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Tuesday, June 20, 2017
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02:00 PM - 03:00 PM ET
Online / Virtual Meeting
Callahan & Associates, Inc.
This webinar has already taken place. Watch it On-Demand at CreditUnions.com/video. Click here.
Anheuser-Busch Employees Credit Union ($1.6B, St. Louis, MO) has found a comfortable niche for itself and its members with balloon lending for automobiles.
The loans work much like a lease, with lower monthly payments and a balloon payment at a guaranteed future value at the end. But there’s a big difference.
“The member actually owns the car,” says Janice Bruno, vice president of indirect lending at ABECU, which has 2,640 of the loans currently in place.
The balloon notes represent only $71 million of a $646.9 million auto portfolio, but they do attract a certain kind of borrower, Bruno says.
“Our Value Plus loan works for the person who is looking for a lower payment, the person who likes to get a new car often, or who wants that more expensive or luxury vehicle but not the large payment,” Bruno says. “It can also help the person who’s upside down on their trade-in.”
Join Callahan & Associates and Bruno for a discussion about the credit union's auto balloon program, including how the St. Louis-based credit union identified the opportunity and implemented the loan, what lessons ABECU learned, and how the program has fared.
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Related Resource: ABECU Brews Business With Balloon Notes For Cars
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