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CU System
CU helps with car wash biz classic cars
PLYMOUTH, Mich. (9/15/09)--A car-wash entrepreneur and classic car collector in the Detroit area has relied on a beneficial relationship with Community Financial Members FCU to fund his business and his hobby.
Ray Hicks, a long-time member of Community Financial Members FCU, stands next to one of his award-winning 1953 Corvettes, which he purchased with a loan from the credit union. (Photo provided by Community Financial Members FCU)
Seven years ago, while checking auto loan rates to purchase a car, Ray Hicks visited a Community Financial branch near his home in Northville, Mich. Remembering the first car he bought more than 30 years before with a credit union loan, Hicks knew that credit union loan rates were usually lower than those of other lenders. “After that visit, not only did I become a Community Financial member and purchase a new Cadillac for my wife, I was able to get a commercial loan to expand my business, Hicks said. “Community Financial also helped me with loans for my classic car collection, including several 1953 Corvettes.” During the past 30 years, Hicks’ car wash business has grown to include nearly two dozen properties throughout metropolitan Detroit--success he attributes to being a hands-on worker. He spent 18 years in a General Motors plant before growing his car wash business. Hicks said these experiences have led him to pay attention to bottom-line details such as loan rates. “I don’t change unless there’s a reason to change,” said Hicks, who describes himself as a loyal credit union member. “When you walk in the branch, everyone calls you by your first name. They also look at your goals and what you’re trying to achieve.” “Ray has the business savvy to leverage his classic car collection and car-wash properties to get the best deal,” said David Sanctorum, Community Financial director of business services. Community Financial Members FCU is headquartered in Plymouth, Mich., and has $455 million in assets.
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