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Credit Union Car Draw

  • 04-12-2018 9:31am
    #1
    thejaguar
    Registered Users, Registered Users 2 Posts: 741 ✭✭✭


    Not sure if this is the right place for this - can't really see anywhere better suited.

    I'm interested in people's views on the car draw that seems to be standard in any credit union.

    Do you think it's worthwhile entering?


Comments

  • #2
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    We enter in my local credit union. Its €40 for the year to enter. That's only €3.33 per month. So why not. There's worse things I could waste €40 on.


  • #3
    Wheety
    Registered Users, Registered Users 2 Posts: 5,516 ✭✭✭Wheety


    It's 64c a week in mine. Car draw every month. I won it before so I think it's worth while :-)


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    It's great value if you win, and not too painful if you don't (chances are you won't).


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    If the subscriptions pay for the car (i.e. it's a self-funding exercise) then mathematically it's a neutral transaction but if it's subsidised by the CU then you should enter as the people who don't participate are the losers.


  • #6
    charlietheminxx
    Registered Users, Registered Users 2 Posts: 2,579 ✭✭✭charlietheminxx


    I wouldn’t do it again, but then I was a member of Rush Credit Union and when the scams there were uncovered, it looked like problems with these draws were widespread enough...
    https://www.google.ie/amp/s/www.irishtimes.com/business/financial-services/directors-and-staff-won-in-30-of-credit-union-draws-1.3419808%3fmode=amp


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