Preview. Repackaging Auto Loans for Hispanic Members. Why Auto Loans? ITINs and Loans Specific Cultural Nuances
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1 Repackaging Auto Loans for Hispanic Members Preview Why Auto Loans? ITINs and Loans Specific Cultural Nuances Credit Car buying Dissecting the Auto Loan Member Experience Repackaged Auto Loan Product Examples 2 1
2 Trajectory of Product Usage Basic Products and Ancillary Services Check cashing Remittances Money orders Bill payment Payday alternatives SAFE accounts and savings Individual Development Accounts (IDAs) Tax assistance and Refund Anticipation Loans Integration Products Checking Credit building loans Prepaid cards Lines of credit Auto loans Credit cards Direct deposit Home banking ITIN lending Residency loans Wealth Building and Protection Mortgage loans Business loans Insurance CDs Investments 3 Why Auto Loans? Auto loans are the third largest source of outstanding household debt in the U.S., after mortgages & student loans Hispanics tend to over index in auto lending product penetration National studies have shown minorities, including Hispanics tend to pay higher auto loan interest rates (some predatory products) 4 2
3 ITINs and Loans ITIN = Individual Taxpayer Identification Number Individuals that do not qualify for a SSN, may qualify for an ITIN (often immigrant population) ITINs can be used to build credit & obtain loans at traditional & nontraditional financial institutions There are specific nuances & procedures to understand before implementing an ITIN lending program in general. Further training on this topic is recommended. 5 Resource: Coopera s ITIN Lending Consulting Unit Hispanics & Access to Credit No or little relationship with traditional financial institution Awareness Cash & cultural based financial practices Negative experience with lending & financial institutions Lack of credit Lack of traditional documentation Language barrier 6 3
4 Car Buying Often go direct to dealers that work with Hispanics Will pay higher interest rates at buy here pay here shops Don t often understand what salvaged title vehicles are May buy a vehicle through a friend/family member because there are less requirements Often save up for a large down payment or will buy used vehicles 7 Car Buying Don t often vet out warranty, car insurance, car title & registration process, pre approval and overall lending process or don t always know requirements May not always be informed of reputable providers May not vet buying a used vehicle vs. a new vehicle Might prefer purchasing a car outright to be able to sell easily in time of need 8 4
5 Member Experience Membership Application (separate from loan process) Indirect Lending Pre application/pre approval Loan Application/Underwriting Loan Approval Refinancing Collections 9 Membership Application Process Offer bilingual forms Examine flexibility of identification & documentation procedures Discuss financial goals with member Explain difference between membership & lending process Introduce to lending staff Explain membership wait period to apply for a loan Provide explanation of credit building process 10 5
6 Indirect Lending Inform of indirect lending partners from initial membership application Encourage a visit to CU before going direct to dealer Provide credit union information at time of car purchase or shortly thereafter inviting individual & family to become member (in language) 11 Pre application/ Pre approval Offer bilingual forms Explain co signer options Offer financial education on car buying process & tips to find the best deal Provide information on partners for car insurance & dealerships Offer assistance with budgeting & finding out appropriate interest rate and monthly car payment fee Review credit score 12 6
7 Loan Application/ Underwriting Offer bilingual forms Examine options for applicants with no credit or little credit (offer credit builder loan first) Examine flexibility of acceptable documentation (employment & income) Provide an explanation of terms & conditions of loan 13 Loan Approval Offer financial education related to keeping the loan in good standing, automatic payments, late fees, skip a payment options, refinancing later on, collections, & repossessions Explain car title & car registration process Provide referrals for car repair & maintenance shops Provide bilingual ongoing loan communications 14 7
8 Refinancing Provide information on what refinancing entails & why it s beneficial (reduce monthly payment & interest rate) Explain the types of offers your credit union might offer for cars financed with other lenders 15 Collections Bilingual communications phone calls & letters Offer financial education on how to get current with loan & how process affects credit history Discuss how a repossession can harm their relationship & credit history 16 8
9 Auto Loan Example Bilingual signage at the branch Auto Loan Example 18 Spanish billboard & ad 9
10 Auto Loan Example Bilingual direct mail piece Refinance incentive Financial education Culturally relevant Spanish personnel highlighted 19 Auto Loan Example Spanish ad Mentioned pre-approval process & easy application process Focused on rates 20 10
11 Financial Education El Poder es Tuyo Bilingual Articles & Interactive Coaches Como reducir el costo de su auto El mejor momento para comprar un carro nuevo Lo que significa comprar un vehículo de salvamento 21 Resource: El Poder es Tuyo Financial Education Website Questions? 22 11
12 Contact Coopera 1500 NW 118th Street Des Moines, Iowa cooperaconsulting.com blog.cooperaconsulting.com 2014 Coopera. Original information contained within this presentation is copyrighted and cannot be used without expressed written consent from Coopera. 12
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