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In tight times Mountain America doubles auto loans
SALT LAKE CITY (7/11/08)--Mountain America FCU has seen a large increase in auto loans while much of the credit union industry has seen a plateau or decline. In April, the $2.7 billion asset, West Jordan, Utah-based credit union ran an auto loan promotion and brought in a record-breaking $110 million in loans--an amount that is nearly double any of its previous auto loan campaigns. “Our best month previous to this was about $65 million,” said Nathan Anderson, Mountain America’s senior vice present of marketing. With a budget of about $10,000 and “Route 66” as the theme, Mountain America ran a full-fledged campaign including newspaper, magazine, radio and television ads, billboards and in-branch advertising. “We put together a full campaign so members and nonmembers alike could take advantage of this opportunity,” Anderson explained. “We wanted our message to be clear and concise, so we really focused on the [4.49%] rate and made sure that people saw it in multiple places.” Anderson noted the creativity of the Mountain America’s marketing department, and said that much of the campaign’s success can be attributed to the credit union’s branches. “Our branch employees really worked hard to give great service, even with the increased volume,” he said.
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