion.org","online.aacreditunion.org","centsmag.aacreditunion.org","centsmagazine.com","jobs.aa.com","myaccount.iconnect2invest.com","navigator.aacreditunion.org","www2.iraservicecenter.com","aacreditunion.studentchoice.org","www.igrad.com","www.homeloaans.org","calclinks.aacreditunion.org","app.loanspq.com","www.cvent.com","prod.aacreditunion.org","www.docusign.net","applynow.aacreditunion.org","cvent.me","join.aacreditunion.org","mailto:AACadet@AACreditUnion.org","aacreditunion.formstack.com","cents-mag.com","www.cents-mag.com","www.centsmagazine.com","aacu02mstru2p99prod.dxcloud.episerver.net"]

    YOU ARE NOW LEAVING THE CREDIT UNION WEBSITE

    You are about to visit a site operated by a third party. The Credit Union does not provide and is not responsible for the product, service, overall website content, security, privacy policies or software downloads for any external third- party sites.