Credit union members can see immediate savings!
GrooveCar has added an auto refinance calculator to its vehicle buying resource. With low auto loan rates in abundance, credit union members can now calculate their savings in an easy to use refinance tool found on the website. “This is a great feature for members to witness savings instantly by inputting information on their current loan. Fast results and easy to use instructions allow members to see a calculated lower monthly payment. In some instances this may save thousands over the life of the loan,” explains Robert O’Hara, Vice President of Strategic Alliances at GrooveCar.
The refinance calculator is a simple yet effective tool for credit unions to use to recapture auto loans lost to their competitors by showing their members how much they can save by refinancing with them. As auto sales continue to set records with 85 percent of vehicles financed through a traditional auto loan or lease lenders, consumers are eager to lower their monthly financial burden and refinancing fits this need.
As eager as consumers are to lower their monthly debt, many of them do not even know they are eligible to refinance their existing auto loan. This is a challenge most credit unions face when trying to recapture these lost loans. O’Hara stated, “How do they connect with their members to educate them on the benefits of refinancing? Pushing this refinance tool on the GrooveCar platform allows credit unions to engage more members while providing them a visual on how refinancing benefits them. The more a credit union can address their members ‘what’s in it for me’ thought process, the greater success they will have in recapturing these loans.”
Since its introduction in January of this year, credit unions and its members have embraced GrooveCar’s auto buying platform as an easy to use, and great way to communicate with the car-buying member. “The platform will always change to bring in new features designed to reach members and bring the convenience of purchasing a vehicle more engaging than ever. To that end, we have designed an area of the site for credit unions to customize incentives they wish to have members take advantage of. It’s all about options and the auto buying platform strives to meet the members and credit unions wants and needs on all levels,” states O’Hara.
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