A 4Q12 promotion run by CitizensFirst Credit Union saw big returns, to the tune of $8.9 million in originations — a 150% year-over-year increase in auto loans at the Oshkosh, Wis.-based credit union.
The Cash Back Auto Loan promotion, as it was called, was open to current and new members and applied to new loans or those refinanced from other lenders. Borrowers earned an instant 1% cash rebate up to $500, and standard rates stayed the same. Members whose loans were not approved landed $25 just for applying.
By the end of the promotion, CitizensFirst had paid a total of $75,278 in rebates to 756 applicants.
The credit union originally opened as Wisconsin Axle Credit Union in 1937, and currently has more than 30,000 members. According to its website, it has $336 million in assets, and ranks in the top 5% of national credit unions.
