WYANDOTTE, Mich.–Michigan Legacy Credit Union has reintroduced a program aimed at helping younger adults purchase a car without a co-signer, while also providing them a credit card at the same time.
According to the Michigan CU League, which first reported the program, the $262-million Michigan Legacy offered the program, which is for members 25 and under, for a limited time in 2019.
“In our experience, car buyers do not want the hassle of a co-signer for their auto loan. With this Gen-Z focused program, we are empowering our younger members with financial responsibility and freedom while helping them develop financial literacy,” CEO Carma Peters told the Michigan league. “Qualifying for auto loans without a co-signer is really their first step to financial independence and wealth building; plus, it helps them understand how loan obligations work in building a good credit foundation.”
Optional Credit Card
According to the report, the auto loan is combined with an optional credit card offer because it can be difficult to have an expensive asset like a car without a credit card to support accompanying expenses. The promotion is subject to credit approval and standard terms and conditions apply, the report added.
To join the credit union to take advantage of the offering requires a one-time deposit of $5 to open the account.
Peters told the MCUL the auto loan program also builds member loyalty.
“The first member to participate in this auto loan program in 2019 just purchased a home with a mortgage through Michigan Legacy,” Peters was quoted as saying. “And unlike traditional banks, the credit union does not charge any fees to obtain the loan, so that’s a significant savings when calculating the interest. It’s a win-win for the young adult member and the credit union.
Great Place for Gen Z
“Credit unions are a great place for the Gen Z population because they have local decision-making authority and can offer personalized services and rates that take into account an individual’s unique situation,” Peters continued. “I think of it as working outside the automated process box.”
The credit union has approximately 20,600 members.
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