Lending Solutions Inc., a lending services consultant forfinancial institutions, announced a new addition to its auto loanrecapture program, Recapture Pro.
LSI has partnered with financial marketing program provider MatrixManager to add direct-mail and e-mail pieces to the program.
The Recapture Pro program works with credit bureau's to pre-screenexisting credit union members to find members that have purchased avehicle in the last six months and received financing from aprovider other than the credit union.
Matrix Manager will then work with the credit union to create anincentive offer and will send direct mail and e-mail to thosepre-screened members, offering them the opportunity to refinancewith the credit union.
The direct mail pieces can be tracked through a special bar codethat allows Matrix Manager to see when the direct mail reaches themember's house. Within 72 hours of receiving the direct mail, LSIwill follow up with a phone call to the member to reiterate thespecial offer and accept loan applications over the phone.
“By adding Matrix Manager to the program, our credit union clientsnow have the added benefit of pre-developed, precision campaignsthat hit the perfect targets at precisely the right time with arecapture message that will inspire them to act,” stated JeffFrantz, senior vice president of LSI. “This essentially makes itpossible for credit unions to launch a comprehensive, turnkeyprogram quickly, with minimal time investment and with maximumimpact.”
If members aren't willing to make the switch to the credit unionover the phone, they will then also receive an e-mail three daysafter the call was made reminding them of the promotion and itsdeadline.
“Precision campaigns provide a boost in response rates due to thefact that the promotion is kept top-of-mind with the member throughmultiple communication channels that are coordinated using amonitored contact timeline,” said Ann Bouchard, president of MatrixManager. “CUNA statistics show that the average credit unionfinances fewer than 20% of their members' car purchases. This meansthat over 80% are being financed elsewhere.”
Recently, LSI said that it has been seeing more interest fromcredit unions in its recapture program, with credit unions lookingto generate more loans in the current economic environment.
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