Cash Back For Auto Loans
Spokane Teachers Credit Union snagged $20 million in rescued auto loans through a 1% cash back campaign.
Spokane Teachers Credit Union snagged $20 million in rescued auto loans through a 1% cash back campaign.
North Dakota credit union members might travel the map to find the perfect car, but they don’t want the runaround in financing it.
Arlington Community Federal Credit Union (ACFCU), a $188 million credit union with 36 percent of its portfolio in auto loans, created an innovative program to educate Gen Y about the car buying process.
After reconfiguring their branch network and average branch size, Keypoint Credit Union, has seen significant increases in member relationships and a strong member migration to the online channel for transactions.
Although the credit union was able to remarket its vehicles, CommunityAmerica recognized the need for a more effective vehicle remarking program as the number of repossessions increased. As a result, they hired a dedicated repossession and loss specialist.
Repossessions are a money loser, many credit unions say. Most credit unions have little positive to say about repossessed autos. The economy has taken its toll in the past few years, increasing bankruptcies and subsequently increasing a credit union’s occasional need for repossessions, leaving credit unions with autos they do
While many credit unions have been increasing their dealer networks in response to current struggles in the automotive market, Digital FCU has found success by scaling back the number of dealerships the credit union works with.
Ohio Healthcare FCU has been capitalizing on current market conditions to grow their auto loan portfolio despite being a smaller credit union without an indirect loan portfolio.
Never has the competition for auto loans been so fierce. Find out how one credit union is rethinking strategies to aggressively capture these loans.
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