@webcitygirls was invited to witness Space Coast Credit Union big announcement about the reality of Rate Markups, vital information we as consumers need to be in the know. A rate markup is a common auto lending practice, whereby banks and finance companies markup the interest rate a that consumer qualifies for based on his or her credit score, and they split the difference with the dealership. The average rate markup according to the Center for Responsible Lending is 2.5%, costing consumers billions of dollars each year.
The two-part campaign began June 9 in South Florida markets with an opening teaser campaign, featuring blinded folded members and a cryptic message, “only 21% know the truth, do you?” The reveal campaign will begin on June 23 and run through August 31, using the same SCCU members, this time with no blindfolds, sharing their testimony of how SCCU protected them from rate markups.
To kick-off the reveal of this consumer advocacy campaign, an event with media heavyweights was held on Thursday, June 19, at the Aloft Hotel in the city of Doral, South Florida. SCCU representative, María Valdés, Express Sales Manager, explained rate markups and shared advice on how consumers can protect themselves from becoming victims.
“SCCU is committed to protecting our members’ interests in all aspects of their financial lives,” said Valdes. “We are our members’ watchdog, and keeping them safe from rate markups is one way we watch out for them. SCCU has never engaged in rate markups, and our goal is to save members $30 million in rate markups this year.”
In addition, the campaign leverages social media elements, including a Facebook page, (facebook.com/ExposeTheTruthFL) and Twitter hashtag, #ExposeTheTruth. A video will be available on SCCU’s Youtube channel (youtube.com/SCCUMembersWatchdog). In a thought-provoking way, the video compares consumers’ reactions to being taken advantage of in a sales transaction to how car buyers feel when they’re victims of a rate markup.
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This new campaign is the latest effort by SCCU Members’ Watchdog to maintain and protect the financial needs of its members first and foremost, educate the community at large, and provide the best and most reliable financial services to all members.
Great Infographic For A Better Understanding of Rate Markup: