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EARN 4% APY* ON YOUR SAVINGS

You’ll earn a better rate of return on lower balances.

Start Earning

FREE CHECKING. SIMPLY BETTER.

Earn up to 4% APY* on your first $2,000.

Earn Big

PURE. HONEST. GROWTH.

Earn as much as 2.55% APY this quarter.

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Interested in our Dealer Incentive Program?

Contact our Indirect Lending team for more information.


Todd Anderson
Portfolio Manager/CUDL Manager
303.657.7551

Dawn Hinerman
Portfolio Analytics Consultant
303.657.7390

Mitch Brin
Indirect Dealer Sales Specialist
720.955.3286

Indirect Lending News

Summer 2018 Edition

What’s New With PMCU Indirect Lending?

  • Flat Changes:
    • 0$ – $40,000: 2%
    • $40,001 and up: $1100 flat
  • Fast Track (FT) Tier: For borrowers who score 560-639
  • Classic/Exotic Autos: See updated rate sheet on CUDL

NEW DEALER REP!

Mitch Brin is our new dealer rep. If you have questions please call him at 720.955.3286.

APPLICATION FOR TITLE

It is extremely important that your title clerk has our updated contact information for the Application for Title. Please be sure to pass this information onto your title department:

  • Premier Members Credit Union
    5505 Arapahoe Avenue
    Boulder, CO 80303
  • ELT #: E8405008900001

Save the Date for PMCU’s 2nd annual unique auto show!

Join us for PMCU’s 2nd Annual Unique Auto Show!

2nd Annual PMCU Car Show

A good time for the whole family – BBQ, live music, prizes, raffles and even a chance at winning your own new ride!

RSVP for the event here.

Interested in having a booth at the show or have questions? Please contact:
Todd Anderson | 303.657.7551
Dawn Hinerman | 303.657.7390
Mitch Brin | 720.955.3286

Quarterly Dealer Bonus

  • Arrowhead AutoSport
  • Automotive Imports
  • AutoTrek
  • Broadway Motors
  • Frontier Honda
  • Grand Valley Auto Sales (Golden)
  • Green Eyed Motors
  • Street Smart Auto Brokers
  • The Sharpest Rides
  • Urban Motors
  • Victory Motors

The Importance of Properly Vetting Your Customer

Top 5 vetting errors that can create greater headache later on.

By Todd Anderson

  1. Self Employed borrower:
    1. What most dealers currently ask: How much does your business make?
    2. What dealers SHOULD be asking: How much do you pay yourself from the business each year that is verifiable on your tax return?
  2. Standard income:
    1. What most dealers currently ask: How much do you make a month?
    2. What dealers SHOULD ask and use: Are you paid salary or hourly?
      1. If hourly- how much per hour? How many hours per week?
        1. Rate*Hours*52/12
      2. If Salary: How much are you paid per year?
        1. Yearly Salary/12
          *** Why is this important? We don’t use bonus or overtime when qualifying for a loan. These forms of income are exceptions and if required to qualify are on a case-by-case basis. This additional income can be notated in the loan but are not to be imputed into income section.
  3. Length of Employment for borrowers with less than 12-months time on job:
    1. What most dealers currently ask: How long have you been at your job?
    2. What dealers SHOULD be asking: What is your hire date?
  4. Rent: (ALL LOANS)
    1. What most dealers currently ask and use: How much do you pay for rent?
    2. What dealers SHOULD ask and use: What is the total rent for the lease? How many people are on the lease? (input rent stated, then in loan notes add how much the entire lease is and how many are on the lease)
  5. 1st Time/Limited Credit Borrowers:
    1. What dealers SHOULD be discussing and verifying with borrower:
        1. Do you understand full coverage insurance at all times is required?
        2. Do you understand that a monthly payment is due, if not paid the vehicle can be repossessed and the credit union can pursue legal recourse for any losses?
        3. Any repairs on vehicle are at your expense, are you prepared for that?

      *** Why should a dealership ask that last question? We have found that many 1st time borrowers are unable to keep up with costs to repair a vehicle and to keep it running on a year-to-year basis. This is most apparent with high cost repairs on vehicles like Audi, BMW, etc. Losing one sale, although not fun, keeps a good relationship with your lender and buyer, and we hope that’s what matters most.
      *APR = Annual Percentage Rate.