GLENDALE, Calif.-Los Angeles Federal Credit Union has spent the past several months offering its members discounted loan financing on new and used vehicles purchased at dealers here.
The $719-million CU partnered with the city of Los Angeles on the "ShopLA" program. For the past 11 months, LAFCU has added a special, half-percent ShopLA discount off its regular new and used vehicle rates, saving members hundreds of dollars in finance charges.
The CU used the promotion to drive new membership, telling locals they can join LAFCU and immediately apply for a vehicle loan online, by phone or in branches. Members were eligible to save on the purchase price, as well, by combining the lowered rates with dealer incentives provided through ShopLA's participating dealers.
John Dea, president and CEO of LAFCU, said though the CU did not have a specific goal in mind for the ShopLA Vehicle promotion, "we have seen positive results."
"The purpose of this ongoing promotion is to encourage local residents to save money by buying their next vehicle, truck or motorcycle right here in Los Angeles," he said. "During these challenging economic times, people are seeking new and innovative ways to save money. We want to help them do that, while supporting the City of Los Angeles at the same time."
LAFCU declined to release the number of loans it booked under the ShopLA program, citing the competitive nature of the business and privacy reasons. "Our goal with this promotion was to help people save money by offering a special discount off our regular new and used vehicle loan rates," a spokesperson said.
