It seems like there is a holiday for every occasion. There’s “International Talk Like A Pirate Day,” “Square Root Day“ “No Pants Day.” And Thursday, Oct. 15, just happens to be International Credit Union Day. Here’s why you should be celebrating …

The history of credit unions began in 1844 with a group of weavers in Rochdale, England. From there, the idea of a financial cooperative spread to Germany, Canada and the United States. Today there are 52 credit unions in Arizona serving more than 1.6 million members. That’s about 25% of the state’s population.

Enough with the history lesson. What matters is that more than 160 years later, and especially in light of today’s “Great Recession,” credit unions are more viable than ever. Here’s why you should be banking with a credit union:

• Saving you money – Credit unions help their members save money by offering lower loan rates, better deposit rates and fewer fees than other banking institutions. In fact in 2008 alone, Arizona’s credit unions saved their members nearly $190 million in direct financial benefits, which equals a savings of $229 per member household.*
• Money to lend – Despite the ongoing “credit crunch,” Arizona’s credit unions have money to lend for vehicle loans, mortgages, home equity loans and more.
• Locally owned & operated – The money we lend and hold in deposits typically stays in Arizona, which helps fuel our local economies.
• Member owned – When you join a credit union, you’re also an owner. As financial cooperative, credit unions are dedicated to serving their members, most of whom live here in Arizona, not stockholders or other outside interests located in other parts of the country.
• Helping small businesses succeed – Small businesses continue to be the lifeblood of our economy. Many local credit unions offer a full-range of business financial services to help fuel their success.
• Personal Service – While quality of service can vary from institution to institution, credit unions consistently score higher than their banking counterparts. The American Customer Satisfaction Index for fourth quarter 2008 scored banks a 75 while credit unions towered with an 84.

Let’s face it, most of us have multiple banking relationships. We may use one institution for our checking account and another for our auto or home loan. Why not simplify your life, save some money, and help the local economy all at once? Make the switch to your local credit union. You’ll be glad you did, but please, leave your pants on when you visit your friendly neighborhood credit union branch. [Comment]

* Source: Datatrac, National Credit Union Administration and Credit Union National Association.

David Kexel is the Vice President of Marketing & Business Development for Arizona Central Credit Union, where he has worked since 1999. He has 12 years of experience in financial services marketing and has lived in Arizona for 21 years.

As car manufacturers struggle to sell vehicles in today’s economy, buyers are benefiting from some of the most aggressive pricing and incentives in recent memory. Now the federal government is jumping into the fray with its so-called “Cash for Clunkers” program.

Officially known as the Car Allowance Rebate System (CARS), the Cash for Clunkers program was created to help remove inefficient, higher-polluting vehicles from the roadways while providing an economic stimulus for consumers and auto manufacturers.

Here’s a quick rundown of the program:

• Your trade-in cannot be more than 25 years old and must be in drivable condition. In the case of very large pickups and vans (8,500 to 10,000 pounds gross vehicle weight), they must have been made since 2001.
• You must have owned your clunker for at least one year and it must be registered and insured for the last 12 months.
• Your clunker must get 18 miles per gallon (MPG) combined fuel economy or less.
• The new vehicle you’re purchasing must have a combined fuel economy of at least 22 MPG for passenger vehicles. For small trucks and SUVs, the new vehicle must have a combined fuel economy of at least 18 MPG.
• If your new vehicle achieves 4 to 9 MPG better fuel economy than your trade-in, the credit is $3,500.
• If the new vehicle has a combined fuel economy value that is at least 10 MPG higher than the traded-in vehicle, the credit is $4,500.
• Your clunker credit is subtracted from the price of the vehicle, and the dealership is reimbursed by the federal government.
• The program doesn’t require a voucher or additional paperwork on your part.

To see if your vehicle might qualify, try out one of the many online “clunker calculators,” like the one at the Kelley Blue Book website.

Keep in mind, the “Cash for Clunkers” credit you receive is in place of your vehicle’s trade-in-value; you don’t receive both. So, if your clunker is worth more than the credit, you’re better off taking the trade-in value as opposed to the clunker credit.

You can use your clunker credit to purchase or lease a new vehicle; used vehicles do not qualify. That’s an important consideration. Depending on your budget, it might make more sense to purchase a quality pre-owned vehicle. Don’t forget, in addition to that new car smell, you’ll also be facing higher monthly payments, increased insurance rates, higher registration fees and greater depreciation expense when your purchase new over used.

The Cash for Clunkers program officially started July 1, so if you just purchased and traded in vehicles that would have qualified under the program, you may still be eligible for the rebate. Check with the dealership where you purchased your vehicle.

CARS is scheduled to end Nov. 1 or whenever the $1 billion set aside for this program is depleted, so you need to act fairly quickly. For more information, visit www.cars.gov, the federal government’s official “Cash for Clunkers” website.

David Kexel is the Vice President of Marketing & Business Development for Arizona Central Credit Union, where he has worked since 1999. He has 12 years of experience in financial services marketing and has lived in Arizona for 21 years.

As a locally-owned and -operated financial institution that has been serving Arizonans for more than 70 years, we understand the importance of supporting local businesses whenever possible. That’s why we’ve created the Get Connected section of this website. We invite other locally-owned and -operated businesses to tell their story by sharing a link to their website. We’ll post a link to your website from this website so we can all support each other in this economic recovery.

Get Talking is our economic blog. Here members from the Arizona Central team and other guest bloggers will share their stories and suggestions on ways we can support one another and navigate our way out of this economic downturn. If you have something to say, visitors can also post their thoughts and comments in response to any of our blog posts.

Do you have a financial question you’ve been dying to ask? Visit the Get Answers section. One our financial experts will respond to your question, and we’ll share your questions and responses so everyone can benefit from the added knowledge.

Now that you know more about getAZmoving.org, take a few minutes to look around. Be sure to subscribe to our email list so we can notify you when new blogs and other information are posted. And be sure to tell a friend, so we can all work together to get Arizona’s economy moving in the right direction.

David Kexel is the Vice President of Marketing & Business Development for Arizona Central Credit Union, where he has worked since 1999. He has 12 years of experience in financial services marketing and has lived in Arizona for 21 years.