MELBOURNE, Fla.— Space Coast Credit Union reported it recently delivered more than $1 billion in auto lending for the first time in its 65-year history. The credit union projects these lending totals equate to approximately $25 million saved for its members.
“This production represents true value for our member-owners,” president and CEO Doug Samuels said in a statement. “A billion dollars in auto lending was not a goal that we set out to achieve in 2016. However, we continued to experience demand for vehicle loans, and our employees stepped up and met the needs of our members, while also ensuring the memberships’ interests were protected.”
In addition to helping members purchase new vehicles in 2016, SCCU said it also refinanced over $177 million in auto loans, in many cases lowering members’ interest rates by significant amounts. Similar to the credit union’s pre-approval process, SCCU makes it easy and convenient to refinance an auto loan from other lenders, making it possible to pay less per month while keeping the same vehicle.