One of the many responsibilities I have as CEO of GECU is to keep abreast of industry trends, economic cycles, and what our competition is doing.  We want to make sure that our rates are always competitive and that we are offering the products and services that you need and want.  We pride ourselves on offering the same, if not better, services than our larger competitors – from mobile banking and mobile deposit, to digital wallet payments (Apple Pay, Google Pay), and many others.  But one of our core values – if it’s not the most important, it’s near the top – is to offer our members credit.  That is, to lend money, whether it’s for an auto loan, mortgage, credit card, or whatever need you may have.  Extending credit at a reasonable rate of interest is why we were founded way back in 1935.

So imagine my surprise when I read recently that many financial institutions, including some credit unions, are pulling back on making auto loans.  While I’ve learned in this industry to never say never, I just can’t imagine not being to offer auto loans to our members.  That’s who we are!  And I have to add, we’re darn good at it too!  We pride ourselves not just on offering great rates to our members, but in saving you money in numerous other ways.  Chances are if you didn’t have a down payment with your last purchase, that you purchased GAP insurance with your loan.  How much does this typically cost if you finance at the dealer - $800 or even $900 is common.  What do we charge – just $450.  So there’s huge savings right there.  What about extended warranties to protect you from costly repairs?  We offer that too, and often far cheaper than the dealer.  What if you become unemployed, or disabled and can’t make your payments.  We offer debt protection coverage to help protect you if this happens.  Can’t make it into our office to sign your loan documents?  That’s no problem – you can electronically sign your documents using your PC, smartphone or tablet. 

Auto loans make up almost half of all the loans we have on the books.  It’s what we’re known for, and I hope will always be known for – offering credit to members to finance their vehicle purchase.  While our industry is constantly evolving, sometimes you need to make sure you’re taking care of the basics, and that for us is offering credit to members at a reasonable rate of interest, and to improve your financial well-being.  No matter how the world changes, that’s one thing you can always count on here at GECU.