Welcome to LoveMyCreditUnion.org

Welcome to the Love My Credit Union Rewards Blog!

Love My Credit Union Rewards is an exclusive discount program that was created (as Invest in America) in 2008 to help credit union members save on the products and services they use every day.

We began with the Credit Union Member Discount from GM and soon grew to include the Sprint Credit Union Member Discount as well as savings programs from TurboTax, DIRECTV, Allied Van Lines and ADT. Plus, we offer our own discount partners Love to Shop and the Credit Union Auto Club.

Our blog is to give you insider info on the latest discounts and share other ways to help you save. We hope you enjoy our blog and saving at LoveMyCreditUnion.org!

Wednesday, September 30, 2009

2,000 Credit Unions Supporting Invest in America

Last week, the Invest in America program hit a milestone - 2,000 credit unions across the country have signed up to support the credit union membership enhancement program!  Thank you to all of the credit unions that have signed up to participate!

Invest in America is a credit union member enhancement program aimed at providing discounts to credit union members on products and services from American companies.  What started out as domestic automotive program has grown to include wireless services, recreation vehicles and moving and storage services, with more partnerships planned before the end of the year.  Whatever your members' needs are, it's likely there will be an Invest in America partner who can fulfill them.

How does your credit union benefit from participating in Invest in America?
  • Your credit union receives FREE turn-key marketing materials to use in marketing the credit union member discounts to your members
  • Your members use the discounts, saving money and increasing the VALUE placed on credit union membership
  • Your credit union benefits from extremely positive press coverage that DIFFERENTIATES credit unions from other financial institutions by helping support U.S. jobs and our economy
  • Member enhancements provide your credit union with a CATALYST for membership and loan growth
  • Opportunities to EDUCATE your members on credit union advantages, including lower loan rates, lower fees and better service
Invest in America works because members TRUST their credit unions.  They trust their credit union to provide low-cost, high quality financial services and "real" promotional efforts, not gimmicks.  Invest in America does all of this and more.  It provides credit union members with discounts on products and services and it provides credit unions with opportunities to increase value to their members and the credit union's loan portfolio.  Invest in America provides all these benefits while providing a stimulus to our economy - what more could you ask from a credit union member enhancement program?

If your credit union is participating in Invest in America, have you had success with the program?  Let us know how at InvestinAmerica@cucorp.com.

If your credit union isn't participating, now is the time to join.  Visit www.lovemycreditunion.org to find out more about Invest in America and to start participating.

Thursday, September 24, 2009

Now Is The Right Time To Take Advantage of Leasing Opportunities

In today's increasingly competitive environment of both brick and mortar and online financial institutions, your credit union's loan portfolio may be taking a beating.  To attract new members and grow your credit union's portfolio, your credit union needs to offer a wider variety of products.

One way to do that is to get your credit union involved with leasing GM or Ford vehicles through Invest in America.  Now if you think that leasing is to risky for your credit union, I ask you to think again.  With today's rising residuals and, thanks to Cash for Clunkers, a shortage of used cars, now's a great time for credit unions to get into the leasing business.

How is the Invest in America leasing program different from traditional leasing programs?  Key reason: Leasing through Invest in America lessens your credit union's financial risk because of the manufacturer's contributions.

How else is the Invest in America leasing offer different?
  • Reserve for residual losses: 10% through Invest in America, 3% through traditional lease programs
  • Reserve provided by: 60% provided in cash by the manufacturer with Invest in America; provided by lease partner and taken from Acquisition fee through traditional lease programs
  • Wear and Tear: Through Invest in America, the lease partner waives the first $1,000 of the wear and tear at lease end.  Any additional wear and tear not collected at lease end is a credit risk.  In a traditional lease program, the credit union bills the member for lease end wear and tear.  If not collected, it is a credit risk.
  • Residual Value Insurance: Through Invest in America, it is designed to pay claims after 10% of the reserve has been used*; in traditional lease programs the claim is paid only after 100 basis points has occured
  • Risk: Leasing through Invest in America has low risk, with great growth and profit potential.  
  • Residual Values: Conservative with Invest in America, enhanced through traditional lease programs
  • Competition: Through Invest in America, there is little to no bank and captive company competition, traditional lease programs have strong bank and captive company competition.
Remember, just because leasing is considered by some to be non-conventional doesn't mean there is more risk involved.  Do your research, both Credit Union Leasing of America and Groovecar can help you work out the benefits and risks.  There's never been a better time for credit unions to start leasing, and it's never been easier or safer than with Invest in America.

*Provided Black Book Average is the settlement floor.

Thursday, September 17, 2009

Invest in America, Credit Unions and Our Economy

We've discussed the importance of the American auto industry on our economy:
  • The Big Three directly and indirectly employ around 3 million people
  • The auto industry provides 3.6% of the U.S. Gross Domestic Product output
  • If the American auto industry used as little "domestic content" as foreign automakers, about $49 billion in U.S. part sales - and 1 million jobs - could have been moved overseas last year
  • Automakers are our largest exporter and one of the biggest buyers of steel, rubber, glass, electronics and computer chips
  • Nearly 1 in 10 scientists in the U.S. work for American automakers or their suppliers.
Ok, so what about credit unions?  How important is their impact on the U.S. economy?
Working with the auto industry, credit unions have not only helped the economy, they've helped themselves:
  • Through Invest in America, GM and Chrysler have reinvested $3.05 billion into the U.S. economy
  • Of the almost 190,000 vehicles sold through Invest in America, over 152,000 have been financed through credit unions
  • Over the past year, credit unions have seen a 32% increase in the number of new vehicle loans, the timing of this increase coincides with the launch of Invest in America
This leads to one question - if you're credit union isn't supporting and promoting Invest in America, which helps your credit union, your credit union members and our economy - why not?

Wednesday, September 2, 2009

Do You Share Your Credit Union Love?

At lovemycreditunion.org, our objective is two-fold.  Our first goal is to educate credit union members and credit unions on the benefits of the Invest in America membership enhancement programOur second is to spread the credit union message to consumers across the country and promote all the reasons why credit union members love their credit union.

As credit union people, we know all the great reasons why people should choose a credit union over another financial institution - but we wanted to know why do credit union members love their credit union?  Through our Twitter account, we follow the search term "love my credit union" and here are just a few of the reasons we found from credit union members themselves:
  • @SteffChilds i love the people at my credit union.  they are so darned nice and helpful!
  • @blakeaulermurph at my Community Credit Union!  Love them so much I am even a fan on facebook
  • @SarahDoodle I LOVE the people at my credit union.  I should transfer all my accounts there...so much better than WaMu/Chase
  • @imunpredictable not only do I LOVE direct deposit, but i LOVE being w/a credit union..ha!  get my money before midnight
  • @meeshiefeet i love my credit union! CC fraud - no problem.  Easy to fix.
  • @djhazzard Gotta love 1st Fridays: Free donuts at my credit union!
  • @artzyfartzy i love my credit union, they have an old fashioned popcorn machine & it keeps my kids busy!  little things can make moms life easier
  • @davidlingholm I have serious love for my credit union.  Grand Trunk FCU ROCKS!  Personal service, actually supportive. 
There are lots of great posts and great reasons to love credit unions.  The challenge for credit union marketers is to broadcast the message to consumers where consumers are.

As a credit union - how do you spread your message?  Do you know if your members love you?  If so - do you ask your members to refer their friends and family?  As a credit union member - why do you love your credit union?  Do you recommend your credit union to your friends and family?

As credit union members, we all benefit from spreading the "People Helping People" message.  Help us spread the credit union love by sharing your story with us at www.lovemycreditunion.org.