ALEC surpassed expectations.
To passers-by, ALEC may seem too good to be true. John found out it is as good as it seems, if not better.
John had driven by the ALEC Gurnee site many times and wondered about its reputation for superior products and services, so he dropped in one day to inquire about a car loan.
“I walked into the branch and sat down with Colleen Farm, a member service representative. She explained who ALEC was and who was eligible for membership,” John said. “My son is an AbbVie employee, so luckily, I qualified for membership.”
Under a new, broadened policy, membership is now open to employees and retirees of Abbott and AbbVie, family members of current Abbott and AbbVie employees and family members of current ALEC members.
John was in the market for a new vehicle and concluded that ALEC had the best rate, which was no surprise given that, as a not-for-profit financial cooperative, ALEC returns its profits to members in the form of higher rates on deposits and lower rates on loans.
Colleen Farm helped John with his auto loan, even filling out the application for him. He was approved and got his car.
“She was able to talk through all information with me as she filled out the paperwork. She was very aware and knowledgeable on lending procedures. It was not hard — in fact it was very easy to get an auto loan working with Colleen.”
ALEC has had a great impact on his financial situation because, before getting the auto loan with ALEC, he checked rates with his bank of 20 years to see whether he could get a lower rate there. Not even close. “I even contacted their underwriting department, and they wouldn’t do anything,” John said.
He recommends ALEC to his family members. “I am a creature of habit. I am not willing to change my life on a dime, but I plan to eventually take all of my financial business to ALEC.” The best part about ALEC, along with the auto-loan rate, was the pleasant experience. “I presented the problem, Colleen provided the answer, documentation was provided and it was done.”
ALEC surpassed John’s expectations on his first encounter and lists himself as a convert. “As my financial needs grow, I will be thinking of ALEC.”