What’s the easiest way to get the right members?

Have a Fantastic Auto Loan Program! We believe the best way to grow membership is by having an aggressive and competitive loan program.
Members needing money get introduced to the credit union.

• They get a great loan.
• They get treated right.
• They’re cross-sold a checking account with a VISA Debit, a VISA Credit, direct deposit, home banking and bill pay.
• It’s worked for years for many credit unions.

When a member applies for a loan, they give you all their information. When you find out a member has good enough credit to get a loan, you know they have good enough credit for a checking account and a VISA. They just need to be cross-sold.

If You Want Your Members’ Loans, You Must Have a Fantastic Auto Loan Program!

You Can’t Play Nice!

Competition has never been tougher. You must be “ruthless” in getting your members’ loans. You have to be willing to do anything and everything to keep and get your members’ loans. Here’s a few ideas that work:

• Have the best rate on the planet for your A+ borrowers.
• Match rates for your best borrowers. Members are too valuable to lose to the competition.
• Pay your best members for their loan. Cash back. Pay members to bring you loans directly.
• If you participate in Dealer Financing, encourage members to ask the dealer to finance with you. If the dealer sends them somewhere else, bribe them to refinance. Give cash back, beat the rate or whatever you have to do to get the loan.
• Pay discounts for members that use your products and for members willing to sign up to use your products. Make your borrowers primary members.
• Make auto loans a priority. Get them approved fast.
• Take away the obstacles. Why is your application 3 pages long? Why do you ask for information that is on the credit report? Shorten up your application!
• Offer favorable terms. New autos are expensive. Most members need to finance for more than 60 months. Consider 8 year auto loans. Most credit unions are willing to finance a three year old car for 60 months but are scared of an 8 year new car loan. If you offer an 8 year auto loan, calculate and charge the member for the extra risk. They’re willing to pay it to get the lower payment.
• There has to be a reason your member is willing to go through the extra hassle to finance with you. What is your reason?

Most successful programs have a variation of the above.

Do Your Loan Officers want the Loan?

Finally, make sure your members know you want their loan. Get them the message and then make sure you earn credibility with your member. When your members come to you make sure you over deliver. There is nothing worse than “teaser rates” that lure members in only to have them disappointed by a stammering loan officer explaining why they are unworthy of the deal the credit union advertised. Make sure your member has access to all the information he/she needs to make a smart decision before he/she contacts you.

Remember, credibility comes from every loan being a win-win. The credit union gets compensated fairly for the risk they’re taking and the member pays a fair rate.

Marketing Plan

The first step is always a well thought out marketing plan. We can help with that.

• Make sure you process is efficient.
• Train your staff to do it right.
• Give your employees an incentive to sell.
• Implement plans and get results that are a win-win-win. The member wins. The employee wins. The credit union wins.