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In 2006, U.S. consumers purchased approximately 16.5 million autos and light trucks. Yet, despite the massive size of this market and the sheer volume of transactions, consumers are relatively dissatisfied with the way they make auto purchases.

Credit unions are known for their trustworthiness and service and because of this, they have just what members are looking for in an institution to assist them with the car ownership experience.

Auto Resource Center will help members to make auto purchases, and then manage vehicle-related tasks over the entire life of their auto with a set of Web-based tools.

Consumer demand for a 1031 Exchange service has grown as real estate investing has gained popularity. Our focus is on real estate transactions and the need for positioning credit unions to capture additional business surrounding this type of transaction. CU1031 is a credit union-based solution – in compliance with Internal Revenue Code 1031 – to meet the needs of our membership segment who are seeking real estate investments.

The Flex.One account is a first mortgage combined into a Home Equity Line of Credit (HELOC) with all the capabilities of a checking account. The member’s entire loan is a line of credit, which allows the balance to be paid down when there is excess savings and withdrawn should those “savings” be needed. It also allows access via ATM, check writing, debit card/POS, ACH, and other features which make a separate checking account unnecessary.

Lifestyle lending is gaining credit union converts seeking innovation and growth in their loan portfolios. This type of lending – typically unsecured – has evolved to cover a variety of non-traditional loans that can enhance a member’s lifestyle. These loans are financing adoptions, cosmetic surgeries, infertility treatments, and uninsured medical expenses. Lifestyle loans are consistent with the origins and philosophy of credit union – they meet the needs of members at different stages of their lives.

Credit unions are getting involved in lifestyle lending to strengthen their relationships with members and to offer creative financing, according to Barry Shaner, President of Toledo Area Community Credit Union, which began offering lifestyle loans in 2004.

“We are looking for new ways to do lending,” he said. “Our biggest segment of members is in the middle market – baby boomers in their mid-40s. As they age, they are not going to borrow as much for cars and homes. This program came as a response to a member who had a cosmetic procedure done.”

The Lifetime Auto Loan is truly a differentiating product because banks generally do not offer open-end auto loans. Open-end lending is quite common in credit unions. The goal of the Lifetime Auto Loan is to eliminate the need for a member to submit future auto loan paperwork, made possible by the fact that the product contains a blanket power of attorney agreement for current and future lien purposes. From the member’s perspective, the first Lifetime Auto Loan application should be the last time he or she will need to sign documents for an auto loan with their credit union.