By Vicky Kinsey
January 2024
In the pursuit of efficient indirect loans, First Federal Credit Union underwent a strategic overhaul, recognizing the need to streamline processes, expand outreach, and explore new markets. Here’s how CUAC’s Indirect Lending Program played a pivotal role in their transformational journey.
Systemic Hurdles and the Call for Change
Their existing lending system posed significant challenges for the credit union—cumbersome processes, outdated technology, and inflexibility hindered prompt responses to market changes. Jessica Doocy, Indirect Manager at First Federal Credit Union, highlighted the struggle, “Rate changes can happen anytime, often without much notice. Our previous provider took over a week to address any requests, including rate changes, making it difficult to enforce rates or know when to notify dealers of change vs. when the system would reflect them.” The realization that their system stifled growth and innovation prompted a quest for change, seeking a solution aligned with immediate needs and long-term goals.
Clear Goals and Partnership Selection
First Federal Credit Union embarked on a search for a partner with clear goals—agility, responsiveness, enhanced member experience, and seamless collaboration. CUAC emerged as the preferred choice due to its innovative approach, advanced technology, and commitment to tailored solutions. The reputation for fostering a collaborative environment further solidified their decision.
Transformative Shift and Promises Fulfilled
Since joining forces with CUAC in November 2022, First Federal Credit Union has witnessed a transformative shift. The Indirect Lending Program delivered on its promises, tackling system challenges head-on, streamlining processes, and empowering the credit union to generate indirect loans efficiently. Jessica Doocy commented on the collaborative approach, “Marci and Maggie [CUAC’s Project Manager and Customer Support Specialist] have been incredible from the start. They always exceed expectations with how quickly they get back to us – even if it’s just acknowledging that they’re working on it if there isn’t an immediate resolution.”
Positive Outcomes, Ongoing Collaboration, and Seamless Integration
First Federal Credit Union’s collaboration with CUAC has yielded positive outcomes, enhancing their ability to adapt swiftly to market changes. The program’s success has fostered an ongoing partnership marked by responsiveness and a commitment to excellence.
In a strategic move, they incorporated ACH/funding functionality while maintaining a customized program conducive to the credit union’s existing dealer relations through DealerTrack and RouteOne. This approach allowed them to seamlessly continue their indirect lending program without disrupting their dealer relationships by changing to a new provider. The collaborative efforts with CUAC facilitated this integration, ensuring a smooth transition and preserving the credit union’s established relationships.
Their Advice for Credit Unions
First Federal Credit Union’s advice for credit unions contemplating change or integrating indirect lending is clear: prioritize alignment with partners sharing your goals, emphasizing a proven track record in delivering tailored solutions. Embrace collaboration and innovation as indispensable elements of success and remain adaptable to evolving market dynamics.
Ready to redefine your credit union’s lending strategy? Connect with Kurt Howard today to explore how our Indirect Lending Program can drive efficiency, foster growth, and enhance member satisfaction. Your journey to lending success starts here—email Kurt at Khoward@cuacuso.com.