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Credit Union Offers Free Job Loss Protection Benefit for New & Used Car Loans

Financial Partners Credit Union looks to enhance market position to compete with extremely aggressive car dealers.

Cars for sale at a Central California auto dealership. Cars for sale at a Central California auto dealership. (Source: Shutterstock).

To enhance its competitive position for new and used auto loans, the $1.6 billion Financial Partners Credit Union in Downey, Calif., recently decided to offer a job loss protection (JLP) benefit at no additional cost for members.

“We looked at the auto market and we see that dealers are extremely aggressive,” Lori Reeves, SVP and chief marketing officer at Financial Partners, said. “They are back to the 0% rates, even on terms up to 84 months, payment deferrals and many are offering job loss protection or a similar benefit to address peace of mind, as well as other incentives. To be competitive and ensure our members get a great deal when they buy a new or used car -including private party sales – we added job loss protection to our great low rates, and 90-day first payment deferral option.”

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