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Reliant Credit Union Saves Members Over 1 Million Dollars in Auto Loan Interest Payments

Posted in Press Releases

Contact: Emily Chambers
Public Relations Specialist
Phone: 800.724.9282 x3397
Email: [email protected]

SODUS, N.Y., January 21, 2021—Reliant Credit Union helped 657 members refinance their high-rate auto loans with low-rate Reliant loans in 2020.  Together, those members saved an average of $1,864 in interest over the life of their auto loans—meaning some saved even more than that!  Early on in 2020, Reliant began a credit union–wide initiative with a goal of reaching the million-dollar mark in member savings on auto loan interest by the end of the year.

Within the first four months, Reliant had saved members over $337,000.­­ The savings continued all year, and by December 31, the amount Reliant saved members in auto loan interest had reached $1,224,650.

“Many people enter into auto loans with other lenders looking more at what their monthly payments will be, and not as much at their interest rates,” commented Brian Benedict, Chief Financial Officer. “At Reliant our staff is trained to look for opportunities like these where we can save our members money. This has proven to be favorable for many members — our average savings is close to $1,900 in interest per member!”

One member was quoted as saying, “I had no idea what my rate was or my terms when I closed at the dealer.  Reliant took the time to figure out how I could cut a year off my loan and save me over $100 a month on my payments.”

“We’re always looking for ways to help our members that make a difference and let them know that we are here to help them achieve their best financial lives.”  Benedict concluded.

Reliant Credit Union, which began locally in 1970, is a $550 million credit union serving more than 40,000 members. Eligibility is available to all who live, work, worship, attend school, or volunteer in Monroe, Ontario, and Wayne counties. Reliant currently has branches in Brockport, Canandaigua, Geneva, Henrietta, Irondequoit, Macedon, Newark, Sodus, and Webster. A full-service financial institution, Reliant offers a complete range of financial products and services, including mortgages. For information regarding membership or employment, contact the credit union at 800-724-9282 or visit reliantcu.com.

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