Michigan credit union gives young adults a credit boost with auto loan program

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — July 27, 2022 —While the availability and affordability of cars is in flux, and higher gas prices are jolting budgets, Michigan Legacy Credit Union (MLCU) is making one thing easier: helping young adults hit the road this summer with their own set of wheels.  Following its initial limited-time offering in 2019, MLCU is again presenting members aged 25 and younger the opportunity to get a car loan without a co-signer and to obtain a VISA credit card at the same time.

“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,” Carma Peters, MLCU President and CEO, said. “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.”

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. Qualified applicants must be a member of the credit union, but it’s simple to join. A one-time, $5 deposit to open an account is all it takes, and it can be done at one of MLCU’s five area branches or online with MLCU’s video teller.

Peters says 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. 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,” Peters said.

Peters adds that the creative combination of a car loan and credit card is an example of how credit unions can uniquely help young adults with financial assistance and guidance.

“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. I think of it as working outside the automated process box,” Peters said.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.