PLEASANT GROVE, Utah — Family First FCU opened an automobile sales lot next to one of its branches here, and immediately welcomed swarms of potential buyers.
The lot was advertised as being ready for business on Saturday, Sept. 19, but according to Carin Maurer, chief financial officer at Family First FCU, curious crowds showed up on Friday night.
"We had an excellent response," she told Credit Union Journal three days after the grand opening. "We had a lot of people come by the day before looking to see what was available. It is unusual to have a financial institution with a car lot. Normally, people perceive a financial institution selling autos as selling repos, and cars that are junk. Some of our cars were repos, but most were lease returns. They are newer models with lower miles and are in excellent condition."
The action at the opening was "non-stop all day." Maurer declared. She said Family First closed loans on three vehicles that were driven off the lot that night, "and a lot of people were going to follow up this week. We hope to close several more loans by the end of this week."
The $168-million CU, which serves 25,000 members via seven branches, received local press coverage in advance of the lot's opening, which raised awareness. In addition, Family First advertised the opening on its website, plugging special loan rates as low as 4% APR that will be extended to the first 20 cars purchased and financed at the lot.
Car buyers do not need to be a member of the credit union to purchase a vehicle from the lot. However, if financing is needed and is secured through Family First, borrowers will need to open a $25 savings account to become a member. The credit union hired three full-time employees to staff the car lot.
Family First FCU is headquartered in Orem. The auto lot was opened next to its branch in Pleasant Grove.
"This particular location is adjacent to one of our branches, so when the property became available it was perfect," Maurer explained. "We had cars sitting at four different branches, so we were able to consolidate into one central location so people who are looking for vehicles can go to one spot. And with loan officers right there in the branch, it works out well.
"We have roughly 35 vehicles on hand, most of which are lease returns," she continued. "The special loan rate is still available. We will continue to promote the vehicles and the lot in the weeks and months to come."
