Imagine keeping over $1,800 in YOUR pocket instead of giving it to someone else! For hundreds of members of Reliant Community Credit Union, that dream became a reality in 2019 when they refinanced their auto loans with a lower-rate Reliant auto loan. More than 600 members saved an average of over $1,800 in interest, and many of those members saved even more than that — several saved over $10,000!
Early on in 2019 a credit union–wide initiative began with a goal of putting $1 million back in Reliant members’ pockets in one year. Within the first three months, Reliant had saved members $252,230. The savings continued all year, and by December 31, the amount Reliant saved members in auto loan interest had reached $1,118,742.
“Many people enter into auto loans with other lenders without really knowing if the interest rates and terms they are getting are truly the best,” commented Brian Benedict, Chief Financial Officer. “At Reliant our staff is trained to look for opportunities like these to see where we can put some money back into our members’ pockets. This has worked for many of our members — with the average interest savings in 2019 at over $1,800 per member!”
One member was quoted as saying “I had no idea what my rate was or my terms when I closed at the dealer. Reliant took the time to figure out how I could cut a year off my loan and save me over $100 a month on my payments.”
“We continually want to be able to do something for members that makes a difference in their lives and lets them know we are here to help with all of their financial needs… with their savings, loans and investments,” Benedict concluded.