Pen Air recaptures its way to auto loan growth
The Florida cooperative uses direct mail and digital techniques, plus a guarantee of 2 percentage points less than the member is paying now.
Pen Air Federal Credit Union ($1.5B, Pensacola, FL) has captured the loyalty of thousands of members in the three years since it rolled out an auto finance recapture program that knocks up to 2 percentage points off loans brought in from another lender.
The program began in mid-2016 and is highlighted twice a year with marketing campaigns that use internal data to identify loans held elsewhere that might be attracted instead to the Panhandle cooperative.
The inspiration for the strategy arose from the realization that a lot of A paper was already coming in from indirect lending, and that something was missing. “When we started looking at who our members really are, for the most part, we decided to reach out to members in that B and C paper group,” says Pam Hatt, Pen Air’s vice president of marketing.
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