Apparently meeting pent-up demand, the $678 million One Nevada in Las Vegas is witnessing a big bounce on auto loans following a local refinance marketing promotion.
The state’s largest credit union said Thursday its Feb. 10-March 30 promotion resulted in 500 member refinances in 50 days, bringing in $8 million in loans.
The loans “represent a 42% growth rate in the portfolio year-to-date and saved local Nevadans more than $1.2 million a year in combined monthly loan payments,” said Greg Barnes, senior vice president of marketing.
“We’re extremely happy to save our members substantial amounts off their auto loan payments,” said Brad Beal, president/CEO. “Many of these folks were paying much higher interest rates elsewhere even though they had good credit scores.”
One Nevada said it would hold another auto loan refinance promotion this summer.