20SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Mark Hein As CEO for SWBC’s Financial Institution Group, Mark Hein manages the day-to-day operations and sets the strategic direction for the division. He is committed to continuous product training, increasing … Web: www.swbc.com Details It’s no secret that auto loan competition is steep; we talk about this often because we realize how important auto lending is to so many of our clients. With the number of financial institutions, ‘buy here, pay here’ car lots, insurance companies, and online retailers, credit unions are often forced to find creative ways to keep their current borrowers and attract new ones. Often times, this comes in the form of lower rates. And when rates continue to drop, not only does it become more difficult to compete for the pool of borrowers, but returns shrink on the loans that are closed, causing a decrease in interest income and revenue. In fact, according to the 2014 NADA Data report, in 2014, auto dealers sold 16.43 million units, but only experienced a profit margin of 2.2%.What’s the Driving Force Behind Declining Rates?As mentioned above, the increase in competition has driven rates down, but there are several other factors in the rate decline. Consumers have gotten more savvy, and now have online resources such as Edmunds.com and Autotrader.com that arm them with information such as invoice prices and comparable pricing for vehicles in their region so that they can negotiate for the price and rate that they want. In addition, consumers aren’t afraid to shop around to find the deal they want.Alternative Ways to Boost Revenue With auto interest income being a key business component, and the market simply not being conducive to it at the moment, credit unions have to find alternative ways to generate income while still serving their members. Point of sale and insurance products go hand-in-hand. Think of it this way: would you buy ice cream at one store and then drive across town to another store to buy cones? Probably not, so why make your members do this when it comes to purchasing valuable vehicle protection products?Vehicle protection products can sometimes have a bad reputation, particularly in the dealership F&I office where the price is marked up significantly, up to $800 for a GAP policy according to Edmunds. The fact of the matter is, a GAP policy can be critical in protecting your borrowers from the inevitable depreciation that accompanies automobile ownership, particularly those borrowers with low or no down payment. And when purchased from you, they can get a much more competitive price on the policy, making your auto loan more valuable, and ultimately building trust and loyalty with your members.Like most forms of insurance, you don’t realize how important it is until you have to use it. If your borrower gets into an accident, the last thing they want to add to the stress and worry of the situation is the frustration and disappointment of learning they still owe money on a vehicle that they can no longer drive. Vehicle protection policies can help prevent this, and in some cases, put your borrower back into a vehicle, financed by you.As you protect your members’ vehicle investment, you will inevitably boost revenue, helping to fill the gap of the interest income lost to shrinking margins. GAP with PowerBuy™ can give you the ability to provide your members with a vehicle protection product that can not only pay off the balance of their auto loan in the event of a total loss, but also give them funds to finance their next vehicle with you.Click here to learn more.
ENGLANDJ Roy lbw b Gabriel 13S Billings c C Brathwaite b Nurse 52J Root b Gabriel 4E Morgan run out 107J Buttler c Carter b Nurse 14B Stokes c Holder b Bishoo 55Moeen Ali not out 31C Woakes not out 0Extras (lb7, w12, nb1) 20TOTAL (6 wkts, 50 overs) 296Did not bat: A Rashid, L Plunkett, S Finn.Fall of wickets: 1-23 (Roy, 5.3 overs), 2-29 (Root, 7.2), 3-96 (Billings, 21.3), 4-129 (Buttler, 26), 5-239 (Stokes, 44.4), 6-292 (Morgan, 49.3)Bowling: Holder 9-1-46-0 (w2), Gabriel 10-0-58-2 (w2, nb1), C Brathwaite 10-1-54-0 (w1), Nurse 10-0-57-2 (w1), Bishoo 6-0-49-1 (w5), Mohammed 5-0-25-0.WEST INDIESK Brathwaite c Rashid b Woakes 14E Lewis c Billings b Woakes 21K Powell c Roy b Plunkett 1+S Hope c Finn b Rashid 31J Mohammed run out 72J Carter c Roy b Plunkett 52*J Holder c wkp Buttler b Plunkett 4C Brathwaite