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Volume 3: Number 1

In This Issue

You spent HOW much for the Holidays?

More and more members are doing it!

The Holidays were great this year! Now come the bills. And there is probably a tuition invoice or two mixed in. And don't forget about those small but costly "must-have" home renovations done before the family arrived. Those bills have come due, too.

They all add up.

Time for some help. Tri-Co lets you skip one or all of your consumer loan payments. Will that help? Maybe your best gift of the year?

Find relief with a simple mouse click.

Payments on vehicle loans, signature loans and unsecured lines of credit may be skipped. Real estate loans, credit cards and lease loans are not included. If your loan payments are current and your credit is good with us, you can clean up your Holiday debts and roll into 2013 free and clear!

Decide the month and loans you want to skip by indicating your selections on the e-application, and we'll take it from there.

• Make payments by payroll deduction? Your payment will be deposited to your savings or checking account as you direct.
• Loan terms are extended by one month; your payment won’t change.
• Interest continues to accrue for the month you skip and is added to the final loan payment.
• A $40 setup charge for each loan skipped will be deducted from your savings or checking account for this offer.
• Limit two skips per loan, per year. Because of insurance restrictions, if you have GAAP insurance on your auto loan, you are limited to two loan skips for the entire term of the loan.

Boomers!
Retiring mortgage-free is within your grasp.

Are you 5 to 10 years from retirement, and…

• Paying at least 1% more than the current mortgage rates?
• Have at least 30% equity in your home?
• Have a good credit score?
• Plan to stay in your home after retirement?
• Have an adjustable rate mortgage with another lender?
• Want to eliminate mortgage payments once you retire?

Fixed-Rate Mortgage solutions designed just for our baby boomer members!

• Existing refinances only
• Owner occupied only
• 70% Loan to Value ratio
• $999.00 application fee

Talk with the mortgage specialists at Tri-Co!

Limited Time Offer*

*Offer available to new Tri-Co mortgage applicants and those refinancing a mortgage from another lender. Seven year maximum term applies for the 2.75% Annual Percentage Rate; 10 year maximum term applies for the 3.00% Annual Percentage Rate. These are fixed –rate loans and the APRs are not subject to change during the terms of the loans. Loans are subject to normal credit approval. If a member were to borrow $100,000 for 7 years or 84 months at an APR of 2.75%, their monthly payment would amount to approximately $1,310.00. A member borrowing $100,000 for 10 years or 120 months at an APR of 3.00% would expect a monthly payment of approximately $966.00. This offer is valid from February 1, 2013 through April 30, 2013.

Connect with us 3 ways

Mobile Banking allows anyone with a Tri-Co Home/Online Banking account to access their registered account from a cell phone. Click on the link below for more details and a very informative video!

Credit Union membership is a wonderful thing. But, just like that cheeseburger, it gets better when you have something to go with it. Credit unions came into being because someone needed a loan. The same is true for Tri-Co. We are much more than a place for your savings or summer savers account. The next time you need a loan for whatever reason, ask us. You will find new or used car loans, home equity loans and lines of credit, mortgages and even unsecured personal loans. Whatever you need! Talk to us first.

Get out from under crushing credit card debt for only 7.99% APR.

Unsecured loan up to $2,500
18-Month Term
Low, 7.99% APR* financing

Money concerns are not amusing. A smart solution is to get on top of your finance worries quickly. What annual percentage rate of interest are you now paying on your credit cards? 11.99%? 14.99%? Higher?

Use the Tri-Co Smart Solution Loan to:

• Help reduce high rate credit card debt.
• Help reduce store credit card debt from the Holidays.
• Take care of small home repairs or improvements without using expensive credit cards.

Your possibilities are endless at a very low rate!

*APR=Annual Percentage Rate. To qualify, members must have a credit score of at least 660. A member borrowing $2,500 at an annual percentage rate of 7.99% for a term of 18 months would expect to pay $26.61 per $100 borrowed. This offer is subject to end or change without notice.

 

 

Tri-Co has better auto loan rates starting at 4.99% APR
new, used car purchases and refinancing!

Here are Five compelling reasons to finance or refinance your auto loan at Tri-Co!

No matter how good the price sounds at the dealer, borrowing is better here for five good reasons:

1. Borrow at rates as low as 4.99% APR for 36 months
2. Borrow at rates as low as 5.49% APR for 48 months
3. Borrow at rates as low as 5.99% APR for 60 months
4. There are longer terms available
5. And, finally, our rates usually beat dealer rates, even the 0% offers!

When in the market for a new or used car, talk to us first. Why? When you read dealers’ 0% offers, they often contain phrases like: “For well-qualified buyers. Not available on all models. See dealer for details. Other incentives, such as rebates, do not apply, etc.” Not everyone qualifies.

This simple chart illustrates why Tri-Co can usually beat dealer 0% financing.

You would have saved $1,581.77 borrowing from Tri-Co in this instance. Do the math yourself. We usually beat dealer rates at 48 and 60 month terms, too. Be pre-approved at Tri-Co and purchase your next car from a position of strength.

