CFE FCU, Car Buying Co. Do $1M Plus In New Loans

October 17, 2005, 1:00 a.m. EDT 1 Min Read

CFE Federal Credit Union said it teamed with a local car buying service, Auto Wholesale Direct, to showcase a members-only car sale at the Florida Auto Auction here and did $1.052 million loans after financing 55 vehicles.

The credit union was offering rates as low as 3.99% APR and deferring payments until Jan. 1, 2006. Communication pieces designed to drive members to the sale included postcards to selected members, branch posters, flyers for distribution by tellers, statement inserts, member newsletter articles, ATM screen messages and website headlines. In addition, a large inflatable friendly "sky guy" with CFE's logo was a huge success to attract members from the road during the event. At the sale, members enjoyed hot dogs while shopping and received a $5 gas card for their new car.

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