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 credit union saw their auto loan business grow from $16M to $30M monthly, a growth that could not be sustained by their current origination system, so they set out to look for a better alternative. MAS’ unique ability to leverage decision intelligence, data and a robust knowledge of the auto industry has enabled them to participate close to $150 million in indirect loans year to date to credit unions around the country.
Although the credit union had not heard about CUAC, its reputation and referral from 1st Gateway CU gave the CUSO the opportunity to make an impression. “CUAC was unique from the competition.” said Rob Roseman, Vice President @ IHMVCU. “Their system would allow us to grow and to scale, something no other vendor would allow us to do.” And grow it did! During their first month, they originated $52M dollars in auto loans. In addition, CUAC’s unique business model allowed them to collaborate with other credit unions, contributing to their own auto loan growth.
To date, MAS is generating 6,000 monthly auto loan applications translating to $50M dollars in monthly origination volume. This year, they expect to see $2B dollars in assets, approximately 50% of that coming from indirect auto loans. “The CUAC team has been great to work with.” Said Ajay Singh, SVP Lending @IHMVCU. “Despite the volume, they are quick to respond, and they come through whenever we need help.”
Kurt Howard, Chief Operating Officer at CUAC, had this to say about the relationship with MAS. “We are very honored that MAS would partner with us to help with their technology during the formation of their auto lending CUSO. It has been exciting to work with Ajay, Rob and many of their other team members and help in their expansion however we can. I look forward to being a small part of their growth and am eager to see what they can do over the next few years.”
IHMVCU was founded in 1934. Fast forward 88 years, IH Mississippi Valley Credit Union (IHMVCU) has grown to be the largest credit union in the Quad City area. IHMVCU is 140,000 members strong and over $1.8B in assets, making them the sixth-largest credit union in Illinois. With twelve locations in eastern Iowa and western Illinois and a progressive and growing online branch, their Pathfinders provide convenient financial solutions catered to each member-owner’s journey to financial success.
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 email@example.com or online at cuac.com/contact.