Historically, auto loans have given consumers greater options and buying power when purchasing a car. Since the earliest days of auto lending, though, little has been done to reduce car buying liability and risk.
According to 365 Days of Motoring Online Magazine, in 1919, General Motors kickstarted the credit system by allowing a "35 percent down payment" and a 12-month payment plan. Taking on debt was frowned upon, but this gave the common man and woman a life of modern choices.
If we follow this trend, "by 1930, over 50% of households in America owned an automobile," the online magazine further states. By 1970, the Fair Credit Reporting Act made the lending process more transparent for consumers than ever before.
Finally, many technological innovations and improved safety standards brought us to where we are today. But, where is car lending today?
In a very big way, the pandemic added a lot of uncertainty to the car buying process. There had to be a way to ease the borrower's risk from the unknown. PrimeWay sought to address that, and the result was the Life Proof Auto Loan.
Introducing a Credit Union Auto Loan That Fits the Person, Not the Product
So, let's talk about must-have's in a typical credit union auto loan. Of course, low-interest rates are always a plus. Then, flexible terms give you some wiggle room, and we can all agree on no hidden fees! Those are easy ones.
But, did you ever consider your auto loan could protect you against losing your job or personal bankruptcy? Our question was, why can’t it? So, we started with that goal in mind.
"The goal of the Life Proof Auto Loan is to bring peace of mind to the car buying process. We want our members to know that they have options should the unexpected occur." – PrimeWay CEO, Annette Zimmerman
PrimeWay's Life Proof Auto Loan has a component built into it to protect the new car owner from life's unknowns. What do we mean?
It's simple. When you get an auto loan with PrimeWay, you get one entire year of complimentary auto loan forgiveness protection. You can also extend that coverage for the entire life of your auto loan for a surprisingly low monthly payment.
We've taken some of life's most difficult roadblocks to maintaining your auto loan and turned them into qualifying events. Qualifying events for what, you ask. For you to walk away from your loan obligation. So, what qualifies?
- Lost Your Job? We've Got You Covered.
- Suddenly Disabled? You're in good hands.
- Lost Your Driver’s License?* Taken care of.
- New job in another country? Handled.
- Your business went into bankruptcy? We cover that too.
- Accidental death? Figured we cover all the bases.
So, do you have to jump through hoops to qualify or go through a frustrating application process? No, and that's the best part. Applying is easy, fast and personalized. In fact, you can start right now.
For complete disclosure and more information about this auto loan, speak with a PrimeWay rep. We'd love to hear from you!
A note from the author:
My name is Paul Browne, and I am the Digital Marketing Content Specialist at PrimeWay Federal Credit Union. In 2017, I was trying to make a life for myself. I barely bought a new house, and just when I needed no surprise expenses, my car broke down.
The catalytic converter needed to be fully replaced, which quickly totaled the vehicle. I had to act fast to trade in my Honda Fit for something that could take on considerable mileage.
Thanks to help from my family, I found a somewhat beaten up Subaru Forester, a car I still drive today. PrimeWay was the only financial institution that offered me a path to get the car.
I had more negotiating room with the dealership finance specialist because of PrimeWay than I did with the auto salesman. Speaking with the specialist, I remember the words like it was yesterday. "Looks like we can make it work with a credit union," he said. "Which credit union," I asked. "PrimeWay," he responded.
It would be three years, eight months and 23 days until I became part of the PrimeWay team. Even though it was a new job, I felt like I was reconnecting with an old friend.
But, there is more to this story.
The business I worked for before getting a job at PrimeWay completely collapsed. One day, I had a job, and the next I didn't. I wish PrimeWay had the Life Proof Auto Loan before. I would have taken it 100% because I would’ve had one less worry while suddenly jobless in a pandemic.
That's what this loan gives you. It gives you the comfort of knowing you’re covered.
What PrimeWay carried me through, I will never forget. Their auto loan saved me. That's why I know it comes straight from the core of PrimeWay's mission statement: "Enabling Dreams." I'm living proof. After all, it's not the car that we're looking out for, it's you, and it always will be.