California, Sacramento, San Francisco discussed on Kim Komando
Your host the flying car here on K. Oh, a along with us in studio. Of course, as always we hope is Stacey. And alex. I wanted to talk to them a little bit about recent experience test, drove and new vehicle, and it was the KEA Niro, and it's a P H E, which is a partial hybrid electric vehicle. So it's a plug in hybrid, which means on on your monroney sticker was one hundred and five miles per gallon electric, or I'm sorry, the means equivalent, and he goes in and out of electric mode. It only gets about twenty four twenty six miles on the plug which for some people living in San Francisco in the seven by seven is plenty for a day of full electric and other than that you kick into a small four cylinder engine that gets about forty six miles per gallon. The thing I wanted to bring up also because we're talking about this transformation is the ADS the advanced driver assist systems that was prevalent in this. Vehicle that was less than thirty thousand. I know that that's still a good chunk of change. But it's less than thirty thousand gets that kind of mileage, but it had the full array it had lane departure it had blind spot. Warning. It had intelligent cruise control breaking override, and I'm I'm going to the system that can activity with the apple carplay. I'm going. Oh my gosh. This is this is the vehicle the future. This is the modern vehicle, and it's affordable. And it's got alternative drivetrain that gives it all this mileage, and it was just as impressed after impressed after impressed, and as Kia I mean, you can talk about what your what your thoughts are going into it, and that type of thing, and it's a nice segue into our next conversation, which we wanna make sure in and talk about the fact that. The San Francisco auto shows coming up this next week. And I bring that up because when we talk about these different cars, and we'll talk a little bit more about this neuron a second. But how do you find out about all this? How do you know what cars in in the these changes that are happening and the auto show is a great place to do that. So obviously, we're going to broadcast from the auto show next week. I can't wait. It's super low pressure. All the cars are unlocked except for like the private collector cars, whatever round and Alexander are locked, hopefully, maybe you're inside the car and some other strange gets in the passenger seat, and you're like what's going on. But you know, you can have your moment without the showroom pressure. Well, one of the sponsors of the San Francisco auto show, major sponsor is golden one credit union out of Sacramento here in the state of California. I wanna make sure that we can be joined now Gregor you on the line. Yes. I am. Good morning. How are you? Good morning. Pretty good. How are you doing good? Why don't you tell our listeners your involvement with golden one? Sure, I'm the senior vice president chief lending officer at golden one credit union here in Sacramento, but we serve all of California for about five years. Yeah. Chief lending officer. So we'll make sure you write your name down. He I just want to ask you, and we appreciate you coming on the show just because he gave us gives us a chance to talk about the our show. You guys have been offering it for a couple of years and loved to talk about your involvement with that. Sure. Yes. We decided last year was our first year we've done it again this year, and we'll go again next year and hopefully longer. Because we're we're really committed to the communities that we serve hearing, California and those communities include all the consumers and the the members within those areas, but also all of our value car dealers and auto lending is a is a big part of what we do. And we don't just talk that commitment, we live it. And so being a sponsor on this on the auto show is feds right in line with what our mission and vision is for the organization was found this morning when I mentioned to Alex co hosts that we had you coming on his reaction was. Yeah. I was like, okay. You know rates are going up, and you know, incentives are going away. It's a cetera. This guy's on the front row seat of of what's going on in lending. Yes. We would there's there is a lot happening and yes rates are rising. And and we'll see what happens with car values with tariffs and the impact there, and it's a changing environment after many many years or decades of of the auto business being the auto business. A lot of changes as your previous show. Just just just talking about. Yeah. So exciting time it exciting times. We're gonna talk about the technology in the cars in we're gonna talk about him this week. And of course, next, but the having been involved in this business for many years and people friends and neighbors and others come to me and say, you know, what I'm buying a new car. What do I do? I walk through all this. And I go, you know, you're kind of doing four things you're buying a new car. Obviously, you know, do your research go online, that's a great, you know, compare your information. But but my gosh, go to the auto show because that's where you can try them on you, see if it really fits as if it you your stature, and even your family number of kids, big and small and and seats, and then you're you're you're selling the car three again, you can go online and the the values then your financing a car, you're usually don't necessarily just write a check for these things. There's gonna be some financing involved. And there's a number of ways doing that. Obviously, you know, you can go through your financial institution to the dealer and stuff, and then you're buying some insurance and accessories for the so four different things. And I tell people there four separate transaction. So. Understand that there's four transactions and learn about each one of them. And that's again it when we're talking about financing. He may be all four can be done