Welcome to LoveMyCreditUnion.org


Welcome to the LoveMyCreditUnion.org Blog!


LoveMyCreditUnion.org is the home base for a member discount program called Invest in America (IIA). IIA was created in 2008 to help credit union members save on the products and services they use most from trusted U.S. partners.

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 Dell, TurboTax, Jackson Hewitt, DIRECTV, Allied Van Lines and the TruStage Auto & Home Insurance Program. Plus, we offer our own discount partners Shop America and the Credit Union Auto Club.

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

Wednesday, October 28, 2009

Does Your Credit Union Have Questions About Invest in America?

We get questions every day from credit unions across the country about Invest in America, what the program is about, why they should join and what the benefits are.  We've compiled a list of the questions we get the most - hopefully your question will be in here but if not, email us at InvestinAmerica@cucorp.com and we will get you the answers you need to get your credit union participating in Invest in America!

Question: Why should I sign my credit union up to participate in Invest in America?
  • FREE MARKETING KITS, including creative design and production
  • Latest program updates emailed directly to the credit union point person
  • Access to your credit union's sales data 
  • E-mail addresses of your credit union's members who have requested a GM authorization code that have not yet purchased a vehicle for your credit union to follow up with and cross market to
Question: My credit union doesn't want to spend any money to promote Invest in America

The Invest in America program has always offered marketing materials at low or no cost.  The printed pieces simply need to be downloaded from the Love My Credit Union website and printed at the credit union or your preferred printer.  Additionally, there are many tools that credit unions can use that don't cost anything at all: email, on-hold messages, newsletter articles, print and on-line ads, logos and web banners.

Since October, Invest in America has offered FREE printed materials to all credit unions signed up to support the program.  Credit unions can order pre-printed inserts and posters all at NO COST to the credit union and there are FREE TO DOWNLOAD email, on-hold messages, newsletter articles, print and on-line ads, logos and web banners to use as well.

Question:
The dealers are just going to steal the financing so why should my credit union promote Invest in America?


You can see by the number of loans funded by credit unions compared to the number of autos purchased that this is just not the case.  Of the 195,000 cars purchased through the Invest in America program, credit unions funded over 156,000 of them - 80% of the loans were funded by credit unions.

The Invest in America program gives your credit union a new way to market auto loans and generate excitement.  And why wouldn't you want members to know they could save money?  Look at it this way, if you don't tell your members about Invest in America and they find out about it from the dealer, odds are greater that the dealer will get the financing instead of your credit union because you may have alienated your member by not telling them about the discount.

Question: Our credit union doesn't see much value beyond the auto discount and we don't do many auto loans.

Remember, the Invest in America program is designed to help credit unions grow and retain members.  Simply by offering the discounts makes being a member of your credit union more beneficial.

The Invest in America program is bigger than just the auto discount.  There are numerous partners including Sprint, Thor RVs and Allied Moving and Storage.  All of these partners are providing discounts to your credit union's members just because they are members.  They are enhancing the value of your credit union to your members simply by the fact they are offered.  Credit union membership has never been more beneficial, whether or not your members take advantage of some or all of the discounts and whether or not your credit union is making additional auto loans.  There are more programs and partnerships to come.

 

Thursday, October 22, 2009

Sprint Goes Green with Help from Credit Unions

According to the U.S. Environmental Protection Agency, just 10% of the cell phones ready for end of life management in this country are recycled.  Darren Beck, Manager of Resource Stewardship for Sprint says "Americans toss a staggering 65,000 tons of unused cell phones into landfills every year." (Invest in America, September 2009 Newsletter)

Sprint is the first and only U.S. telecommunications provider to publicly commit to significantly increase phone recycling efforts and credit unions have the unique opportunity to support this effort.

How can credit unions help?
Even better?  All net proceeds generated from the sale of equipment collected through Sprint's Project Connect go to fund and promote free Internet safety resources for kids, parents and educators.

How can credit union members help?
  • Recycle your old phone.  Whether you use Sprint or not, you can recycle your phone through Sprint's Project Connect.  If available at your credit union, pick up the free Project Connect envelope.  If they are not available at your credit union, you can pick one up at any Sprint store. 
  • If you are a Sprint customer, sign up for e-statements and receive a one time $5 credit
  •  Purchase eco-accessories that reduce your imprint on our environment.
  • If your credit union hasn't signed up for Invest in America, encourage them to do so.
Sprint's ECOcommitment is another benefit to an already strong program.  Giving back to the community is a core concept of Sprint's green initiative and marries well to the credit union philosophy of "People Helping People".  By partnering with credit unions supporting Invest in America, Sprint has shown their commitment to helping credit union members.  Now is the time for credit unions who haven't signed up for Invest in America to do so and  support Sprint and our environment.

Thursday, October 15, 2009

International Credit Union Day and Invest in America

International Credit Union Day is a great way for credit unions to raise awareness about the great work they do and give credit union members the opportunity to get more involved in the credit union movement.  The theme for this year's International Credit Union Day is Your Money. Your Choice. Your Credit Union.:  "Value, trust and service to members, all represented in the theme, are just a few of the many reasons credit unions are chosen by people seeking access to fair and affordable financial services." 

You might wonder what an International credit union day and a program that is focused on providing U.S. credit unions with discounts solely on American made products and services have in common.  It's really very simple; Invest in America and International Credit Union Day both provide credit unions with the opportunity to educate consumers on the credit union brand and the many benefits of credit union membership.

Invest in America aligns with the international credit union movement by:
  • Raising awareness of credit unions by providing nationwide media coverage and public relations that promote credit unions commitment to improving their communities and the benefits of credit union membership.
  • Providing fair and affordable financial services through discounts on products and services that credit union members want and need, improving their value to their members.
  • Promoting the stories of why credit union members love and trust their credit unions  and encouraging them to get involved with the credit union movement by sharing their stories and referring their friends and family.
This year's International Credit Union Day theme puts the power of the credit union movement squarely in the hands of credit union members.  Invest in America strengthens this by raising awareness of  the credit union movement, providing value added discounts and encouraging credit union members to get involved in spreading  the word.  Working together, Invest in America and International Credit Union Day strengthen the credit union movement and brand.

Thursday, October 8, 2009

Cash for Clunkers and New Car Inventories

The Cash for Clunkers program had many positive affects on the auto industry and our economy.  Key was the increase in the Seasonally Adjusted Annual Rate (SAAR) of new vehicles.  For the first half of 2009, the SAAR of new vehicle sales was less than 10 million; in August, that number jumped to 14.1 million.  What did that mean?  When dealers opened their doors on September 1st, there were 49% fewer vehicles available for them to sell.



This is good news for the auto industry and their service and support industries.  "The higher sales levels caused manufacturers to boost production schedules and dealers to increase orders."  Plants that have been closed have re-opened and workers are back on the line.  Used car inventories are low and their prices have increase 5.1% from last year, due to a combination of Cash for Clunkers and an overall decrease in new vehicle inventories.  For the auto industry, Cash for Clunkers was a success.

As an automotive lender, it is important for credit unions to be aware of business conditions and events in the automotive industry.  Until inventories are replenished and consumer demand once again increases, competition for auto loans will likely increase.  Your credit union will need to monitor your rates against your competitors and continue to offer the best deal possible to your members in order to remain competitive.  Be sure to stay abreast of what's happening in the auto industry so you can manage your credit union's finances.