Winston-Salem, NC -Like most financial institutions today, Members Credit Union strives to educate members about the pitfalls of 0% financing offered by auto dealers. Pre-approval letters and low-rate promotions are a good start, but they don’t go far enough to arm the consumer against the hidden costs of payment plans.
By creating a unique, pocket-sized payment comparison card, Members Credit Union hopes to give members the information they need to make informed decisions. Members can keep the card in their wallet or glove box and have it available whenever they decide to go car shopping. Before they walk into the dealer, they will know the payments that they can afford based on rate, term and the sticker price of the car and whether or not the dealer is offering them the best available plan. “Since we can’t be there with them while they are car shopping, we’ve done the next best thing,” says Eric Stiff, Marketing Director at Members Credit Union. “This tool will serve to educate members whenever they are financing a purchase, now and in the future.”
The free, car payment comparison card is given to members who visit the branch as well as being included in direct mail campaigns. Members may also request the card to be mailed to them if they read about it in the monthly newsletter or on the credit union’s web site. Additionally, in-branch merchandising such as posters and message boards promotes the card. Matt Davis, the designer of the card, is creating a group set of pocket-sized, educational tools for members to collect and save.
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