To gain new auto loans from current customers
This small (3-branch) institution wanted to leverage their relationship with current customers to obtain auto loan balances held at other institutions.
Using rough credit scores instead of FICO, the institution’s Marquis consultant identified approximately 2,100 qualified customers.
The Marquis Creative team designed a self-mailer, and the institution made a compelling offer including a cash bonus of $100 for loans of $5,000 or more, financing up to 150% of a vehicle’s value, and no payment for 90 days. The mailer also included a chart that demonstrated potential savings over a 60-month term.
The one-time mailing generated 53 new auto loans, as well as 25 secured and unsecured loans. With more than $1 million in new loan balances, the campaign had a 4.06% response rate and an ROI of 380%.