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Popular "Green" Auto Loan Program Expands at Baxter Credit Union

Popular "Green" Auto Loan Program Expands at Baxter Credit Union

For immediate release:
October 1, 2008

Contact: Astrid Perez
(847) 522-8723
astrid.perez@bcu.org

October 01, 2008—Vernon Hills, IL—Baxter Credit Union (BCU) has recently expanded its popular "Green Auto Loan" program, whereby borrowers who purchase a hybrid or alternative fuel vehicle receive the benefit of reduced interest rates.

Now offering interest rates just over a third of a percentage point (35 basis points) lower than regular auto loans, BCU's reduced finance charges help offset the higher cost of the vehicles. It also allows BCU to recognize the efforts of the environmentally-conscious, many of whom are thrilled to learn about this money-saving bonus after being on a waiting list for months to get their cars.

BCU's green efforts are also manifested via its marketing methods. The green auto loan program has been primarily promoted through email marketing to reduce waste from traditional mailings. BCU is also working directly with their member employer groups to promote the program. Additionally, to generate enthusiasm among employees, and as an added incentive, BCU has designated "green" parking spots for hybrid and alternative fuel vehicles.

The Green Auto Loan program was modeled after the Illinois State Treasurer's Office's "Green Rewards" Program which BCU participated in from August 2007 through May 2008. During this period, BCU issued $28,000 in rebates to Illinois members who purchased hybrid vehicles. BCU's own Green Auto Loan program is available to its members nationwide.

"BCU is proud to support alternative fuel vehicle purchases, particularly during this time of record high gas prices – in addition to contributing to the overall environmental effort," said Michael G. Valentine, President and CEO of BCU.

With over $1.4 Billion in assets, BCU currently serves more than 138,000 members throughout the United States and Puerto Rico. Formed in 1981 and headquartered in Vernon Hills, Illinois, BCU is a not-for-profit, member-owned credit union known for competitive rates, low fees, and state-of-the-art services. Membership is open to several prestigious companies around the country, as well as anyone who lives or works in the Illinois counties of McHenry, Lake, DuPage, Kane, Cook (north of Rte. 58) and the village of Schaumburg. Please call 1-800-388-7000 or visit www.BCU.org for more information.