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Pinnacle Offers Very Competitive New Auto Loan Structured Like a Lease

12 April 1999

Pinnacle Offers Very Competitive New Auto Loan Structured Like a Lease

    EDISON, N.J., April 12 -- Pinnacle Federal Credit Union is
offering a new service that will appeal to its members' pocketbook, called
Payment Shaver.  "As far as we know, it's one of the most competitive auto
loan programs in N.J.," says Bob Anderson, President and CEO.
    Payments are generally lower than a lease and can be up to 30% less than a
conventional loan; the customer is allowed up to 18,000 miles per model year
and only 8 cents per mile thereafter compared with other lease products that
offer 12,000 to 15,000 miles per year and 15 to 18 cents per mile, thereafter.
    It is available for almost all vehicles up to three years old, the auto is
titled in your own name, no security deposit or down payment is required, no
charge for extra wear and tear, the loan can be terminated without payment
simply by paying it off, the residual value of the vehicle is guaranteed by
the Travelers.
    Additional benefits allow four easy options at the end of the loan; sell
the auto and pay off the loan balance; or trade the auto in and pay off the
loan balance; or keep the auto and refinance the amount owed; or return the
auto to the credit union and the balance will be paid off subject to charges
for excess mileage and unrepaired damage covered by insurance.
    Pinnacle Federal Credit Union provides a full range of financial services
to its 27,000 members.  It is the 19th largest in NJ and the largest in
Middlesex County.