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Highlights from the June 18th Chapter Meeting

Overall, I thought that the meeting last night was very good.  Here are the highlights and my thoughts about it.  If you create an account and login to this site you can read the actual minutes from the meeting.

Make-A-Wish Golf Tournament
Kevin Laine is quoted as saying, "As bad as things are we were able to present a check to Make-A-Wish for $21,000." This event has raised mroe than $270,000 over the last 14 years.  Kevin said that the best benefit is for the children of our area.  This money stays local.

I thought this was great news!  Perhaps it is a sign that economically things have turned a corner and are on the up and up.  I think we're all in agreement with Kevin that we can't wait to do this again next year!

Credit Unions Care Foundation of Virginia
This looks like a good thing for credit unions in Virginia.  Take a few minutes to read about what David Miles shared here.

Alex Kramer and Route 66 Warranty
I like that Alex focused on serving members and doing what is best for them.  He also focused on his company's customer service.  Credit unions have long had their excellent service as their defining quality.  There's a quote that says, "Business today is like tennis.  Those who serve well win!"  The employees of Route 66 appears to make that their mantra as well.  The following is my best summary of what Alex said.

Alex started by speaking of the shift he had to go through moving from the banking & insurance world to the world of credit unions.  He spoke about why he believes auto warranties are more important than ever.  Of all car purchases 80% of them are pre-owned(used).  Today there are issues with lines of credit being reduced, credit scores dropping, unemployment, and job security.

Here are a few questions each credit union should ask about car loans.

  • How are we going to protect our collateral?
  • Where do our members get the money for major repairs?
  • Do our members save $50-$100 per month for repairs?
  • Are we sure the previous owner took good care of the collateral?

Alex went on to speak about the advantages of Route 66's services.  Route 66 was built by credit union loan officers.  They regularly solicit feedback from their customers and actually do implement the feedback they receive.  Their services are easy to sell.  He said that a loan officer could quote and issue coverage in about 20 seconds!

Alex caught us off guard when he said their Terms & Conditions were greater.  He meant that Route 66 would cover almost any car, even those with high mileage.  Their Blended Rate System make pricing more fair for members.  It allows them to affordably cover vehicles that other comapnies charge and arm & leg for.  Their pricing is based on the age and mileage of the car, not so much the make & model.  Route 66 only offers Zero Deductible coverage.  This encourages the member to actually use the warranty that they paid for.

Alex thought another great thing about Route 66 is their Open Enrollment.  Their coverage can be added to almost any car any time the member wants.  It does not have to be tied to a loan or car purchase.  In fact they can pay cash for it on a car that they already own.  Or they can add it to their existing car when they're buying a new one.  This creates more opportunity for members to get this type of protection.

Alex closed by speaking of his company's Customer Service.  Based in Mountain Home, Arkansas, Route 66 is staffed by small town employees who frequently go the extra mile.  He highlighted one last advantage of Route 66 which is the lack of any contract.  If a credit union wants to participate they can simply let him know and he'll get you started with their service.

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