BY KAITLIN MORRISON
Is your credit union struggling with automotive lending? If so, a partnership with an indirect auto lending service provider may be the solution to your challenges. These insights from a CU that, in embracing indirect auto lending, got back on track – and helped its members obtain better loans – will help you succeed.
To make car shopping simpler, some credit unions are embracing the indirect lending trend and offering their members loans through a partner organization. This approach affords members access to a wider range of online tools, other options for automotive loans and other features to help them manage their vehicle-buying experience.
Before partnering with CU Direct for indirect auto lending, Kansas-based Credit Union of America experienced significant challenges in its automotive lending program. Gary Hull, CU of America’s AVP of consumer lending, said his credit union’s automotive lending was struggling before the partnership. Since joining forces, he says CU of America learned how to obtain buy-in from local branches, build relationships with local car dealerships and get its consumer auto lending program on track again.
To learn more about how CU of America succeeded in helping its members obtain better loans, we asked Hull to share his insights on indirect lending with us for this month’s column.
#1: Revamp member experiences with auto loans by going to the source of the problem and fixing dealer relationships.