The Credit Union Foundation and Enterprise Car Sales are joining forces to provide credit unions with a means to serve their members, boost auto loan portfolios, and support financial literacy programs in Maryland and the District of Columbia.
The three-month event bundles quality used auto selections with extensive complimentary promotional materials to create guaranteed auto loan opportunities for participating credit unions. To increase their support for both credit unions and the Foundation, Enterprise is pledging a $50 donation toward the Foundation’s financial literacy grants and programs for every referred sale during the November through January event.
• Enterprise is offering a wide selection of late model autos of various makes and models to meet members’ needs.
• Participating credit unions receive complimentary promotional materials including statement stuffers, handouts, posters, web graphics, digital signage,
e-blasts, display cars, and hosted kickoff meetings to raise member awareness.
• Credit unions receive 100% of the generated auto loans for referred sales.
• Enterprise will donate $50 per referred sale to help expand the Foundation’s direct to credit union grants and expand the Millionaire’s Club high school financial literacy program.
• In November and December members benefit from Enterprise’s “Price Leader” offerings of specially selected autos at low no-haggle pricing.
• In January, all participating members will receive Kelley Blue Book© trade-in value on their vehicles plus $500.
“The Foundation is pleased to partner with Enterprise Car Sales and participating credit unions to generate funds for financial literacy initiatives,” noted Kyle Swisher, Foundation Executive Director. “We’re working with credit unions to fund their individual financial education programs and to reach hundreds of students through new Millionaire’s Clubs. This event will help generate loans for credit unions and create proceeds to help the Foundation expand our financial literacy efforts.”
Members who purchase their vehicles during this special event will enjoy “The Perfect Used Car Package1” offered by Enterprise that delivers a 12-month/12,000 mile limited power train warranty1, a 7-day repurchase agreement1, 12-month roadside assistance2, free CARFAX© Vehicle History Report™, and more.
“The Foundation has cooperated with Enterprise to help credit unions and their members in the past,” said Swisher. “We’ve held successful events over the years, but this is the first time we’ve designated the sales donations to a specific area and we’re looking forward to broad credit union participation in support of important financial literacy efforts.”
Credit unions are reaping benefits, too. “We’ve worked with Enterprise and the Foundation on similar programs in the past and have found this to be a productive way to grow our used auto loan portfolio,” said GPO FCU’s Marcia Dixon, whose $33 million credit union generated 9 loans from a similar 2011 program. “The promotional materials are impressive, the auto selections are ample, and our members’ responses have been positive.”
In Baltimore, Destinations CU CEO Brian Vittek has an additional reason to support the event, “Destinations has benefitted from a Foundation grant in support of our community financial literacy efforts so we’re very pleased to see this event offered and we plan to participate.”
The three-month event runs through November, December, and January. The goal of the program is to generate 120 sales and produce $6,000 in funding for financial literacy grants and programs while building participating credit unions’ loan portfolios.
Credit unions need to enroll before September 31st, 2012.
For more information contact the Foundation at (443) 325-0771 or Lee Turner, Enterprise Car Sales – Baltimore, at (443) 506-4613 (email [email protected]). In the DC Metro area contact Sue Kelley, (301) 674-1523 (email [email protected]).
Download the complete story on the Enterprise Program by clicking the image to the right.
And be sure to download our Enterprise Program Projections Calculator to help you calculate and visualize how participating in the program can help both your credit union and your members. Click the image below to download the calculator.