{"id":826,"date":"2018-03-28T14:28:54","date_gmt":"2018-03-28T19:28:54","guid":{"rendered":"http:\/\/efgintelligence.com\/lendingcurve\/?p=826"},"modified":"2018-03-28T14:28:54","modified_gmt":"2018-03-28T19:28:54","slug":"appealing-millennials-2","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/lendingcurve\/appealing-millennials-2\/","title":{"rendered":"Are You Appealing to Millennials?"},"content":{"rendered":"<figure id=\"attachment_620\" aria-describedby=\"caption-attachment-620\" style=\"width: 240px\" class=\"wp-caption alignright\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"620\" data-permalink=\"https:\/\/efgintelligence.com\/lendingcurve\/lender-dealer-and-consumer-needs-aligned\/brien-joyce-headshot\/\" data-orig-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot.jpg?fit=336%2C420&amp;ssl=1\" data-orig-size=\"336,420\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;5&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 60D&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1328756843&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;47&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.016666666666667&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Brien Joyce Headshot\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Contributing Author:&lt;br \/&gt;\nBrien Joyce&lt;br \/&gt;\nVice President&lt;br \/&gt;\nEFG Companies&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot.jpg?fit=240%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot.jpg?fit=336%2C420&amp;ssl=1\" class=\"size-medium wp-image-620\" src=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot-240x300.jpg?resize=240%2C300\" alt=\"Brien Joyce Vice President EFG Companies\" width=\"240\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot.jpg?resize=240%2C300&amp;ssl=1 240w, https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2016\/08\/Brien-Joyce-Headshot.jpg?w=336&amp;ssl=1 336w\" sizes=\"(max-width: 240px) 100vw, 240px\" \/><figcaption id=\"caption-attachment-620\" class=\"wp-caption-text\">Contributing Author:<br \/>Brien Joyce<br \/>Vice President<br \/>EFG Companies<\/figcaption><\/figure>\n<h3>Millennials are in the market to buy cars. Are you in the market to lend to them?<\/h3>\n<p>According to Cox Automotive, Millennials are on pace to <strong>account for 40 percent of all vehicle sales by 2020.<\/strong> While it seemed like Millennials would never enter the market the way preceding generations had, this demographic is quickly making up for lost time.<\/p>\n<p>Most of the Millennials with buying power today entered the job market around 2008 with record high student loan debt. Jobs were beyond scarce. High quality talent from Gen X and Boomers had flooded the market due to a markedly higher unemployment rate. It was virtually impossible for a recent college graduate to compete with a more experienced Boomer or Gen Xer for that entry-level job. Everyone was willing to work for less just to get by. <strong>These economic conditions made all those milestones of becoming an adult seem that much further away for Millennials.<\/strong> They deferred student loans, went back to school, moved in with their parents, and created innovative ways to save money.<\/p>\n<p>A decade later, Millennials have a much greater ability to buy a vehicle, buy a house, get married and have children. However, their past experiences have greatly impacted their current buying habits. According to Cox Automotive:<\/p>\n<ul>\n<li><strong>83 percent<\/strong> say an affordable monthly payment is very important when selecting a lender.<\/li>\n<li><strong>39 percent<\/strong> financed their vehicle through a lender directly.<\/li>\n<li><strong>54 percent<\/strong> prefer to research financing options online.<\/li>\n<\/ul>\n<p><!--more--><br \/>\nThis is good news for auto lenders, especially those credit unions and financial institutions that already have personal relationships with consumers. <strong>The more options you provide to help Millennials balance their budget, the better.<\/strong> And, even better, most lenders already provide budget calculators, lending criteria, online loan applications, etc., online.<\/p>\n<p>But, how do you <strong>go above and beyond the competition<\/strong> to appeal to this generation directly? Think about it in terms of budgets.<\/p>\n<p>This budget-driven generation wants <strong>more value for their money.<\/strong> Their monthly payment is a higher priority than the total cost of a vehicle. And, they want to protect their budget from uncertain eventualities.<\/p>\n<p>One strategic way of appealing to Millennials is by structuring your loans with complimentary F&amp;I products, like <a href=\"http:\/\/efgcompanies.com\/products\/maintenance-plan-vsc\/drive-forever-worry-free\/\" target=\"_blank\">limited powertrain<\/a> or <a href=\"http:\/\/efgcompanies.com\/products\/debt-protection-products\/finance-walkaway-program\/\" target=\"_blank\">vehicle return protection<\/a>, that protect their budgets. These products <strong>protect consumers from unforeseen circumstances that can negatively affect their ability to make their car or house payments<\/strong>. For example, powertrain protection gives consumers more control over their monthly budget by taking care of some of the largest expenses related to a vehicle breakdown, the engine and transmission. Meanwhile, vehicle return protection offers consumers a safety net to relieve their lease or loan obligation when unforeseen life events occur, like:<\/p>\n<ul>\n<li>involuntary unemployment;<\/li>\n<li>physical or mental disability; or,<\/li>\n<li>critical illness, etc.<\/li>\n<\/ul>\n<p><a href=\"http:\/\/efgcompanies.com\/\" target=\"_blank\">EFG Companies<\/a> has been innovating <a href=\"http:\/\/efgcompanies.com\/products\/\" target=\"_blank\">consumer protection products<\/a> for more than 40 years. We know how to keep you relevant with the current generation with F&amp;I strategies that target the concerns of today\u2019s consumers. Contact us today to find out how.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennials are in the market to buy cars. Are you in the market to lend to them? According to Cox Automotive, Millennials are on pace to account for 40 percent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[30],"tags":[136,137,265,139,138,133],"class_list":["post-826","post","type-post","status-publish","format-standard","hentry","category-business-growth","tag-baby-boomers","tag-boomers","tag-cox-automotive","tag-gen-x","tag-generation-x","tag-millennials"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7ht2K-dk","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/comments?post=826"}],"version-history":[{"count":1,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/826\/revisions"}],"predecessor-version":[{"id":827,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/826\/revisions\/827"}],"wp:attachment":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/media?parent=826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/categories?post=826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/tags?post=826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}