See for yourself why Tri-Co rates are better*

*APR = Annual Percentage Rate. Normal underwriting procedures apply for this limited time only loan offering. Risk-based lending parameters are suspended for this rate offer. **New money only. No refinancing of current Tri-Co loans. A member being approved for an auto loan of $15,000 at a term of three years with an APR of 4.99% could expect a monthly payment of approximately $449.50. Rates are subject to change without notice.

Presented by Mary A. LaFerriere

Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result. Here are the major details in the bill, which will bring significant tax hikes to some households in an effort to increase federal revenues by $600 billion over the next ten years.¹

The Bush-era tax cuts will be preserved for at least 98% of taxpayers. Individuals with incomes of $400,000 or less and households with incomes of $450,000 or less will not see their federal income tax rates rise. The EGTRRA/JGTRRA cuts have been made permanent for such earners.^2,3

The wealthiest Americans are looking at a major income tax hike. The top marginal tax rate will rise 4.6% in 2013 to 39.6%. Individuals with more than $400,000 in taxable income and couples with more than $450,000 in taxable income will be affected. This is the first major income tax increase on the highest-earning taxpayers in 20 years.^2,3,4

Now when you take that 39.6% top rate and pair it with the oncoming 3.8% Medicare surtax, what is the impact for the wealthiest taxpayers in dollar terms? It is major. The non-partisan Tax Policy Center calculates that in 2013, households with incomes between $500,000 and $1 million should see their federal income taxes rise by an average of $14,812. What about households with incomes above $1 million? The TPC projects taxes rising an average of $170,341 for these couples and families this year.³

Practically speaking, all working Americans will see taxes rise in 2013. The payroll tax holiday of the past two years officially ends with the new bill’s passage. In 2011 and 2012, employee payroll taxes were reduced by 2% as an economic stimulus – an idea that came from the White House. In 2013, the payroll tax rate returns to its old level and employees will pay 6.2% in Social Security taxes rather than 4.2%. This tax break saved a worker making $50,000 annually about $1,000 last year. Employee earnings up to $113,700 will be taxed.^3,4

Estate taxes now top out at 40%. Additionally, the individual estate tax exemption falls slightly to $5 million. Both of these changes are permanent.⁴

The AMT has been patched - permanently. Congress no longer has to arrange an annual fix for the Alternative Minimum Tax that was never indexed to inflation. This patch is retroactive to 2012, of course.⁴

The Pease provision & personal exemption phase-outs are back. As a result of the deal, 80% of itemized deductions will be eliminated in 2013 for individuals with adjusted gross incomes of more than $250,000 and couples with adjusted gross incomes of more than $300,000. That threshold is also where personal exemption phase-outs will start in 2013.⁴

Dividends will not be taxed as ordinary income. Single filers with taxable incomes of more than $35,350 and joint filers with table incomes above $70,700 will see a top dividend tax rate of 15% this year. Dividends coming to individuals making more than $400,000 and households making more than $450,000 will return to the 20% level, 5% higher than they were in 2012. Investors in the 10% and 15% tax brackets will pay no taxes on dividends.^2,4

The top capital gains tax rate is now 20%. Wealthy investors paid a 15% tax on long-term capital gains and qualified dividends in 2012. That will rise 5% this year. Single filers making more than $400,000 and joint filers making more than $450,000 will face this tax hike. Those in the 25%, 28%, 33% and 35% federal tax brackets will pay 15%, and those in the 10% and 15% brackets will face no capital gains taxes.⁴

Long-term unemployment benefits live on. They will be sustained through the end of 2013 for roughly 2 million people.²

Another “doc fix” has been made. Drastic cuts in Medicare payments to physicians will be avoided for 2013 as a result of the new legislation.²

The EITC, AOTC & Child Tax Credit will be extended through 2017. President Obama has long sought to preserve the $2,500 American Opportunity Tax Credit for college expenses, the Earned Income Tax Credit and the Child Tax Credit – and that will occur thanks to the fiscal cliff deal. The $250 deductions for teachers' classroom expenses will also be extended into 2013.⁴

50% bonus depreciation is preserved for 2013. The tax break that permits companies to accelerate depreciation schedules for major capital investments lives on for another year.⁴

The R&E tax credit & wind production tax credit are both sustained. Both federal tax breaks are available again for 2013.²

The charitable IRA rollover provision returns. You can practically hear the cheers ringing out at non-profits across the country: thanks to the fiscal cliff deal, people over age 70½ will again be permitted to make tax-free transfers from an IRA to a charity, university, or other qualified non-profit organization in 2013.⁴

The “sequester” will be delayed 2 months. The automatic federal spending cuts that were set to occur January 2 will be postponed until March while Congress tries to craft a plan to replace them.²

Did you know that Tri-Co’s on Facebook? Next time you are on Facebook, visit us for useful information, contests etc. Let us know what you think.

And speaking of “on line,” when you visit our homepage, click on the “On Your Way” icon. Great place for Millennials to learn about money, life and get free electronic gifts just for visiting “On Your Way.”