Invest in America is Now Love My Credit Union Rewards

We thrilled to announce that it’s official – Invest in America is now Love My Credit Union Rewards.

For credit unions, this rebrand brings two big changes. First, and brand new to the program, we’ve developed bundles to make it easier for credit unions to participate in the holistic program. We also have developed cohesive marketing requirements to simplify promotion implementation and management. Second, we streamlined marketing requirements across the individual programs.

So, what are bundles? We have grouped like-discounts into bundles – which facilitates enrollment and offers multi-partner marketing materials.

Bundles

Click on the bundle links to learn more or to enroll: 

• All – This includes all Love My Credit Union Rewards partners and is the best option for both credit unions and members. It encompasses all of our exclusive partner discounts and our 1,500+ merchant cashback shopping experience, so members save on large purchases, as well as on the things they buy every day. Your credit union will receive all the benefits of the program – adding member value and member retention, increased usage of core products and generating non-interest income.
• Auto – All auto-related discounts that help boost auto loans.
• Home – Home-related discounts that can help drive mortgages and refinances.
• Invest in America – Discounts on U.S.-based companies.

Many of the updated marketing materials are already available in our Partner Center; including GM, Sprint, Allied, ADT, Credit Union Auto Club and Love to Shop (formerly Shop America). And more are rolling out soon, including DIRECTV and our bundled materials.
 

We are very excited to launch our program with changes that benefit everyone. Saving your members money and accessing great tactics for loan growth, member retention and non-interest income just got easier!

For more information on any of these new, exciting changes, visit the Love My Credit Union Rewards Partner Center, reach out to your business consultant or email ClientSupport@cusolutionsgroup.com. 

Getting it Right: Eagle Community Credit Union

Name: Eagle Community Credit Union

State: CA

Assets: $207,936,496

Members: 18,697

Website: www.eaglecu.org

Sometimes a member needs a little extra incentive to sway them into applying for that auto loan. Eagle Community Credit Union understood this and got creative. It started offering the One Perfect Loan promotion.

The One Perfect Loan promotion includes loan rates as low as 1.99% APR, the chance to win one year of free car payments, and a free one-year membership to Credit Union Auto Club, Invest in America’s new roadside assistance program.

“We, like most of our peers, are in need of consumer loans, specifically auto loans,” explains Erica Waetjen, vice president of marketing for Eagle Community Credit Union. “Once I heard about Credit Union Auto Club, I thought it would be a nice tie-in and a way to promote our loans and full service lending.”

This promotion was soon a great success at the credit union. “The members really responded to the promotion,” says Erica. “And in such a competitive rate environment for auto loans, the Credit Union Auto Club and the payments drawing really helped us to stand out amongst other financial institutions.” 

Invest in America is a membership enhancement rewards program from CU Solutions Group. Click here to learn more about Credit Union Auto Club

Six Ways to Boost Auto Loans at Your Credit Union

 by Amy Neale

As you might have read in last week’s blog, credit union loan growth is on the rise. In fact, over the past nine consecutive quarters, new auto loans have grown 10.7% and used auto loans are up 9.3%. Whether or not your credit union has experienced similar growth, there are still ways to boost auto loans:

1. Work with an indirect lending company like Credit Union Direct Lending.
2. Cultivate connections with auto research sites such as AutoSMART.
3. Target market to the 35-65 age demographic, especially those with incomes that range from $40K to $75K. The recent Credit Union Satisfaction Index (CUSI) from CFI Group showed this demographic was greatly interested in seeking auto loans from their credit union.
4. Offer incentives to members when they acquire new or used auto financing. Incentives like discounted or free auto club memberships can go a long way.
5. Join a membership enhancements program like Invest in America’s Credit Union Member Discount from GM which offers instant auto loan leads when your members get a GM discount authorization code.
6.  Make sure your frontline and lending staff are well trained and kept up to date on your latest auto loan promotions and rates and that your team has the skills to accomplish the loan volume your credit union needs. CUNA Mutual Group’s Lender Development program can help with this. 

Whichever way your credit union chooses to boost auto loan volume, the key is to be as proactive as possible. We’d love to hear other ways you have grown auto loans your credit union. Leave us a comment and let us know!