For almost 14 years now, Fortera Credit Union in Clarksville, Tennessee has operated a very successful indirect program using the services provided by Credit Union Acceptance Company, LLC (CUAC). In early 2006, Fortera contracted with CUAC to provide its Full-Service Indirect Program which included dealer representation, underwriting, loan processing, funding and all back-off related tasks such as charge-back processing, title services, etc. Over the course of the next 13 years, with a lot of hard work by both parties, the program grew tremendously.
Is Your Credit Union Equipped to Operate a Profitable Indirect Lending Program?
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:
Amarillo Community Federal CU Joins CUAC
Amarillo, TX | May 27, 2019: Amarillo Community Federal Credit Union is excited to announce that it has joined the CUAC network for credit unions for application aggregation through Dealertrack and RouteOne. Beginning Monday, June 3, 2019, ACFCU dealers will now be able to submit applications via Dealertrack and RouteOne via the CUAC platform. What does this mean? When submitting[…]
Credit Union Lending Systems Driving Auto Loans for the Gateway City
Credit Union Lending Systems (CULS) has been the premier indirect lending solution for the St. Louis, Missouri, and surrounding area credit unions for almost 2 decades now. With credit union lending partners in Missouri, Illinois and Kansas, CULS has broadened its footprint over the last 2 decades through its dedication to fine tuning the member experience at the dealership.
Considerations for Credit Union Members Applying for an Auto Loan
A number of factors are involved in putting together a successful auto loan. At Credit Union Acceptance Company (CUAC), we specialize in providing support for indirect auto lending arrangements for the credit unions we serve. Understanding the elements of the auto loans you offer can help you provide the most practical assistance to your members in the competitive lending environment. Borrowers should consider a few important points when taking on a new auto loan.
How Keystone Lending Alliance Became the Premier Indirect Lending CUSO in Pennsylvania
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.
Quality Control is Key with any Indirect Auto Lending Program
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 for Credit Unions Is Growing In Popularity
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.
Building Better Relationships with Your Credit Union’s Indirect Auto Lending Dealerships
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.
Factors for Responsible Credit Union Indirect Lending
Most credit unions are apprehensive to dive into the indirect lending world and for good reason; starting an indirect auto lending program can be overwhelming.