Folsom, Calif. – (May 16, 2024) – SAFE Credit Union’s auto loan expert Lawrence Lomeli recently shared how to avoid the most common auto buying mistakes consumers make with Fox 40’s ‘Studio40 Live’ audiences.
Lomeli – standing in front of a lime green Lamborghini loaned to the show by High Class Auto Sales in Rancho Cordova – shares with viewers and host Gary Gelfand the importance of doing research before heading into any dealership, whether you’re buying a family vehicle or a high-end performance model.
KTXL Fox 40 Studio40 Live host Gary Gelfand and SAFE Credit Union Assistant Vice President Consumer Lending Lawrence Lomeli prep for interview.
“I tell you I see so many mistakes by people,” says Lomeli, SAFE’s Assistant Vice President of Consumer Lending. “They go to the car dealer, they do zero research, zero planning and unfortunately, they often leave with a higher car payment than they expected. They pay more for the car than they expected. And the worst-case scenario is they buy a car that doesn’t fit their family needs, and it’s really painful.”
He adds car buyers often buy “a vehicle on the payment alone,” and forget to factor in the additional 10 percent in tax and licensing fee costs.
SAFE Credit Union Assistant Vice President Consumer Lending Lawrence Lomeli
Lomeli, who has worked in the auto and loan industry for 35 years, also gives tips about available resources online, putting money down, and the importance of getting pre-approved for a loan before shopping.
Watch the Studio 40 Live segment. Consumers can also learn more car buying and auto lending tips from SAFE.
For more information email [email protected].
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About SAFE
SAFE Credit Union has made members an integral part of its vision since 1940. Over the years the credit union has kept the focus on what really matters, putting members first, a formula that has seen SAFE grow into a leading financial institution in Northern California with $4.6 billion in assets and about 236,000 members. SAFE crafts every cutting-edge product and sterling service with members’ needs foremost in mind. In addition to banking services conveniently available through online, chat, mobile, or phone options, SAFE offers in-person services for members and small businesses at service centers across the Greater Sacramento region. SAFE is a not-for-profit, state-chartered credit union with membership open to businesses and individuals living or working in Sacramento, Placer, Yolo, El Dorado, Sutter, Butte, Nevada, Solano, San Joaquin, Contra Costa, Yuba, Amador, and Alameda counties. Insured by NCUA. www.safecu.org