When applying for a small personal loan, a member of our lending team noticed Member had two vehicle loans financed at other financial institutions. By refinancing them at the credit union we were able to save Member over $12,000 in interest and cut their interest rates from 28% to 9.99% and 17% to 9.99%. So we not only helped the member out with their personal loan needs, but helped save them money and time over the life of their other loans.
At account opening Ashley reviewed a new member's credit report with them. In doing so, she looked at the member's current auto loan. The member was paying 23.5% APR vs our rate which could have been 9.99% APR and they owed almost $8000 more than it was worth. Giving them two loan options we were able to finance the vehicle and save them almost $100 per month in payments and they no longer owe the sub prime lender!
Member came in regarding a pre-approval offer for our credit card. Ashley reviewed his credit report and found out they had a vehicle loan they had been paying on for five years at 21.4% APR, while we could give him 10% APR. By refinancing the vehicle over to the credit union we saved them almost $3000 in interest over the life of the loan and around $134 a month in payments...total saved in payments will be over $5600! BONUS! Their direct deposit comes to the credit union and they were very excited to find out we could take the payment directly out!