Your article "PSECU Member Objects to 10-Year Auto Loan, Calling It Predatory," (CU Times, July 23) brought up several troubling aspects related to this credit union's product offerings, member relations and public relations function. PSECU member Oren Spiegler has a very valid point in contending that the product is designed to provide vehicles to those who cannot afford them. If it takes a member 10 years to pay off a $44,000 auto loan, what does that say about a member's income?
I found the justifications provided by PSECU's Lending Vice President William Zysk disingenuous and reminiscent of the response one would expect from a banker. Delinquency rates, industry loan trends and the current consumer move away from sport utility vehicles and trucks are not the issues here. Being responsible and responsive to your members' concerns should be paramount for any credit union.
How in the world did this dispute end up in the pages of CU Times? Were there any processes in place to handle this internally at PSECU? Did Mr. Zysk attempt to meet in person with the member? How will other members feel about the way their credit union is handling this matter?
Recommended For You
Now that this disagreement is being aired in a major trade journal, the chances of it spiraling out into mainstream media and damaging the reputation of the credit union is not only possible, but probable. And that creates a public relations issue that will be difficult to remedy.
PSECU is definitely making a statement about its product philosophy, concern for its members and its internal processes, and that statement is not a positive one.
Mary Blake
Owner MB Writing & Consulting Group
Redondo Beach, Calif.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
