Navy Federal Credit Union 2015 Annual Report Download - page 7

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2015 ANNUAL REPORT 5
SUPERIOR SERVICE LEADS TO MORE LOANS
Our top-notch service and continued low interest rates resulted in record growth in Navy Federal’s
consumer lending originations for a fourth consecutive year. Members took out more than
800,000 loans for $12.5 billion.
Consumer Loans
In 2015, U.S. car sales reached the highest level since 2000. Navy Federal helped by delivering
low rates, fast approvals and great service, as Shavonya shared on Twitter: “@NavyFederal…Best
Customer Service on the planet…#newcarloan.”
We provided more than 325,000 car and truck loans, totaling $6.6 billion. Of the total auto
loans made, 58 percent were for used cars. In August, we began oering a new overseas Auto
Buying Program to help members living outside the U.S. purchase autos at special pre-negotiated
military pricing. This new program generated 342 loans, totaling $9.5 million.
Our entire consumer loan portfolio, including auto, boat, motorcycle and
personal loans, grew by 11.4 percent to $15.6 billion.
Credit Cards
Recognized for great rewards programs and excellent value, Navy Federal’s
credit cards performed exceedingly well again in 2015. Our credit card
portfolio ended the year with 373,000 new accounts and $14.8 billion in
overall sales volume, an increase of $1.7 billion. Part of this growth can be
attributed to our enhanced GO REWARDS® card. Cardholders now receive
three times the points on restaurant purchases, two times the points on
gas and one point for all other purchases. We also eliminated foreign
transaction fees from all of our credit cards and continued our transition
to chip-enabled cards, which provides an extra layer of security in addition
to our Zero Liability policy. By the end of 2015, half of our cardholders
received chip-enabled cards.
2015 In Review
REPORT OF THE CHAIRMAN & PRESIDENT
These new changes
were important to our
members, as Vince D.
shared on Facebook.
“I’ve been using my
cashRewards card on
international trips because
your fee was low and
the rewards were high
enough to compensate.
Now, I don’t have to pay
fees, so that’s more rewards
in my pocket. And with
the EMV chip, it’s my
preferred travel card now.”