Credit Union enhances "green" vehicle loans

Sunday, February 22, 2009 3:09 AM  |  Printer friendly version | E-mail to a friend |

RALEIGH —(BUSINESS WIRE)— State Employees’ Credit Union (SECU) is enhancing its "green" vehicle loan program to include vehicles that have a higher rated fuel economy. Beginning in September, SECU’s green vehicle loan, which features a 1% lower interest rate than its other new or used vehicle loans, will allow the financing of new and used vehicles that have a combined city and highway miles per gallon rating of 28 mpg.

Previously, the Credit Union’s "green" vehicle loan program was limited to the purchase of a new hybrid or alternative fuel vehicle.

Vehicles with these advanced technologies are also still eligible as long as they meet the 28 mpg combined rating. This beneficial program change will encourage members to help the environment and save money.

SECU first launched its "green" vehicle loan program in December 2006. As fuel costs have dramatically increased, vehicles with a higher rated fuel economy are growing in popularity and are becoming the vehicles of choice for many consumers. Phil Greer, Senior Vice President of Loan Administration states, "SECU is constantly evaluating our products and services to stay current with member needs. Given today’s economy, fuel prices are playing a major role in the types of vehicles our members are choosing to purchase and finance. There are a number of vehicles on the market that have high fuel economy, but because a large percentage were not defined as hybrid or alternative fuel vehicles, they did not fit within the original parameters of our ’green’ vehicle program. It was obvious we needed to revise our program and give members a better loan option to purchase a fuel-efficient vehicle. SECU’s program now allows even more members to save on loan costs and ultimately keep their money where it belongs — in their pockets!"

About SECU

SECU is a non-profit financial cooperative owned by its members. SECU has been providing the employees of the State of North Carolina and their families with consumer financial services for over 70 years. Currently serving nearly 1.5 million members, SECU provides services through 218 branch offices, 990 ATMs, two call centers and a website—www.ncsecu.org.