Shared Accounts w/ CU Times: A CU’s Key to Auto Loan Success

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Driving deeper into “Auto Loan Month” on Shared Accounts With CU Times, I’m joined by President/CEO Michael Powers at Garden Savings Federal Credit Union ($427 million in assets, more than 25,000 members) out in Parsippany, N.J. to get into the auto loan trenches.

Roughly 85% of Garden Savings FCU’s auto loan portfolio is made up of used car loans. Powers has an interesting take on creating relationships, not only with members, but with an extensive list of used car dealers in his membership footprint. This relationship building has led to significant growth in the good times, and steady numbers holding during the rocky months of 2023.

Powers and I discuss his auto loan marketing efforts and how his credit union has adjusted to what members want and need over the years. While being realistic about what’s ahead in 2024, Powers shares his ideas and thoughts of how he’s approaching what could be an incredibly successful auto lending year.

To listen to the previous episode, click here.

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