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Vehicle Financing News Recent auto manufacturer discount program incentives sparked a near 50% jump in vehicle sales. This was the case for General Motors in June 2005 and prompted several other manufacturers to create new types of incentives. Since 9/11, auto manufacturer financing incentives have ruled the market to encourage car purchasing and overall spending. From “0.0%” to “cash back”; from “family pricing” to “employee pricing”; these programs have offered a variety of incentives. While these programs have been successful, they come with a price: how will the manufacturers continue to encourage sales without devaluing their products and depleting their profit margins? Incentives, however, offer Credit Unions a wonderful opportunity. Credit Unions' low rate loans combined with the manufacturer/dealer incentives offer a member or future member excellent financing options. Options that will surpass combined manufacturer incentives and financing. Since a variety of manufacturer incentives are available today, now is the perfect opportunity to educate your members about the Credit Union advantages. Our 9 new Vehicle Financing Design Concepts offer you a variety of formats to do so. Get your campaign going today by calling a Marketing Associate at 800.530.3585. Home and Equity News According to an article from Creditunions.com “adjustable rate mortgages have risen from 36% to 41% of all first mortgages for Credit Unions in the 12 months ending March 31, 2005”. With adjustable rate mortgages, “borrowers may be able to buy a more expensive house than they might otherwise afford” according to a recent BusinessWeek Online article. This is significant considering the latest data from the Office of Federal Housing Enterprise Oversight says, “single-family home prices rose 12.5% from the first quarter of 2004 through the first quarter of 2005”. Since the rise in home prices has encouraged borrowers to seek untraditional funding, it is imperative that Credit Unions promote their loan options. Whether promoting traditional home loans and home equity lines of credit or untraditional ARM and hybrid loans, Nationwide Marketing Solutions offers you the Design Concepts to do so! Our 9 new Home & Equity Design Concepts offer you the flexibility and diversity you need. To place an order, call a Marketing Associate at 800.530.3585. Holiday News Today's Payday Loan Business is comprised of 22,000 plus centers and is a $40 billion-a-year industry. Deferred Presentment Loans or Payday Loans, as they are more commonly referred to, charge flat rates for their services. Such fees generally range from $15-$30 for every $100 borrowed. This may not seem like a large amount, but a $25 fee on a $100 loan amounts to a 650% APR. If the loan is not paid back within the specified time, generally 2 weeks, the loan is rolled over. When this occurs, new loan fees are applied and the interest continues to accrue on an even higher loan amount. According to The Motley Fool, “91% of payday lending goes to borrowers who take out five or more loans per year. Only 1% of such loans go to one-time borrowers with emergencies.” Payday Loans are a costly way to satisfy the need for quick cash. Since cash can be short at the Holidays, now is the perfect time for Credit Unions to offer alternatives to their members. Whether promoting options such as skip-a-payments or Holiday loans and announcements, Nationwide Marketing Solutions is your partner in doing so. Check out our 19 brand new Holiday Design Concepts and call 800.530.3585 to place your order!
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