Members responded in a big way to CitizensFirst Credit Union's recent promotion, bringing in $8.9 million in auto loans in the fourth quarter, up 150% from 2011's figures.
The $370 million credit union in Oshkosh, Wis., ran its Cash Back Auto Loan promotion during the last four months of 2012.
The promotion was open to current and new members, and it applied to either new loans or loans refinanced from other institutions. Standard rates remained unchanged, but the borrower earned an on-the-spot 1% cash rebate up to $500, according to CitizensFirst. Members who were not approved received $25 just for applying.
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A total of $75,278 was paid out to 765 loan applicants, the credit union said. In addition, $2,761 was raised for charities as part of a CitizensFirst commitment to contribute $5 for every approved loan.
"We found that cash in hand is sometimes worth more to people than a lower rate and lower payments," said Todd Ziglinski, vice president of financial sales and service at CitizensFirst. "Freeing up a little extra cash during the holidays was very appealing."
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