By: Vicky Kinsey September, 2023 Before embarking on its partnership with CUAC, Greater Kentucky Credit Union had been using another Credit Union CUSO to administer their underwriting for their Indirect Lending Program. The need for a change in their Indirect loan origination process became apparent when their previous service provider notified them that they would[…]
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[…]
December 31, 2020: Air Force Federal Credit Union (AFFCU) has partnered with Credit Union Acceptance Company, LLC (CUAC) to power their indirect lending program. AFFCU will utilize CUAC’s Full‐Service indirect lending platform to further boost their commitment to service and convenience to their members. “2020 has reinforced the paramount importance of being flexible and versatile[…]
In late 2016, we were fortunate enough to be contacted by Chris Hay, President & CEO of Dannemora Federal Credit Union in Dannemora, New York, regarding their exploration efforts into whether an indirect lending program would be a good fit for their credit union. Chris had many of the normal concerns that we encounter when working through the discovery phase with prospective clients:
Providing expert financial counseling for the members of your credit union is a positive step toward helping them to make practical and appropriate decisions when choosing indirect auto lending and other loan arrangements in our area.
Keystone Lending Alliance (KLA) is celebrating its 10‐year anniversary in 2018 and in that time, has become the leading indirect lending CUSO for credit unions in Pennsylvania. Located in Wexford, PA, just outside of Pittsburgh, KLA is providing a multitude of indirect related services to over 30 credit unions throughout the state.
Credit unions offer significant benefits and advantages for their members. These value-added services can serve as a strong selling point for your indirect auto lending activities and other loans offered by your institution.
When credit unions think of indirect lending, the first thing that comes to mind is risk. Risk is inherent with any type of lending; however, with indirect auto lending, risk can be exacerbated by elements created by the dealer and the inability for the credit union to personally interact with the member.
Indirect auto lending arrangements are on the rise. Credit unions and lending institutions can maximize their profits and diversify their investment portfolios by making sure they get their share of this expanding sector of the economy.
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.