INDIANAPOLIS -- Through its CUSO, LCU Financial Services LLC, Eli Lilly FCU here has now added 16 Indiana-based credit unions to Members Auto Source, which provides auto-buying services to CU members.
The latest to join are ITT FCU in Fort Wayne, with 4,100 members and $28 million-in-assets, and Purdue Employees FCU in West Lafayette, with $475 million-in assets and more than 56,000 members. The total membership range is near 160,000 members, and the CUs' combined assets are over $1 billion, said ELFCU spokeswoman Michelle Payne.
"We are thrilled to have developed these relationships over the past year," said Tom Overton, assistant vice president of business development for ELFCU. "Now, in 2008, we're excited about creating new partnerships and adding, at a minimum, 15 to 20 more credit unions to our network."
Overton meets with credit union professionals statewide to pitch MAS services as well as the mortgage and marketing services offered through LCU.
MAS (www.membersautosource.net) prides itself as a team of seasoned auto buying experts that are standing by to help members shop for cars. Representatives of MAS have a combined experience of 50 years in the automobile industry, said Payne. The MAS team helps members determine what they need and then go out and find it. The fees for this service are subsidized by the auto dealers with which MAS partners. Members never have to set foot in a dealership.
MAS will find the right car, said Payne, but also the best price while saving the member' time. MAS also can obtain bids for trade-ins or leased vehicles but does not sell vehicles on consignment. It will also deliver a car to a member's home or office, depending on the location.
Right now, ELFCU is prepping its spring auto sale, scheduled for April 12, while also promoting its Go Green effort. The Go Green promotion has so far sold 293 units since it was started in January. The promotion bases the auto rate on an auto's miles per gallon rate. As an example, a loan for a fuel-efficient SUV that gets 29 highway miles per gallon to a borrower with good credit will receive a 29 basis point discount off the base rate.