GM Partnership Driving Loan Preapproval to CUs
Invest in America is helping credit unions generate new auto loans through its partnership with General Motors.
The auto market has been struggling of late and credit unions are calling out for more loans. Though there has been an increase in used car numbers, Oregon credit unions saw a 15 percent decline year on year (YoY) in new auto loans, while credit unions north of the Columbia saw a 13 percent decline YoY in the fourth quarter of 2010, according to data from Highline Financial.
To help drive credit union vehicle loans and make preapproval easier for your members, GM is creating a link on their microsite. This link option is available when members are in the process of securing their Preferred Pricing Authorization Number.
The link will appear on the left navigation bar of their microsite and sends members to a drop-down window where they can choose their credit union’s name. From there, the member will be taken to the appropriate loan page on their credit union’s website.
For this to work, we need your credit union name, state, and a link (URL) if you’re interested in participating. The link would be for a page on your credit union’s website where members can either apply for an auto loan or learn how to apply for one. We also need the name and contact information for the person to reach in case there’s an issue with your link. All of this information needs to be sent to [email protected] by May 15, 2011. If you don’t make the May 15 deadline, don’t worry; your credit union will have a chance to send its link by the 15th of every month to be included in the following month’s drop-down window database.