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Popularity of new auto loan promo a surprise says CU
TEMPE, Ariz. (9/9/08)--Tempe (Ariz.) Schools CU’s western-themed “WANTED” auto loan promotion drew nearly 30 applications from members and non-members to switch their auto loans to the credit union in the first two days of the promotion. “I was quite surprised at the current popularity of this new program,” said David Rindone, Tempe Schools director of marketing. Because of the program’s success, the credit union is looking to launch the program again next summer. The credit union promised applicants a reward of $100 cash and a 2% discount off their current rate if they applied to move their loan to the credit union. Members also could choose to skip loan payments for the first 60 days. “I think our timing was great as people were looking to streamline their budgets,” Rindone said. Credit union employees also donned cowboy and western gear and wore sheriff’s badges to promote the event. “We are always looking for new ways to attract members to the credit union,” Rindone said. Members had to qualify for the promotion based on normal underwriting guidelines and the floor rate on the loans was at 5.99%, the credit union said. Tempe Schools has $160 million in assets.
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