Melbourne, FL – Space Coast Credit Union (SCCU) is pleased to announce the winner of its recent Auto Refinance Sweepstakes. Presley D., a resident of Vero Beach, was randomly selected to win the grand prize, a full year of no car payments. SCCU awarded the grand prize as a lump sum dollar amount equivalent to 12 months of his car payments. A prize presentation was held on February 4, 2020, at SCCU’s Vero Beach branch location.
SCCU conducted the sweepstakes from October 15, 2019, through December 31, 2019, to generate auto refinancing awareness, and help educate consumers that they can save money on their monthly car payment with a lower interest rate, longer-term, or both. Participants were automatically entered into a random drawing when they refinanced their auto loan during the promotion. There was also a “no purchase necessary” entry option.
“Through our Auto Refinance Sweepstakes, we were able to educate consumers on the benefits of refinancing their auto loan. For many people, the monthly savings from their auto loan makes a difference in their daily lives,” states Gary Prager, Vice President of Consumer Sales at SCCU. “SCCU members are able to put that savings toward other household expenses, family vacations, or savings.”
Nearly 1,500 people participated in the sweepstakes when they refinanced their auto loan from another lender to SCCU, totaling over $38 million in new loans. Presley was selected as the sweepstakes grand prize winner in a random drawing on January 14, 2020.
When asked about his refinance experience, Presley D. said, “Space Coast [Credit Union] has been absolutely incredible to me. They have assisted me in refinancing my car. My previous car was also through them. Melissa, the Assistant Manager at my branch location, has been a tremendous help to me.”
Consumers who refinance their auto loans, on average, can save around $50 on their monthly auto payment, reducing their annual percentage rate by about two percent. SCCU offers auto refinance rates as low as 1.89 percent Annual Percentage Rate (APR) for terms up to 78 months.
Space Coast Credit Union was chartered in 1951 and is headquartered in Melbourne, Florida. The credit union serves more than 455,000 members with assets of over $5 billion through a network of 59 branches and over 100 ATMs located throughout Florida and through its website, SCCU.com. Space Coast Credit Union is open for membership to anyone who lives or works in the 29 Florida counties it serves. Locations can be found at SCCU.com/Locations.