“It was SO easy! And they delivered the car right to my house!”
Posted by Mr. Dean Borland, SCMS, CUDE, Unknown, Unknown on 2/15/2017

Once upon a time there was this guy who went to work for a credit union. This guy had worked for a small community bank while attending and for about a year after completing college before taking a job at a credit union. The guy loved the credit union philosophy of “People Helping People” and spent the next 40+ years working within the credit union industry.

This Credit Union Guy has two daughters. One is Generation X, born in 1977. The other, born in 1981, is among the first Millennials. Credit Union Guy is very proud of his daughters. They provided him with much joy, some tribulation, and four beautiful granddaughters. Sorry, I digress.

Millennial Daughter is the point of this story. Millennial Daughter is very intelligent, having earned undergraduate and graduate degrees in Education. Millennial Daughter is gainfully employed in a public school administrative position. Millennial Daughter is financially responsible, and effectively manages her household finances.

A couple of years ago Millennial Daughter called Credit Union Guy and said, “Hey Dad, come over and see my new car!” Credit Union guy dutifully complied, and drove over to Millennial Daughter’s house in his 10-year old, 140,000 mile Chevy pickup.

Sitting in Millennial Daughter’s driveway was a sparkling Jeep Grand Whatchamacallit loaded with technology rivaling a space shuttle.

Credit Union Guy, “Wow! That is really a nice car, where did you get it?”

Millennial Daughter, “I found it on the internet and they delivered it right to my house!”

Credit Union Guy, “Looks expensive, how did you pay for it?”

Millennial Daughter, “While I was on the internet looking at the car a box popped up offering me a loan. In a few clicks I had the loan and the deal was done! It was SO easy! And they delivered the car right to my house!”

A little further probing revealed that the vehicle was purchased from a dealer in TAMPA, FLORIDA and delivered to Millennial Daughter’s house in DALLAS, TEXAS by a retiree with a pickup truck and a flatbed trailer. And no, the credit union to which Millennial Daughter belongs (and the income source that supported her upbringing) was not involved in the transaction. The loan went to an unnamed lender partnering with the Fintech car buying service. But, to quote Millennial Daughter, “It was SO easy! And they delivered the car right to my house!”

The story is true, albeit enhanced with poetic license. The credit union to which Millennial Daughter has belonged since birth did not get a shot at the loan because the credit union was not a party to the transaction. In this case, “loyalty” was trumped by, “It was SO easy! And they delivered the car right to my house!”

Much has been said and written about Millennial preferences, their penchant for technology, and Fintech disruption of consumer financial services. It’s not hype, it’s real. Old Credit Union Guy thinks Fintech may one day play a dominate role in “indirect” lending, perhaps supplanting auto dealers as a primary broker of consumer auto loans.

Millennial Daughter’s credit union was not involved in the Jeep Grand Whatchamacallit transaction so the credit union didn’t have a chance to get the financing or any of the associated add-on products. If the credit union is not involved in Millennial Daughter’s next online foray they likely will not get the next deal either.

Old Credit Union Guy apologizes to his credit union friends and associates. I tried to raise Millennial Daughter right, but she is a Millennial… 

Categories: Remote Transaction, Sales & Service, Strategic Planning & Consulting
Comments (1)
***** This comment is awaiting approval *****
Posted by John Barad on 2/21/2017 3:20 PM:
Dean: What a nice, well-written blog. Thanks for sharing the story.
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