MAY 15, 2022
Vicky Kinsey, VP of Marketing
Founded in 1954, Bayou Federal Credit Union (Bayou) has assisted members in “Discovering the Difference” – the Credit Union Difference. Bayou makes a difference for more than 8,000 members.
Before joining CUAC in 2015, Bayou FCU started and managed an in-house indirect program that was steadily growing thanks in part to the good relationship Bayou maintained with the local dealerships; but, soon it would turn out to be a challenge for the small local credit union.
The two major challenges Bayou experienced as the program grew were NCUA regulations and the changing business environment. “During that time, the dealership pool was minute,” said Rick Sanchez, VP of Lending for Bayou FCU. “Back then you could just call the dealership and work a deal.” When Bayou FCU started looking for options, they had two goals in mind: The first was to find someone with the professionalism and astuteness to take the program to the next level; and, the second was to find someone to take over the burden of compliance – which was a critical part of the business. CUAC’s reputation in handling compliance and the local dealer representation made CUAC the obvious choice.
Even as a small player in the market, they have seen remarkable growth in their auto loan portfolio since the program was implemented in 2015. They have also been able to grow and maintain a relationship with local dealers. “I have been in the business for over 20 years, and by far, CUAC’s dealer representation is the most qualified I have ever interacted with”, said Sanchez of Paul Russo – CUAC’s Dealer Representative in the Louisiana Area. “He has the skillset to go into a dealership, manage the problem and make everybody happy.” Bayou FCU also credits CUAC’s common-sense approach and knowledge of the dynamics that make a loan, especially the quality of the loan packages they receive.
Kurt Howard, COO of CUAC, had this to say: “I have known Mr. Rick for a number of years and there is just not a more honest, sincere and straightforward guy I have ever met. When we first met, I appreciated his no-nonsense approach to looking for an indirect solution and I could not be prouder that he decided to partner with CUAC. Our entire team works hard to maintain his trust and he knows that although indirect can be a tricky landscape, we always have the credit union’s best interest at heart.”
Their profound knowledge of the market, the loan process, and the industry from top to bottom makes CUAC the proven leader in the market providing credit union clients like Bayou FCU with quality loans and superior dealer representation. If you are interested in taking your credit union or CUSO’s indirect program to the next level, please reach out to Kurt Howard at khoward@cuacuso.com or online at https://www.cuac.com/contact.
