Reliant Credit Union saves members $3.5 million through refinancing initiative

Reliant Credit Union members saved over $3.5 million in auto loan interest in 2024 by refinancing high-rate loans through the credit union, according to an announcement on Monday. The Sodus-based institution said 1,063 members took advantage of its low-rate refinancing program, with each saving an average of $3,323 over the life of their loans.

Reliant’s refinancing initiative helps members reduce interest rates, lower monthly payments, or shorten loan terms by transferring loans from other institutions. Michael Miller, the credit union’s senior vice president of enterprise risk management, said the results demonstrate Reliant’s focus on improving financial wellness for its members.

“We measure the amount of money we save our members when we refinance because we know how impactful it can be to save thousands of dollars,” Miller explained. “This more than $3.5 million in savings represents the tangible impact of our efforts to empower our members to make smarter financial decisions.”

One member, who refinanced their auto loan, highlighted the value of the program, saying, “We were able to save money and reduce the number of payments remaining on my loan. I was very happy with the results and help that Reliant provided.”

Reliant Credit Union, a not-for-profit financial institution established in 1970, serves over 47,000 members and manages more than $692 million in assets. Membership is open to those who live, work, worship, or attend school in Monroe, Ontario, and Wayne counties. The credit union operates branches across the region, including Brockport, Canandaigua, and Geneva.