How to Increase Offers on Auto Loans

Exciting news for credit unions – there is an uphill trend in auto lending at credit unions, with an 8.5 % increase recorded last year. This number is expected to increase even more over the next few years. As credit union members are more financially stable, now is the best time to improve strategies for offering auto loans.

The opportunity and the challenge

Low Interest Rate Car Loans from Credit UnionsThe Opportunity: In 2012, 1.3 million people signed up to become members at credit union, there are now about 100 million credit union members nationwide. With the growth of memberships steadily on the rise, credit unions have a huge market advantage. One way to capitalize on that advantage is to increase auto loan offers. A loan from a credit union is one of the choices a consumer can make when making the decision to purchase a new car.

The Challenge: The obstacle credit unions face is in perception; many members do not see credit unions as their primary financial source for auto loans. Banks receive a clear majority when it comes to auto loan offers, receiving a whopping 39.5% of the total market for auto loan originations. Comparatively, credit unions only claim 16% of the auto loan market.

Even though a credit union may offer lower rates and less hassle to obtain an auto loan, auto loan offers are often not mentioned or featured during member calls. Members may be satisfied with everything a credit union is doing, but just not know that auto loans are available. Yet credit unions offer distinct advantages to banks when it comes to auto loans:

  • Smaller down payments

  • Higher member satisfaction

  • Lower interest rates

  • Less hassle overall

The Quality Conversation Solution

Member Representative

We offer training for Member Representatives to increase car loan offers.

According to a recent study, members tend to be more loyal to financial institutions that focus on great customer service. Robert C. Davis and Associates emphasizes great service for credit union member contact centers through a unique process called The Quality Conversation. Members crave that human factor in auto loan transactions, and The Quality Conversation can help your member contact center agents be the human factor in every auto loan offer. Our training program rewards your credit union with greater overall customer satisfaction, and most importantly, steady growth in auto loan originations.

Secret to Success

The secret of our success is not so secret any more, just ask the Police and Fire Federal Credit Union. Unlike other companies, we focus not only on the training itself but also on changing the work culture, establishing goals, creating a longevity plan and following up with agents to increase sales. With 30 years of experience in executive and call center agent training, we will identify weak spots and formulate custom strategies to improve offers and seal the deal with your members.

Other financial lending institutions are envious of credit unions in terms of their high offer acceptance rates near 40%. But as high as acceptance rates are, credit unions can still improve the rates on loan offers. To maintain or improve this rate on offers, we believe the opportunity lies in strengthening member relationships. Our call center coaching program will improve how your credit union’s representatives make offer auto loans using The Quality Conversation.

A Quality Conversation that meets our–and your members’–standards includes showing a true interest and concern in the member. When a representative establishes a good relationship with a member, loyalty to the credit union increases, future offers are accepted at more frequent rates, and the credit union is recognized as the primary source for financial support in car loans, for example.

We ensure that each member contact center agent is trained with our revolutionizing Quality Conversation to improve auto loan offers. Supervisors are coached on ideal work behaviors, creating a more effective and result-oriented environment.

Experience top-notch services from Robert C. Davis and Associates now. Contact Bob Davis for a FREE and honest consultation today.