More than 600 members of State Employees' Credit Union have made shopping for a used car significantly easier with the credit union's Auto Power loan program, the cooperative said.
The loan pre-approval program provides members with a check up to a certain amount of money to use towards the best deal on a car, according to Stacie Walker, SVP at the $28.6 billion SECU in Raleigh, N.C.
"By the time they come into a branch, most of our members already know how much they want to spend on a car or what they want their monthly payment to be or both," Walker explained. "Auto Power lets them get into a car without having to come back into the credit union."
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Once approved, the SECU member gets a pre-approved loan amount that is in effect for no more than 60 days after the loan approval, Walker said.
The front of the check has a place where the vehicle's VIN number is added and the back has two separate endorsement areas for the dealership and member.
The dealer's endorsement includes a promise to follow the dealership instruction sheet that SECU provides the member along with the check, Walker said.
Tanna Baumgardner-Greathouse of Boone, N.C., and a member of the credit union, purchased a used car through the Auto Power program.
"The program gave me the power of having cash in hand while looking at used vehicles, and once I found the perfect car, it was a quick and simple transaction to purchase it on the spot," she said.
"By getting my loan through the credit union, I knew I would be in control of financing options with a great interest rate, and would not feel pressured by car dealerships to finance with their lender," she added.
Mark Coburn, SVP of lending development at SECU, said it is important to give members the best possible tools to help them make major financial decisions.
"With competitive loan rates for all members, along with enhanced service options such as Auto Power, members have greater convenience and a better overall car-buying experience," he said.
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