Why ElecTel Members Not Complaining About Six More Weeks Of Winter

RALEIGH, N.C. — The "polar vortex" has made this winter miserable for much of the country, but some members at ElecTel Cooperative FCU here may be perfectly happy to have the cold weather last just a bit longer — six weeks longer, to be exact.

The $40 million-asset credit union — which regularly runs loan campaigns around red letter days and holidays — ran a promotion offering no payments for six weeks if Punxatawney Phil saw his shadow on Goundhog Day.

ElecTel promoted the loan deal via its website and Facebook page, and the promotion applied to any new auto loan financed at the credit union between December 26, 2013, and January 31. The CU booked more than $600,000 in new auto loans as a result of the campaign.

"Hopefully this will make the six weeks of winter a little more bearable, especially after the winter weather we've had this past week," said CEO Nancy Long.

With Groundhog Day over, ElecTel has moved on to the next holiday on the calendar, just a few weeks away. The CU is hoping members "Put Some Presidents In Your Pocket" with a deal on unsecured loans at 1.9% or 2.9% for a one- or two-year term, respectively. ElecTel is taking applications on that loan through February 18, the day after Presidents Day.