CUNA Mutual Rolls Out Car-Buying App
The downloadable AskAuto™ app helps credit union members shop and buy smart.
May 1, 2013
CUNA Mutual Group’s smartphone and tablet application provides vehicle information and loan application assistance for members looking to buy cars.
“The downloadable AskAuto™ app helps credit union members shop and buy smart,” says Steve Hoke, CUNA Mutual’s director of loan growth products and product leader for AskAuto. “This app helps members apply for loans anytime, anywhere using their smartphones.”
By scanning the vehicle identification number (VIN), members can learn basic vehicle information, including average retail cost of the new or used vehicle and EPA mileage estimates. The app saves this information along with members’ notes and ranking preferences so members can compare vehicles.
Once members decide on their vehicles, they can submit loan applications to their credit unions through AskAuto.
The comparison feature is important to members, Hoke notes, because 44% of prospective car buyers plan to use their smartphones to compare prices when they visit the dealership. “AskAuto uses GPS technology to enable credit unions to send messages to their members while they’re on a car dealer’s lot,” Hoke says.
“AskAuto appeals to tech-savvy, young members just entering their peak borrowing years,” Hoke adds. The technology makes use of CUNA Mutual Group’s loanliner.com® product, used by more than 500 credit unions nationwide.
More than $600 million in loan requests have been submitted via CUNA Mutual Group’s smartphone loan technology since it debuted in June 2011. And 45% of smartphone loan applicants express interest in payment protection products, Hoke notes.
Seven early adopter credit unions started using AskAuto in March. The full, national release is scheduled for early this summer.
For more information, visit cunamutual.com.