GTE FCU Finds AAA Relationship Driving Loans
When GTE FCU recruited AAA of the South as a SEG, it got more than just a new group to market
"It turned out they had some other interests, (in addition to finding a credit union)" said Neil Timson, SVP-lending at
In fact, it was like a business development officer's dream. "Soon after we signed them as a SEG they came and had
On the auto loan side, AAA was looking for a lender that could offer loan services to its members online. "They
The program is much like an indirect lending program with an auto dealer. When a member of AAA of the South
In most cases, members are using AAA's website for these resources, and GTE's loan application is right there
Join AAA, Join The CU
As AAA members, they're eligible to become members of the CU Savers Club, which takes just $10 to join.
At that point they become eligible to join the credit union itself and get the auto loan, Timson explained.
Just as in a regular indirect loan program, GTE pays AAA for each deal the organization successfully refers to the
"Their members tend to be very good quality," Timson related. "They're usually much better than the people you get
Indeed, developing this program for AAA of the South has resulted in $59 million in new auto loans through
"I'd say we average about $2 million to $6 million a month," Timson told The Credit Union Journal.
The added bonus: AAA does all the marketing.
And the opportunities for such strategic partnership don't end with the auto lending program. AAA of the South is
GTE and AAA have done a Samsonite luggage sale as well as several travel promotions.