Indirect auto lending arrangements can provide added help for your credit union in acquiring new customers and ensuring that you get your fair share of this valuable sector of the consumer loan marketplace. Building a solid relationship with the auto dealers with whom you work can provide you with a number of benefits, including increased promotion of your loan products and improved visibility for your credit union. Here are some proven strategies for making the right connections with dealerships in your area.
Make a Personal Appearance
Stopping by the dealerships in person can help you build a solid working relationship with the individuals responsible for making financing decisions in these sales environments. The personal touch means a great deal when dealing with the people on whom you depend for references and recommendations. A few simple visits can make a big difference in the relationship between your credit union and the dealers with whom you provide indirect lending services.
Speed Up the Process
Making sure that your credit union indirect auto lending arrangements are finalized quickly can help both you and the dealerships. By streamlining the application and approval process, you can promote greater customer satisfaction for your credit union and the dealership. This can create a win-win situation for both of your organizations that can pay off in increased profits for the dealership and an expanded loan portfolio for your credit union.
Create Guidelines for Your Indirect Lending Program
Putting clear guidelines in place for your lending arrangements can allow dealerships to determine initial eligibility without contacting your credit union and engaging in back-and-forth phone calls. This can help customers to enjoy the most positive indirect lending experience in the auto loan marketplace. By providing your contacts at the auto dealership with a concise and easy-to-understand set of guidelines for determining eligibility for your auto loans, you can ensure the best relationship with these partners now and in the future.
Stay Current With Changing Regulations
Making sure your staff members are aware of changes in the regulations governing auto loans can help you and your credit union to stay on the right side of the law. Communicating this information to your partners at the auto dealerships with whom you do business can build trust and can benefit both organizations.
CUAC is a leading source for indirect auto lending services designed for credit unions in the modern financial world. We create customized solutions that provide real benefits for you and your members. Call us today at 866-970-2822 to discuss how CUAC can help you manage your auto lending program more efficiently. We look forward to the opportunity to serve you.
