Help members stay ahead of unexpected auto repairs
Auto lending season has arrived for credit unions. Thanks to consumers’ ample access to credit, low debt burdens, strong job growth, growing hourly earnings and rising home values, auto sales are expected to top 17.1 million units in 2018.
This outpaces the 16.5 million sales rate that economists believe is the inherent long-run demand. But what about protecting all of those shiny new rides out on the road?
Growth in dealer-direct financing, indirect lending and online loan channels means that fewer members being covered by a mechanical repair coverage policy (MRC).
Traditionally, MRC has been offered at the time of closing the auto loan. However, because of time constraints, channel shift and administration challenges during the auto loan process, MRC is left out of the conversation all too often.
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