Highlights of Sound Credit Union’s Partnership with Auto Financial Group
CREDIT UNION PROFILE
Assets
1.5 Billion
Branches
24
Field of Membership
Anyone who lives or works in Washington State Credit Union
Culture
A conservative credit union, very involved in the community
EXPERIENCE WITH THE PROGRAM
Years on the program
3-4 years on indirect side, recently launched on direct side
Delinquencies or charge-offs to date
Zero
Leading reason people choose the program
Some CU staff and dealership staff have vehicles enrolled in the program, giving the program credibility
Why dealers like the program
It enables them to make more money with their back-end products
Benefit for the credit union
It has helped strengthen relationships with dealers
CUSTOMER SERVICE
- “Best service we have ever received from a third-party vendor.”
- The training we have received has helped us become experts on the program quickly.
- Everyone at AFG responds to emails right away and answers questions in detail.
TIPS FOR A SUCCESSFUL LAUNCH
- When the program was first launched, it was new to the area, so we held many Lunch and Learn sessions with dealers to educate them on the program and its benefits
- We continue to market the program to dealers through a strong indirect team
- We market the program to members directly through our website and we refer members interested in the program to dealerships
Highlights of Deere Employees Credit Union’s Partnership with Auto Financial Group
CREDIT UNION PROFILE
Assets
1.8 Billion
Branches
One stand-alone brick and mortar branch, several offices inside John Deere facilities across the country
Field of Membership
John Deere employees
~ 40,000 members
Culture
Sales-focused and proactive: Deere Employees looks deeper into members’ overall financial situation and needs
EXPERIENCE WITH THE PROGRAM
Years on the program
Since February of 2017, offered on the direct side only
Internal Rollout
Staff feel comfortable working with the program because it is easy to quote the member a payment
Leading reason people choose the program
Members like to finance big trucks and luxury SUVs and the program allows them to do so with a lower payment than with a conventional loan
Why dealers like the program
It enables them to make more money with their back-end products
Benefit for the credit union
Ability to offer a low payment option for members that combats higher vehicle prices and interest rates
Put members into the vehicles they want with lower monthly payments
CUSTOMER SERVICE
- In the initial stages of exploring the program, AFG provided answers to all questions promptly and thoroughly
- Our account manager has been very hands-on, providing initial onsite training and has been available to answer questions directly from our staff as they arise as well
TIPS FOR A SUCCESSFUL LAUNCH
- AFG has made the process very simple and user friendly, so we haven’t really encountered any obstacles while rolling out the program.
- The program launch was simple: we can use all of our own documents and just need to generate the addendum.
- Simply coordinate early with IT to accommodate balloon loans in your core system.
- Take advantage of all the training AFG offers!