Autos will top CU loan growth opportunities in 2015

Articles today in the credit union trade publications provide good news for marketers! Auto lending is still strong, along with home equity loans, for the start of 2015. It is a good time to look at your first quarter marketing plans.

According to CUNA News Now, “low auto-loan delinquency rates and high demand for new and used cars have credit union executives thinking that autos will offer the most opportunities for gains in loan growth next year, according to a recent survey by TransUnion. Of the 142 credit union executives polled, 46% picked auto loans as the top growth opportunity over the next 12 months, while only 22% of executives chose mortgage loan growth as the best opportunity.”

“About 84% of those polled ranked auto loans in their top three areas for growth, according to TransUnion. ‘While auto-loan performance in the last few years has been strong across the board, it is clear that credit union executives continue to value these loans going forward over other growth areas such as mortgages, credit cards and home equity lines of credit (HELOCs),’ said Ezra Becker, TransUnion executive vice president of research and consulting.”
The article also quoted: “In the longer term, we might anticipate greater focus on mortgage and HELOC growth as home values continue their upswing,” Becker added. Annually, new-auto loans have risen 19.8% and used-auto loans have climbed 12.6%, according to the Credit Union National Association’s September monthly estimates ( News Now Nov. 3).”

With this information, partnering with Synergent on a member data-mined direct mail campaign allows your credit union to:
  • Target certain members by age, zip code, membership status, current products and services used and much more!
  • Personalize marketing messages with member’s name
  • Create a responsive design via email targeted to member’s needs
  • Promote competitive rate offerings to current members
  • Offer seasonal or holiday specials on auto lending
  • Better understand member’s needs through data
  • Easy to track results with a 800 number or personalized URL
Check out the case studies. For more information about data mining and 2015 auto lending promotion, visit the ideas on our Direct Marketing Services page.