In the midst of sluggish vehicle sales, Randolph-Brooks FederalCredit Union has marked a huge lending milestone.
|The $4.3 billion credit union in Live Oak, Texas said it recentlyexceeded $1 billion in auto loans for the first time in its 59-yearhistory.
|“We’ve seen an increase in members who have taken advantage ofour low-rate loans for an auto loan or to refinance a vehicle. Atthe same time, we’ve also seen many new members join RBFCU becauseof our low rates, then transfer their other accounts to us becausethey receive a superior value on overall products and services,”said Mark Sekula, chief lending officer for RBFCU.
|Much of the loan volume has come from vehicle refinancing,according to the credit union.
|“Refinancing is one of the most profitable decisions a purchasercan make; by refinancing a vehicle, you essentially pay lessinterest for the same product, and put more money back into yourpocket,” Sekula said.
|The credit union said it dropped its auto loan rate to 1.9% APRat the beginning of June and has seen an increase in loanapplications and approvals since that time.
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