By Martha Vera
Mountain Star Federal Credit Union is El Paso’s shining star when it comes to the lowest Interest rate for car loans. It is El Paso’s smallest credit union with a BIG heart.
Mountain Star started out as El Paso Electric Company’s credit union in 1935. Eventually the Board began opening their doors to the public.
Mr. Sam Diaz is the President and CEO. Their current growth is due to his leadership and the suggestion from the previous CEO to open its doors to the public at large. Under the caring and compassionate direction of the Board of Directors, Mr. Diaz has grown the membership to 5,000 in the last ten years with a potential 40,000 and an asset size of $40 million.
Mr. Diaz is a seasoned banker in the credit union arena. He started his career as a teller, moving his way up while he earned his degree at the University of Texas at El Paso.
The decision to have the lowest interest rate in town was one that is now fueling new growth. The 6.05% interest rate is being advertised on television, but their best advertising has been word of mouth and auto sales companies like CarMax and Carvana. Their competitor’s interest rates are at 7%.
They also have lending for mortgages and home improvement. These loans are 90% insured by FHA. The premium for the insurance is small and paid by the borrower.
Mountain Star Federal Credit Union is classified as a community development institution, or CDFI. This classification allows them to get grants from the federal government to lend to low- and moderate-income families, lending them $200 to $1000. They help their customer build their credit and offer them financial literacy classes to help them learn how to save. They are a great credit union for someone starting out.
Mr. Diaz explained their location, “I can tell that people that live around this area have to struggle to make it from day-to-day. We’re in a very good location because we’re able to help some of our neighbors. Sometimes they come in and they ask for a $50 loan just to make it until the end of the month. The CDFI program is helping us with additional funds because they want us to steer those people away from payday lenders and start using credit unions.”
Mr. Diaz and VP of Operations, Gabriele Barnes, run a tight ship with a caring hand. They are always willing to help the community by offering financial education and loans for low to middle income families.
Their Customer Service is impeccable. Their employees are helpful and approachable. Mr. Diaz leads the credit union’s employees in a stress-free work environment. This has been pivotal. Mr. Diaz added that happy employees lead to efficient, productive work and happy customers. Ultimately, they are family with all their membership.
What does the future hold for Mountain Star Federal Credit Union? Work is in progress to add more home mortgage loans and home improvement loans. They also have plans to open other locations around the County of El Paso. Mountain Star Federal Credit Union is a business to watch. Their future is shining bright.
To contact Mountain Star Federal Credit Union for your next low interest car loan, call (915) 544-2215 or visit them at 2220 East Yandell.