PORTLAND, Ore. - Keyed to an attractive 4.89% rate, auto loans are providing some nice end-of-summer business for Oregon Telco Community Credit Union here which recorded $6.9 million in auto loan volume during July, a sharp jump from previous months. "The August figures look pretty good, too," declared Marjorie Reid,...
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PORTLAND, Ore. – Keyed to an attractive 4.89% rate, auto loans are providing some nice end-of-summer business for Oregon Telco Community Credit Union here which recorded $6.9 million in auto loan volume during July, a sharp jump from previous months. “The August figures look pretty good, too,” declared Marjorie Reid, marketing manager at the $553 million CU which began its loan promotion July 24 timed to the CU’s 65th anniversary celebration of its founding. OTCCU said its auto loan program which includes volume drawn from the dealer-linked, Credit Union Direct Lending system is slated to conclude by the end of September. The special loan campaign is part of a long term Oregon Telco expansion tied to its community charter conversion in 2001. The loans are for 60 months and cover new or used vehicles under 24,000 miles. Reid said August volume is expected to surpass monthly volume of $4 million – $5 million which occurred last spring. Spurring the volume, she said, has been an in-house incentive program called “We Can Do It” in which staff earns points by referring member business. The staffer credited with accumulating the most points is given two tickets to a Seattle Mariners Game and an overnight stay in Seattle. The runner-ups or “All Stars” are treated to a Portland Beavers game. Reid noted that in July, 21% of the $6.9 million was acquired through the Credit Union Direct Lending program, based in California. The marketing promotion includes branch posters and other material with flags, baseball and a “Rosie the Riveter” theme drawn from World War II. The promotion was to scheduled to climax Sept. 7 with an Enterprise Rental Car Sale. In the internal incentive campaign, each member service rep and teller could score points and “everyone has had a chance to be a contender for the grand prize.” Most of the All Stars worked in the CU’s e-commerce department. “In the past, we divided staff into teams with the top team winning recognition and rewards even though some members did not perform as well as others, but this year we found rewarding individual performance really paid off,” Reid said. Meanwhile, Oregon Telco is continuing with its anniversary activities which included a barbeque lunch attended by more than 400 members. There are 40,000 members in the CU which on Sept. 28 will open its first branch in a southeast Portland shopping mall. The 2,500 square foot facility in the Mall 205 center is in space formerly occupied by a savings & loan and later by a copying firm. Oregon Telco said it plans to open another branch the first part of 2003 and add more branches in the next five years as it takes advantage of its expanded charter extending into Multnomah, Washington, Clackamas, Marion, Polk and Yamhill counties. -
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