LOUISVILLE, Ky. – Park Community FCU is reporting it closed more than $6 million in auto loans via a one-week promotion called “The Monster Rate Special.”
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Marketed via the CU’s newsletter, website, at community events and through a two-week flight of radio spots, borrowers were offered a one-percentage point rate reduction from standard rates, with APRs as low as 3.49% on new models and 3.99% on used vehicles.
Park Federal reported the volume represented a 500% increase (338 new auto loans) during the one-week promotion. It signed up 166 new members who represented $2.8 million of the new auto loans. Loans generated through its indirect network represented 19% of the total volume.
