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, April 28, 2010

Save, Invest and Donate with Invest in America and DIRECTV

Invest in America is well known for bringing credit union members amazing discounts on the products and services they use most.  Credit unions are well known for making a real and meaningful impact on the lives of their members - the Credit Union Difference.  DIRECTV's credit union member program aligns the Invest in America program with the Credit Union Difference, creating a win-win for the member and their community.  Credit union members receive an exclusive discount on new activations - with savings equal to over $400!  Plus, they have the opportunity to support the credit union philosophy of "People Helping People" by making a $10 donation for each new activation to the Children's Miracle Network.

Why the Children's Miracle Network?  Credit unions have partnered with the Children's Miracle Network since 1996 and, since then, the Credit Unions for Kids program has generated more than $75 million for children's hospitals.  These funds are used to support new facilities, research and education that benefit over 17 million children in 170 hospitals every year.  Through our partnership with DIRECTV, Invest in America is providing another platform for credit unions and credit union members to support this charity that has deep ties to the credit union movement.

DIRECTV also supports the Credit Union Difference by helping credit union members invest in themselves.  When a credit union member subscribes to one of the DIRECTV services they will not only save over $400 they will also receive $15 which will be deposited into either their credit union checking or savings account.  If they put that money in a CD, IRA, interest bearing savings or checking account, that money will grow - having a real and meaningful impact on their lives.

With the credit union member discount from DIRECTV, credit union members will "Save" (their exclusive credit union member discount), "Invest" (additional money in their pocket) and "Donate" (helping children out across our country).

Credit unions continually put their members first.  When your credit union offers the DIRECTV credit union member discount and the other valuable discounts through Invest in America, you are increasing the benefits of membership to your credit union - what could be more valuable than that?

Wednesday, April 14, 2010

Credit Unions and Auto Leasing

In this tough economy, credit unions have made great strides in capturing more of the auto lending market.  CUDL reports that credit unions saw a 3.8% increase in their auto lending market share in 2009, most of which came from the captives.  CUDL also reported that credit unions were the fifth largest lender of auto loans in 2009, up two places from 2008.

Facing tough competition, 0% financing from captive finance sources (although as we've discussed before, credit union members who take advantage of low credit union rates, use the Invest in America discount and the manufacturers' cash alternative save more than if they take the 0% financing offer from the dealer) and an ever changing financial landscape, now is a great time for credit unions to consider expanding their loan portfolios and enter the world of leasing.

Now, if you automatically think leasing is too great of a risk, we ask you to think again.  Leasing is set to once again take off; Kiplinger.com states that leases will be responsible for about 60% of the total increase in new car sales this year, and credit unions have the opportunity to take advantage of this and increase their loan portfolios.

Invest in America's GM Leasing Program is different from traditional lease programs for a variety of reasons, the key being: Risk Mitigation - 10% reserve for residual loss and residual value insurance.

How else is the Invest in America leasing offer different? 

Traditional - Up to 3% reserve for residual losses
Invest in America  - 10% reserve for residual losses

Traditional  - Reserve provided by lease partner and taken from Acquisition fee
Invest in America - 60% of reserve provided in cash by manufacturer

Traditional - Credit union bills member for lease end wear and tear.  If wear and tear is not collected, it's a credit risk
Invest in America - 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

Traditional  - Catastrophic Residual Value Insurance designed to pay claims only after 100 basis points has occured
Invest in America - Residual Value Insurance designed to pay claims after 10% reserve has been used*

Traditional - Indirect, dealer driven
Invest in America - Indirect, dealer and manufacturer driven

Traditional - Inherent, calculated risk, with great growth and profit potential
Invest in America - Low risk, and with great growth and profit potential

Traditional - Enhanced residual values
Invest in America - Conservative residual values

Traditional  - Strong bank & captive finance company competition
Invest in America - Little to no bank and captive company finance competition

Remember,just because leasing is considered by some to be non-conventional doesn't mean there is unreasonable risk involved.  Do your research, both Invest in America lease partners, 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