Tropical Financial Saved The Day AND Dollars!

Steve with a very happy member, Chloe.

Credit Unions have been known to “serve the underserved”.  What is “underserved” and who are they?

Let me share a recent story of someone who, before visiting TFCU, was CLEARLY underserved. 

Chloe visited our branch first thing on a Saturday morning.  I unlocked the door -- she was waiting to come in.  She was all smiles and explained that she had just bought her first car and a friend told her she should come see us because we had low auto loan rates.

Chloe had all her documents with her.  She showed me the contract.  The first thing that JUMPED off the page was the VERY high double-digit interest rate.  We ran an NADA value and a CARFAX report on the vehicle and learned that she had overpaid $3,000 for her car and that the vehicle had been involved in an accident.  As much was we wanted to help her, we could not finance an amount that was 23% over the value of the vehicle or a vehicle that had been previously damaged.   

Chloe told me that the dealer had a 72hr “test drive” policy and that she could still return the car.  If that was the case, I recommended that she should do so.  I also referred her to Enterprise Car Sales (one of our trusted business alliances).  She visited Enterprise, found a vehicle and then went to return the vehicle she had originally purchased. 

Unfortunately, the car salesman had only “told” her that she could return and/or exchange the vehicle.  She had nothing in writing and, you guessed it…they would not take the car back.  Armed with the information about the actual value of the car and the CARFAX report, we were able to help her negotiate with the dealer for a return of the vehicle.  After several more issues, the dealer agreed to take the vehicle back and substitute a new qualifying vehicle saving Chloe an additional $2,000.

We completed an application and processed a 1^st time buyer loan for Chloe.  The interest rate that Chloe was able to get at our Credit Union was 12.30% less than the original dealer contract!!  We were able to reduce the payment by $140 AND we reduced the number of payments as well!

Chloe is, or WAS, the underserved.  She had never purchased a car nor had she ever applied for a loan.  She was at the mercy of an unscrupulous auto dealer.  Our TFCU mission is to “provide member-owners with valuable products, services, and education to help them achieve their financial goals”.  For Chloe, we had a great product (low interest rate auto loan), a great service (we helped her negotiate a much better deal), and we provided some guidance and education.  As a result, Chloe has a better automobile with very favorable financing and payments that she can live with!

Chloe chose a credit union.  She has learned that she can rely on our commitment to our members to serve them in the best way possible.  She knows that we will always work hard to build a strong relationship—she can count on us to help her achieve her financial goals today and in the future.

Chloe is now a life-time member…an ambassador!  She has already moved her banking relationship to Tropical Financial and has referred two friends and a family member.

We give the “underserved” what they “deserve”, great products, great service, and a commitment to help them achieve all of their financial goals!

^Steve