Meet David Meade, the Dealer Relationship Manager at First Commonwealth, who is pivotal in nurturing and strengthening our auto partnerships. In this edition of "The Faces of First Commonwealth," we dive into a candid conversation with David to uncover the insights and experiences that shape his daily interactions and can help you make more informed vehicle purchasing decisions.
Join us as we explore the personal and professional journey of one of our key team members, whose efforts ensure our continued success and collaboration with dealers and members alike.
1. Can you share a bit about your background and what led you to your role as Dealer Relationship Manager at First Commonwealth Federal Credit Union?
My background is in the auto industry. From the time I graduated high school, I've worked at various auto dealerships. In my last two roles, I managed two independent lots, handling everything from buying cars at auctions to marketing them, managing titles, securing financing, and finalizing sales. I did my best to meet every customer's need, whether they came in for a specific vehicle or required guidance through the buying process.
Ironically enough, I came across First Commonwealth while looking for lenders at our dealership. During a call with the underwriting department, I stumbled upon a job posting on our website. Six months later, I became the Dealer Relationship Manager. It's funny how things work out. I've now been with First Commonwealth for over eight years. I'm thankful that my previous experience has provided me with unique insights from the dealers' side of the table, which helps greatly when working with them.
2. What does a typical day look like for you at the credit union?
No two days are the same. I often work on dealer files and collaborate with loan servicing and underwriting to facilitate loan approvals, fundings and address dealer inquiries. If I receive calls from dealers needing underwriting or funding assistance, I step in to assist, hoping to take some work off that department's plate while also lending a helpful hand to someone in need. I visit dealers daily to stay updated on market trends, understand their needs, and maintain strong relationships. My work involves a lot of direct communication with dealers to ensure smooth operations and strong partnerships.
3. What do you enjoy most about working with dealers and our members?
I enjoy the variety and the chance to interact with different people. While I don't have the privilege of working with members daily, I spend most of my time between underwriting, loan servicing, and dealer management. My primary goal is to ensure dealers are happy with our services, which, in turn, benefits our members by making the car-buying process smoother and more efficient.
4. How do you like spending time when you're not working?
I enjoy spending time with my wife and our four children, who have been slowly moving out over the last few years. We do a lot of camping and kayaking, and I fly airplanes for fun. I have a pilot's license, and being a member of the Reading Aero Club, the oldest continually flying club in the US, helps keep flying an attainable and relatively affordable hobby. I try to fly at least once a month to stay current and often take trips that involve food or special events with friends and family. My son and I recently flew to Southeast New Jersey for a "24 Hours of Lemons" race.
We also camp frequently, exploring various locations from Wellsboro to upstate New York and Maryland. Staying on the move really excites us, and we enjoy the variety of activities that camping at multiple locations provides. While camping in Maryland, we kayaked the Chesapeake Bay, and in Wellsboro, we hiked and biked the PA "Grand Canyon."
5. For those who might not be familiar, can you explain what a Dealer Relationship Manager does and how it impacts our members?
As a Dealer Relationship Manager, I aim to build and maintain strong relationships with dealerships. We strive to ensure dealerships are willing to work with us, refer our members back to us, and attract new members through our financing programs.
This relationship is crucial because it can significantly grow our membership numbers and help meet strategic objectives. A strong relationship with dealerships ensures our members receive a seamless, one-stop car-buying experience. Members can complete the entire process at dealerships in our preferred network, from vehicle selection to finalizing the sale, without making multiple trips to our branches. This convenience and our competitive rates make our indirect program appealing to existing and new members.
6. What advice would you give members considering vehicle financing through First Commonwealth Federal Credit Union?
I recommend members seriously consider extended warranties or service contracts, especially for newer, technologically advanced cars. Modern vehicles are essentially digital platforms at this point, and repairs can be costly. Just as people purchase warranties for their iPhones, they should consider doing the same for their cars to protect against expensive electronic issues that may come up. It's always better to be prepared and not need it than to be caught off guard and face significant repair costs down the road.
7. What does the process of applying for an auto loan at First Commonwealth look like, and how is it made easy for members?
Members can apply for an auto loan directly through our website or at a branch. Alternatively, they can apply in person at one of our 120+ preferred dealerships while purchasing a vehicle. This flexibility ensures a smooth and convenient loan application process that takes minutes to complete.
8. Refinancing an auto loan can be a significant financial decision. What should members consider when thinking about refinancing their vehicle?
It’s important that members have a clear objective for refinancing. Understanding why you're refinancing and ensuring it meets your goals is critical. Consider the current loan's terms and the potential need to adjust the loan-to-value (LTV) ratio, which might require a down payment to align with the new loan structure. Being informed about these factors is a game-changer and can help you make a more strategic refinancing decision.