Frost Financial’s David Mercer (far left) and Sean Mercer (far right) presented the award in March at Tower’s Headquarters in Laurel, Md. to (pictured left-right) Tower’s Vice President of Consumer Lending, Christopher Ercole; Senior Vice President & Chief Lending Officer, Barry Stricklin; E-Lending Sales Executives, Rebecca Hull and Linda Basdeo; and Manager of Consumer Lending Sales & Support, Erica Thomas.
[Laurel, Md.] – Tower Federal Credit Union has been named “Credit Union Partner of the Year” by Frost Financial Services (Frost) for the fifth year in a row. The recognition is due to the continued success of the Tower Car Buying Service, an online car buying service, powered by TrueCar.
Tower members get discounted member pricing when purchasing with the Tower Car Buying Service. New car buyers save an average of $3,965 off the Manufacturer’s Suggested Retail Price (MSRP).*
“Using the Tower Car Buying Service powered by TrueCar in conjunction with a 0.25% rate discount for TrueCar purchases saved Tower members over $5 million in 2019,” says Barry Stricklin, Tower’s Senior Vice President & Chief Lending Officer.
In 2019, 916 Tower members purchased a car through the Tower Car Buying Service and financed that vehicle with the credit union. Tower’s TrueCar related vehicle loans for 2019 totaled $23 million, with an average loan amount of $25,000.
Stricklin says Tower’s auto loans continue to be strong in 2020, despite the impact of COVID-19. “It’s more important than ever for our members to be able to shop for a car with confidence and safety during this challenging time,” he says. “The Tower Car Buying Service now offers TrueCar Trade, a new service that allows members to identify the value of their trade and shop for a replacement vehicle all from the convenience of home.” Home delivery of vehicles is also available, Stricklin adds.
“I was pleased to see that we received the award from Frost for a fifth year, but our ultimate satisfaction comes from knowing we are offering our members a stress-free, top-of-the-line car buying experience at a great value,” Stricklin says. “From the comfort and safety of home, they can shop for a new or used car, see at a glance the discounted member pricing from TrueCar Certified Dealers, and save even more when they finance their auto loan with Tower. The Tower Car Buying Service is one way Tower gives back to members through providing a haggle-free, transparent car buying experience that gets them in the right car for the right price.”
In addition to the Credit Union Partner of the Year recognition, Tower received a second award from Frost—for having over 100 auto sales in all twelve months during 2019.
Says Phil Markwell, Managing Partner at Frost Financial: “Tower Federal Credit Union is a great partner for Frost Financial and TrueCar because they always put their members first. [Tower] empowers their members with the best car buying service in the market and then captures the financing with a great rate. It’s a well-oiled direct lending machine.”
*Between 1/1/19 and 12/31/19, the average savings off MSRP experienced by consumers who connected with a TrueCar Certified Dealer through the Tower Federal Credit Union Auto Buying Program and who were identified as buying a new vehicle from that Certified Dealer was $3,965. Your actual savings may vary based on multiple factors, including the vehicle you select, region, dealer, and applicable vehicle-specific manufacturer incentives, which are subject to change. The MSRP is determined by the manufacturer and may not reflect the price at which vehicles are generally sold in the dealer’s trade area, as many vehicles are sold below MSRP. Each dealer sets its own pricing.