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Beware of Rate Buy-Ups - SCCU Offers Fair Auto Financing at the Dealership

Beware of Rate Buy-Ups

Posted on 12/31/2013
Beware of Rate Buy-ups

Financing a car is common, but many people are unaware of rate “buy-ups.” The interest rate a dealership offers you is usually marked up, making it higher than most competitive rates.

Although monthly payments are important, if that is all you are focused on, you will likely be disadvantaged with the interest rate, paying hundreds, or thousands, of dollars more in interest than you should. Buy-ups are a common practice where a lender requires a dealer to charge a higher interest rate, usually 1-2% above their qualified rate. The lender and dealer then split and pocket the additional revenue, unknown to the buyer. Rate buy-ups are also a discriminatory practice. Recent research indicates that there are pricing disparities among consumers based on race and nationality. 

SCCU offers fair auto financing.
If you did not finance your vehicle with SCCU, you likely paid more interest than necessary. By refusing to participate in rate buy-ups, SCCU saves members more than $3 million in annual interest on auto loans.
SCCU Members’ Watchdog protects members from lies, rip-offs and wasted time.

SCCU Members’ Watchdog is a symbol of trust, based on ownership. It is a philosophy to always protect members’ financial interests in all aspects of their lives. SCCU Members’ Watchdog puts people before profits, so members trust SCCU to provide auto loans with terms that are clear and transparent

SCCU is here to help our members get the best service from the best providers. Our members are the Watchdog when they share auto dealer reviews online. We leverage the collective voice of our 239,000 members and their combined purchasing power, expanding SCCU’s Watchdog influence. You can read which dealers SCCU members recommend at

SCCU is one of the few indirect auto lenders that has never participated in rate buy-ups, and yet dealers continue to refer business to SCCU because they value the relationships SCCU can bring.

About Space Coast Credit Union

Space Coast Credit Union was chartered in 1951 and is headquartered in Melbourne, Florida. The Credit Union serves over 239,000 members with assets of over $3 billion through a network of 57 branches and over 100 ATMs located throughout Florida and through its web site, Space Coast Credit Union is open for membership to anyone who lives or works in the Florida counties it serves.
  • SCCU Routing Number: 263177903

Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2015



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Member Rewards

Member Rewards is an exclusive Space Coast Credit Union program that provides benefits such as free or discounted services based on your level of participation in the credit union.

  • Gold members may order one FREE box of SCCU logo checks per year.
  • Platinum members may order unlimited FREE boxes of SCCU Exclusive Style checks (one box at a time).
Learn more about the Member Rewards program.