Enterprise Helps Northeast Credit Unions Boost Used Car Loans
Even before Hurricane Sandy blew across several states, Enterprise Car Sales said it was helping credit unions increase their used car loan volume.
For instance, in 2012, the $1.8 billion, 336,000-member Municipal Credit Union in New York generated nearly $10 million in used auto loans, while the $70 million, 16,900-member Liberty Savings Federal Credit Union in Jersey City, N.J., recorded $1.4 million in used auto loans, according to Enterprise.
The bulk of increases in loan volume for used cars at Municipal and Liberty took place prior to the Oct. 25 hurricane, which damaged thousands of cars that needed to be replaced, Enterprise said.
“Some of our members may be mostly interested in price and value, other members may be focused on purchasing hybrids and other fuel-efficient vehicles, and another segment of our membership may be in the market for luxury vehicles,” said Ahmed Campbell, vice president of loan operations at Municipal.
Frequent special promotions, reduced loan rates tied to its vehicles and increasing used car inventories helped its credit union clients boost their used car loan volume, Enterprise said.
“Enterprise takes the time to understand who our members are and works with our employees to tailor programs to meet member needs, from everyday specific discount offers to special Saturday on-site sales events,” Campbell noted.
Enterprise also teamed up with Municipal to assist more than 60 members in purchasing their next vehicles through a special Sandy relief loan program.
“True to our ongoing commitment to local communities where we do business, Enterprise strives to provide assistance, especially in times of crisis,” said Michael Kopp, business development manager for Enterprise Car Sales in New York, New Jersey and Connecticut,
As a result of partnering with credit unions during the past 30 years, Enterprise Car Sales said it has helped generate almost $10 billion in loan volume for more than a thousand credit unions nationwide.