at the dealership or by the dealer, and you're already mentioned that I could be getting in to the dealer or my credit union and either way it could be golden one. Very much. So we are are dealer partners. We'll we'll we'll contract with them obviously to to to work on business. And while while we do the underwrite and at the same decision, whether you walk into a branch or you walk into a dealership, you're going to get the same decision from golden one. And because we don't we don't change one for the other. And there there may be some benefits to going into the branch and possibly doing a pre approval, but it it is much easier to to really just go into the dealership yet, you might save a little time by already saying, hey, I'm approved. And and here it is. And let go. But in essence, you're going to get the same treatment. You gotta get good quality lending at a at a fair value. And that is that is really it. Or appreciate that, you know, I- Stacy, and I were just down at this event in Los Angeles that was talking about different modes of transportation, and such and and we're not only seeing changes in the car. But we're seeing changes in ownership. And even the perhaps the vehicle itself is got to be interesting times for you guys as your again, and we're going to talk about specifically the vehicles and things like that even next week when we're at the auto show, but in a broad sense as you're looking forward how does a an entity like golden one. How do you look at the future? Well, the future for us. There's the the old one two three year and three to five and beyond. So the future of auto lending is going is very interesting in that ownership of vehicles is is something that is in. It has been a question now for a few years how long will people be owning as opposed to ride sharing that back? They question unto itself. And I consider that to be separate from the question of where cars are going from a technology perspective because a lot of that will have a lot to do in in our is we'll have a lot to do with when you're financing a card today. What's the value? Go to be five years from now when technology is advancing so highly and that decades into from the member perspective or from a consumer perspective. When you're financing the go how far out will you find? How do you put more down now? Because when you go to trade, what will that value be at that point with technology, advancing what will that do to the used car values? So those are a lot of factors we take into consideration. When we when we're looking at our transactions and looking at what are offering is while again, that's something that everybody should consider before they make what it for most people's lives, the second most major purchase or the I if you don't buy a house in terms of right, again, the expense and the complexity the other thing is you were talking about that. I know that one of the aspects of this technology that we're gonna see in cars is connectivity. And people being able to be connected to their cars and another there may be additional services and things like that. They come from all of that. Yeah. Connect the the way people are connected to their vehicles is is absolutely phenomenal. And more and more. That is just going to keep being enhanced, you know, with that, you know, a lot of the lenders get get approached on the on the okay? Well, we will always know where your vehicle is type of thing. Though, it's. Ask you a question. So we had I was I was talking to a guy when I was down in LA. And he said that he knows of a I don't know if it's the dealership, I guess, it's whoever finances it or whatever that there's something in the OBT to port, and that they basically they locked the car if you haven't made your payments, okay, now, you're going to a different place. But to your point in bringing up is Atlanta where your car is. And where it is in in. It's an asset that is moving in. It's not like you're be like that. It's the collateral. That's what I meant by the asset. Yeah. So a certain extent. But what I was going for more on the connected side. What we can talk more about that. But on the connected. So what I always thought it was interesting when I was the editor Kelley blue book was the possibility of you knowing that the value of your vehicle anytime that you started it up or you know, almost one of the screens on there that could be another added bit of information. Oh, by the way, your car's worth this much, and it's a combination of age and miles, and whether you took care of it and things like that, you could possibly tightening the financing to know where you were in all of that. It's. That really is kind of important not only for you as the as the owner of the vehicle, but even even if you go to a lot of people do us auto dealers because of the certified pre-owned right data vehicles a lot or it's new, but if you're going to buy us, there are still a lot of people who try to buy it person to person, which which you say, okay, I hope you know, you know, you you should always check out the vote when you're buying it. No matter where it's from. But with the technology coming in and it advancing that makes that purchase transaction. A heck of a lot easier to say, okay. This is what this car is telling me as long as the information hacked, and that'll be hopefully years down the road before somebody breaks into that. What we've all got a lot more information. As part of the reason, we have this shows to share that information and continue on Greg. We really thank you for joining us this morning, Greg from golden one chief lender offer I liked that that title there, but in base out of Sacramento, but serving. The the greater state of California will be at the auto show next week looking for you guys. Also, we'll be there. We'll have a booth at the bottom of the escalators. And we'll please stop by and say, hi, okay. Hey, thanks so much, and we're gonna continue this conversation about the.