MCLEAN, Va.–CU RateReset, the provider of Financial Product Reset Solutions used for loan acquisition and retention, said that Democracy Federal Credit Union has agreed to license its ResetAuto product. Democracy Federal Credit Union, headquartered in Alexandria, VA, has more than 16,000 members and $157 million in assets.
"ResetAuto provides Democracy Federal Credit Union a unique market differentiator for its auto loans." said Joe Brancucci, President of CU RateReset, in a statement. "Using our digital reset solution, their members are able to reset their interest rate and/or extend their term on an auto loan without the necessity of a refinance. We are pleased to add Democracy to the list of credit unions offering our products and especially pleased to expand our market presence in DC metropolitan area."ResetAuto Loan Benefits:
- CU RateReset enables a member to reset existing loans they have with a credit union without the cost and hassle of refinancing.
- The credit union selects members for program inclusion based on their internal requirements and CU RateReset automates the member outreach, reset, and the closing documentation.
- For the credit union, CU RateReset automates loan retention so loan originators can focus on new business.
"Democracy Federal Credit Union is committed to helping our members meet their financial goals- it's at the core of our mission," said Kathleen Geary, CEO of Democracy Federal Credit Union, "we believe that the ResetAuto product is consistent with our mission and we look forward to offering this innovative product to our members."