Driving an Increase in Auto Loans
Have you experienced potential borrowers prequalifying for an auto loan only to end up closing with someone else? This is a common problem.
Not everyone who reaches out a credit union regarding an auto loan knows which vehicle they want to purchase; they need time to shop and think. And during that time, they may decide to go elsewhere.
So how is a credit union to keep in touch with members throughout their auto-buying process? How do they maintain top-of-mind position when their members get to the point of selecting a vehicle?
These are familiar struggles. One credit union has compared their results before and after working with Intuvo on a solution for this problem, and the results are striking.
In our recently completed case study, available here, we examine the experience of one credit union that had been experiencing millions of dollars in auto loans left on the table each year. Only 30% of prequalifications resulted in a closed auto loan, and credit union leadership recognized that every time one of its members went elsewhere, it weakened the core of the relationship between that borrower and the credit union.
After partnering with Intuvo on implementing new techniques to respond to this issue, this credit union experienced a dramatic 44% increase in new auto loan business — without making any other changes!
If you would like to learn more about one credit union’s experience with Intuvo and how Intuvo created, in a short time, a 44% increase in auto loans, read our new case study, available now!