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You know they work. Yet how many auto loans have them? Too few, right? Did you know a leading cause of auto loan defaults is mechanical failure the member couldn’t afford to fix? We’ll review essential steps for success and uncover the “secret” 3rd revenue stream dealers have been using for decades. Combining complete member satisfaction with revenue growth, this white paper will help your credit union make VSC a common part of your auto lending channel.
Your credit union members and bank customers love your free checking. Right? Many do. Others are looking for more value. Even if they pay for it. And if they don’t find it with you, they’re off to emerging fin-techs or other credit unions. Keep members close while generating massive revenues. Learn how in this white paper.
Is your credit union enjoying record auto lending? If so, you’re not alone. Unfortunately, there could be a cost to that success. Even with conservative underwriting, a significant portion of your credit union’s portfolio may be underwater!
Some things our research discovered:
- 100% LTV may not actually be 100% LTV
- GAP claims up over 50% in just one year
- Depreciation rates on certain classes of cars have doubled
Learn how you can spot these potential issues, prevent losses for your credit union and members, while building new income sources.
You’ve got a car buying service. Right? Because if you don’t, members are going somewhere else. And you don’t know.
Have one? Great! Are you using it to maximum benefit? Perhaps. This eBook gives you everything you need to know so you can connect with members before they buy. While providing them with exclusive discounts, time-saving tools, and more.
Your car buying service is a membership benefit. Treat it as such!
All educational materials developed and published by GreenProfit Solutions, Inc.