By: Taya Parish May 2023 In the ever-evolving landscape of financial services, credit unions are increasingly turning to innovative solutions to meet the needs of their members. Indirect lending, a popular approach that enables credit unions to extend loans through third-party intermediaries, has become a strategic avenue for growth. By harnessing the power of technology,[…]
The Importance of Implementing a Responsible Indirect Lending Program
By: Lizzy Mayers April 2023 Credit unions are well-known for providing exceptional financial services to their members, including loans at competitive rates. However, credit unions can enhance their loan portfolio and revenue growth by adopting an indirect lending program. Indirect lending is a proven method that enables credit unions to expand their reach and improve[…]
PrimeTrust Federal Credit Union Achieves Record Auto Loan Volume and Membership Growth through CUAC Partnership
By: Vicky Kinsey April 2023 In September 2021, PrimeTrust Federal Credit Union joined the CUAC Program to enhance its auto loan portfolio. At the time, the credit union’s portfolio consisted of indirect lending, commercial participation, and organic direct loans. Despite having an indirect lending program, PrimeTrust FCU was not achieving the loan numbers or membership[…]
CUAC Helps 1ST Gateway CU Gain a Competitive Edge in the Market
By: Kurt Howard In 2019, 1st Gateway Credit Union began the search for a new partner for their indirect lending solution. The software they utilized at the time was slow and redundant. In addition to the technological issues, costs were escalating and their service deteriorating. The credit union began the search for a provider that[…]
BRECO FCU Sees Nice Boost to their Loan Volume With CUAC
By: Victor Shin Prior to partnering with CUAC, BRECO Federal Credit Union was solely reliant on direct auto loans and using social media & newsletters to promote auto lending to their members. Although they were offering electronic signatures on loan documents, members were still signing with other lenders at the dealership due to the convenience[…]
Carolina FCU Takes Their Indirect Lending to the Next Level with CUAC
By: Margaret McMartin In February of 2022, Carolina FCU was working with an established indirect lending vendor. The two largest issues they were having at the time with their existing provider were cost and the lack of opportunity to compete with other tier-one lenders within the system. They decided to seek an option that would[…]
Avanti Federal Credit Union Benefits From CUAC’s Indirect Lending Solutions
By: Vicky Kinsey Early in 2022, Avanti Federal Credit Union was looking at excess liquidity and a lack of auto loans. At the time, they did not have an indirect lending product in place and wanted to look for a partner that would fit their individual needs. The credit union hired a consultant that quickly[…]
Members Auto Solutions Becomes a Thriving CUSO by Partnering with CUAC
BY: Vicky Kinsey IH Mississippi Valley Credit Union (IHMVCU) and its auto lending CUSO Members Auto Solutions (MAS) has seen a steady growth in membership and assets since it was founded in 1934. One of the areas to see significant growth was their auto loan origination. From 2016 to 2018, outgrowing their balance sheet, the[…]
Is your current indirect lending provider delivering what they promised?
By: Lizzy Mayers Prior to joining the CUAC program, Campus Federal® partnered with a third-party provider to originate auto loans. The main challenge the credit union faced was the level of auto loans was below where it needed to be in order to successfully diversify their loan portfolio. It was clear their vendor could not[…]
Is your indirect lending provider checking all the boxes?
July 26, 2022 Vicky Kinsey, VP of Marketing In October of 2020, North Carolina Community Federal CU (NCCFCU) was working with an established national provider for indirect lending services. Even though they had an indirect program, they were still processing and decisioning all loans with no after-hours coverage. One of their big challenges was the[…]