6 Opportunities to Support Yearend Car Buyers
As 2021 continues to fly by, consider auto loan end-of-year deals. Consumers sometimes wait all year just for these types of events. Vehicles are spending less time in the market due to pressing needs, such as an expiring lease, a damaged vehicle or an unreliable existing car. How will you be there to support your members this buying season?
Here are six opportunities to shine during the end of the year auto lending season.
- Offer preapprovals early – By the time a consumer is ready to walk into a dealership or make their final purchase, he or she has more than likely browsed for a new or used vehicle online. Being proactive and offering preapproved loan opportunities through multiple channels, keeps your credit union on top of his or her mind and can enhance the customer experience overall. No hassle, no haggling… just keeping the process simple.
- Engage trigger-based pre-screens – Wouldn’t it be amazing if a program existed to monitor your members and potential members who are actively shopping for an auto loan? Our Fetch Marketing Triggers program does just that! We go a step further and send them your credit union's precisely targeted email marketing or give them a call on your behalf to streamline the process for borrowers.
- Provide Education- Who doesn’t like having peace of mind? By educating members about their credit, you are helping them improve their credit score and lower their potentially borrowing costs. Give members their true FICO score with Flitter from Ser Tech, plus you can monitor members’ credit health, giving your executives greater peace of mind in their loan decisioning.
- Target your marketing - Our Fetch Predictive Marketing campaigns incorporate credit prescreen processes to target only creditworthy credit union members and potential members with your credit union's loan marketing!
- Use alternative credit data – With the millennial wealth gap and the pandemic in general, some members haven’t been able to establish good credit or any credit at all. This is where using criteria such as record of rental, utility payments, employment history, or stable address history can come in to play and help verify financial strength.
- Highlight auto refinance as a tool to build goodwill with members and deepen relationships – So one of your members already bought a car with dealership financings, but he or she missed out on a better deal – YOURS! Many borrowers don’t even realize refinancing their car is an option, so let them know with a refi campaign from your credit union. What better way to deepen your relationship with this member by looking out and saving him or her money by offering a refinance loan? Talk about providing member service!
Auto lending opportunities exist, and credit unions can leverage the opportunity to grow their presence in the market when they take the right steps. With Ser Tech by your credit union’s side, we can do just that!