Auto Lending Opportunities Abound With Market Rebirth
Some are calling it the strongest comeback to emerge from the dregs of the Great Recession.
From the last year's drop in gasoline prices to a bevy of lures rolled out by manufacturers to woo shoppers, the auto industry is on track to post its highest volume since the year before the economy took a turn for the worse in 2008.
The 0% financing has certainly changed the way NuVision is courting potential buyers from continuing to adjust rates to car sale partnership promotions, which have proven to be successful. A goal of $1.2 million was set for a May used car sale on the credit union’s property. NuVision surpassed that bringing in $1.7 million and several new member relationships, Rapp said.
In addition to partnering with Autoland Inc., a vehicle buying CUSO in Chatsworth, Calif., and using traditional advertising, which has yielded many pre-approvals, NuVision has installed loan kiosks in its branches so that members can apply online, connect with a representative and get approved in one swoop.
The scenario was quite different in 2008 and 2009, the years commonly referred to as the Great Recession. Moss said Grow Financial maintained a very conservative eye on auto loans as people stopped buying cars and lenders scaled back significantly.
“What we’re seeing now is the market is coming back,” Moss said. “More people are interested in the auto loans were offering and in general, overall lending.”