Local Credit Union Leads the Charge in Auto Loan Savings
Sodus, NY – Reliant Credit Union is making waves in the financial sector, having recently announced that its auto loan refinancing program saved members over $10 million in interest during 2025. This achievement highlights a growing trend of consumers seeking ways to alleviate financial burdens through strategic refinancing.
From $1 Million Goal to $10 Million Impact
What began as a modest goal to save members $1 million in auto loan interest back in 2020 has blossomed into a substantial $10 million impact just five years later. In 2024, the credit union reported savings of over $3.5 million, demonstrating consistent growth and a commitment to member financial well-being. The program facilitated refinancing for 1,829 members, with an average savings of $5,501 per person.
The Power of Refinancing: A Growing Trend
The success of Reliant’s program isn’t an isolated incident. Across the country, more consumers are exploring auto loan refinancing as a means to lower monthly payments, reduce overall interest paid, or shorten loan terms. Rising interest rates in recent years have fueled this trend, making refinancing an attractive option for those looking to regain control of their finances.
Beyond Numbers: A Member-Focused Approach
Reliant Credit Union distinguishes itself by prioritizing individual member needs. According to Michael Miller, Senior Vice President of Enterprise Risk Management, the credit union focuses on delivering solutions with a “lasting impact” by understanding each member’s unique financial situation. This personalized approach resonates with members, as evidenced by one member’s experience: “Refinancing my auto loan to a lower interest rate is really saving me money. The process was fast and I was approved in minutes.”
What Drives This Success?
Several factors contribute to Reliant’s success. As a member-owned, not-for-profit institution, it can prioritize member benefits over maximizing profits. With over $722.52 million in assets and serving over 48,000 members, Reliant has the resources to offer competitive rates and personalized service.
Local Roots, Regional Impact
Reliant Community Federal Credit Union has been serving Monroe, Ontario and Wayne counties since 1970. With branches in ten locations – Brockport, Canandaigua, Farmington, Geneva, Henrietta, Irondequoit, Macedon, Newark, Sodus, and Webster – and ATMs in Wolcott, Newark, and Victor, the credit union maintains a strong local presence. This accessibility, combined with its commitment to member service, fosters trust and loyalty.
Looking Ahead: The Future of Auto Loan Refinancing
The trend of auto loan refinancing is likely to continue as economic conditions evolve. Here are some potential future developments:
- Increased Automation: Expect to see more streamlined, automated refinancing processes, making it even easier for consumers to compare rates and apply online.
- Integration with Financial Wellness Tools: Credit unions and banks may integrate refinancing options with broader financial wellness platforms, offering personalized advice and budgeting tools.
- Focus on Electric Vehicle Loans: As electric vehicle adoption grows, we may see specialized refinancing programs tailored to EV loans, potentially offering even lower rates and incentives.
- Expansion of Refinancing Options: Beyond auto loans, consumers may seek refinancing options for other types of debt, such as personal loans and student loans.
Frequently Asked Questions
Q: What is auto loan refinancing?
A: It involves taking out a new loan to pay off your existing auto loan, ideally at a lower interest rate or with more favorable terms.
Q: How can I determine if refinancing is right for me?
A: Compare your current interest rate and loan terms with rates offered by other lenders. Consider your credit score and financial goals.
Q: What documents are typically required for auto loan refinancing?
A: You’ll generally need proof of income, identification, and information about your existing auto loan.
Q: Where can I learn more about Reliant Credit Union’s auto loan refinancing program?
A: Visit reliantcu.com or call 800-724-9282.
Did you understand? Reliant Credit Union’s Sodus location has been serving the community since 1977, with a major expansion in 1999.
Pro Tip: Before refinancing, check your credit report for any errors and address them to potentially qualify for the best rates.
Have you considered refinancing your auto loan? Share your experiences and questions in the comments below!
