First Financial Credit Union Membership Benefits | Auto and GAP Insurance

Larry:Another benefit of being a credit union member is if you need an auto loan First Financial Credit Union always has a special going on where you'll beat or lower their rate by what? Michael: Up to 2%

With approval from another financial institution there's really no other parameters to that It's just because we want to be able to serve you better than everybody else Larry: What's the floor? If I have 199% your not going to beat that Michael: Right

The idea is to meet our members' best financial interest so that wouldn't make sense in that case If your interest rate is a little bit higher, it may, it's all about circumstance Like we always say, its about a common sense approach Somebody is being paid at the back end for the dealership to get that loan We'll give what we would have paid the dealer back to you

Larry: And you can actually apply for an auto loan and get approved online, right? Michael: Correct, it's very easy to process, it takes about 5 minutes online, if you'd like to speak to someone at our contact center you're able to do that too We general don't even need to see you for the transfer of an auto loan Larry: I know you offer GAP insurance at about half of what a dealer charges What is GAP insurance? Michael: GAP is 'guaranteed asset protection' but it actually covers the gap between what your vehicle is worth and what you owe So let's say you get into an accident, your insurance company is going to pay whatever that vehicle is worth

Well, a lot of cases, you may owe more than what that balance is GAP insurance protects you from that Our cost of GAP is actually 50 to 60% lower than what other financial institutions or dealerships offer We're not taking a cut, we're just providing it as a service Larry: Yes, because you are a not for profit, returning the profits to the members at lower rates and lower fees

And, better products

Source: Youtube

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