HELOC to the Rescue

A member came in the branch and asked to speak to in my office. She was upset and said she needed help. She said that her engine went out in her car and she still owed around $9500 on it and it wasn’t worth enough to be able to refinance it to add the $8500 that she was quoted for the new engine. She had a credit card but didn’t want to have to add it to that. We talked about a few things and their financial situation which I then told her that I thought a HELOC would work best for their situation. She was unaware of how those work and after going over that with her the relief that I could see on her face was great feeling for me! She took the HELOC app pack with her to take home to go over it with her husband to make a final decision. She left the credit union with a smile on her face and returned the paperwork the next day. I am happy to say that her car is fixed and she is back on the road!