c Root b Woakes 12A Nurse lbw b Woakes 21D Bishoo not out 12S Gabriel c wkp Buttler b Plunkett 0Extras (lb4, w7) 11TOTAL (all out, 47.2 overs) 251Fall of wickets: 1-36 (Lewis, 9.2 overs), 2-37 (Powell, 10.2), 3-39 (K Brathwaite, 11.4), 4-108 (Hope, 24.3), 5-190 (Carter, 38.2), 6-201 (Holder, 40.2), 7-210 (Mohammed, 42), 8-224 (CR Brathwaite, 44.3), 9-250 (Nurse, 46.3), 10-251 (Gabriel, 47.2).Bowling: Finn 9-0-49-0 (w1), Woakes 9-1-47-4 , Root 5-0-31-0 (w1), Plunkett 8.2-1-40-4 (w3), Moeen Ali 7-0-37-0, Rashid 9-1-43-1 (w2).Result: England won by 45 runs.Series: England lead three-match series 1-0.Man-of-the-Match: Eoin Morgan.Toss: West Indies.Umpires: G Brathwaite, R Palliyaguruge; TV – C Gaffaney. ST JOHN’S, Antigua (CMC):Jason Mohammed hit a maiden One-Day International half-century and Jonathan Carter gathered his third but West Indies failed to come to grips with a challenging run chase, and slumped to a 45-run defeat to England in the opening game of a three-match series here yesterday.Asked to overhaul 297 after England captain Eoin Morgan had struck his 10th ODI hundred, West Indies lost wickets in clusters and were bowled out for 251 in the 48th over, to suffer their sixth one-day defeat in their last eight outings.Mohammed, in only his third ODI and his first international appearance in two years, top-scored with 72 while Carter weighed in with a robust 52 and Shai Hope, 31.The right-handed Mohammed anchored two successive half stands, which pulled West Indies around from danger at 39 for three in the 12th over and lifted them into a strong position at 190 for four in the 39th over.But Carter’s dismissal signalled a decline for the hosts and they lost their last wickets for 61 runs in the space of 54 balls, to fall behind in the series.SECOND GAMESeamers Liam Plunkett (4-40) and Chris Woakes (4-47) did nearly all the damage, grabbing four wickets apiece, to underline a potent England performance ahead of Sunday’s second game at the same venue.Sent in, the tourists slumped to 29 for two in the eighth over after speedster Shannon Gabriel struck twice early on but the left-handed Morgan came to his side’s rescue with a superb 107 off 116 deliveries.All-rounder Ben Stokes hit 55 and opener Sam Billings gathered 52, while Moeen Ali came at the end to produce a cameo unbeaten 31 from 22 balls.Following a half-hour delayed start because of wet run-ups and then rain, England found themselves stunned after Gabriel prised out Jason Roy (13) and Joe Root (4) cheaply.Roy, dropped by captain Jason Holder off a caught and bowled chance in the fifth over, perished in the following over – lbw on the back foot to one which kept low.Gabriel then got the prized wicket of Root, spectacularly bowling the right-hander with a quick delivery which jagged back and found the batsman rooted to the crease.However, Morgan arrived to steady the innings, anchoring three partnerships which ensured England reached the fourth highest total at the Vivian Richards Cricket Stadium.He put on 67 for the third wicket with Billings, 110 for the fifth wicket with Stokes before adding a further 53 with Moeen Ali for the sixth wicket.Morgan, dropped on four in the 11th over by Kieran Powell at first slip off the first ball of seamer Carlos Brathwaite’s opening spell, made the most of the opportunity to raise his 32nd ODI half-century off 67 balls in the 31st over.He then required only another 45 deliveries to reach three figures, clearing the ropes at mid-wicket with Brathwaite to bring up the landmark in the 48th over.In reply, West Indies were given a solid if not spectacular start of 36 by left-hander Evin Lewis who made 21 and Kraigg Brathwaite who scored 14.LEADING EDGELewis was looking ominous when against the run of play, he pulled an innocuous delivery from Woakes into the lap of deep mid-wicket in the 10th over.Powell, making a return to international cricket following a three-year break, failed to impress as he perished in the 11th over for one, caught at point off a leading edge by Jason Roy off Plunkett.And in the following over, Brathwaite found himself in a tangle against an ordinary short ball from Woakes and swatted a simple catch to Adil Rashid at mid-on.Mohammed then instigated a recovery, first in a 69-run, fourth wicket stand with Hope and then in an entertaining 82-run, fifth wicket partnership with Carter.All told, he faced 91 balls and struck seven fours.SCOREBOARD