In effort to boost auto financing and other services for members, Kentucky-based L&N Federal Credit Union selected Jack Henry’s Symitar platform to support its growth goals.
Jack Henry said through a news release that the credit union recognized the need for a flexible and customizable platform as it prepared to surpass $2 billion in assets.
With a growing base of more than 100,000 members in Kentucky, L&N FCU has plans to keep expanding its services while maintaining its hyper-local approach. The credit union needed a technology platform that could support this growth efficiently while providing the customization it needed to serve its communities.
Jack Henry’s platform can enable the credit union to build and offer solutions through fintech relationships, equipping its membership with relevant tools to improve their financial lives.
Because of the open platform, the credit union no longer needs to take multiple steps and involve various departments to make product enhancements. Now, L&N FCU will be able to streamline its operations and boost efficiencies.
In addition, the cloud-based platform can free the credit union to refocus IT resources on improving member service.
“We proudly support Jack Henry’s vision for the future and its commitment to investing in new solutions and building a fintech ecosystem,” said Tim Root, executive vice president and chief operating officer at L&N Federal Credit Union.
“We look forward to continuing our growth and providing competitive, modern, highly specialized services to our communities with the power of Jack Henry’s technology and expertise behind us,” Root continued in a news release.
Shanon McLachlan is president of credit union solutions at Jack Henry.
“We’re proud that new clients like L&N FCU are selecting us for our ongoing commitment to innovation and technology modernization,” McLachlan said. “It’s rewarding to see these clients continue to align with our vision and strategy for the future.
“We have the technology and ecosystem to support credit unions of all sizes, solving their key business challenges so they can focus on serving their communities,” McLachlan went on to say.
Auto Financial Group (AFG) recently announced that CU*Answers, a credit union service organization (CUSO) and a cooperative corporation headquartered and incorporated in Grand Rapids, Mich., has signed a referral agreement and continues to advance the development of a future integration with AFG.
Company officials explained CU*Answers’ integration with Auto Financial Group will allow balloon loan and member data to be pushed directly from CU*BASE, the CUSO’s core processing platform, to the AFG calculator and then back to update the balloon loan application in CU*BASE, seamlessly.
Through this relationship, AFG’s balloon lending and leasing programs will be even easier to access and implement for financial institutions in CU*Answers’ network
This partnership further reinforces AFG’s mission to bring its “Walk-Away” balloon lending and leasing programs to financial institutions across the country in order to meet the rising consumer demand for lower auto payments.
Furthermore, officials said AFG’s balloon lending and leasing programs will be even easier to access and implement for financial institutions in CU*Answers’ network.
“We are excited to work with the CU*Answers team, and we are looking forward to bringing value to their clients with our residual based financing programs,” Auto Financial Group CEO Richard Epley said.
CU*Answers CEO Geoff Johnson said that the AFG integration will be a great addition to the CU*BASE platform.
“This is sure to be a major win for our clients, streamlining the process between core and AFG,” Johnson said. “We are looking forward to working with AFG’s team in bringing this offering to our network.”
To learn more about AFG’s programs, go to https://www.autofinancialgroup.com/products/.
CU Direct has a new name.
Last week, the provider of financial technology solutions for credit unions announced it will rebrand the company as Origence, reflecting its vision to create the “ultimate origination experience and help credit unions win in a digital-first world.”
According to a news release, the company’s indirect financing solution, CUDL, will remain a sub-brand of Origence, continuing its mission to connect automotive dealers to credit union financing.
The company said credit unions using the CUDL network continues to be the nation’s largest auto finance providers as an aggregate, helping dealers deliver 1.5 million vehicles through credit union financing through Sept. 30.
“Three years ago, CU Direct launched the Origence brand to serve our credit union partners with next-generation financial technology,” Origence president and CEO Tony Boutelle said in the news release.
“The Origence name is meaningful because it was created by combining the words ‘origination’ + ‘experience’. Origence clearly articulates our vision and the importance the origination experience plays in the success of our credit unions, especially in meeting the ever-evolving needs of modern borrowers,” Boutelle continued.
The company highlighted all other products, including the new Origence arc platform consisting of arc DX (digital experience portal), arc OS (formerly Lending 360 LOS), and arc MX (formerly Intuvo marketing automation), will unify under the Origence brand name.
Over the next several months, the company said it will transition key business touchpoints to reflect the new Origence name and visual brand. This will include rebranding the company’s web properties, social media channels, and digital communications.
The company added that CU Direct will remain as the holding company CUSO for shareholder and board purposes.
“Through Origence and our many products and services, we have transformed the origination journey for credit unions and their members,” Boutelle said. “Now, we will build on that momentum under one strong, industry-recognized brand that reflects our vision of creating the ultimate origination experience.”
Origence and credit unions are on quite a roll with auto financing.
For the third consecutive quarter in 2022 and for the fourth straight quarter overall, Origence said it has delivered a record amount in credit union auto finance contracts through its platforms.
According to a news release, credit unions funded 2 million contracts through the Origence arc OS consumer LOS and CUDL platforms through the third quarter of 2022, representing a 24% year-over-year increase.
The activated generated a record $62.1 billion in auto paper for in credit unions during the quarter, Origence said..
Credit unions using the CUDL auto lending network funded 1.5 million indirect auto loans through September and continue to be the nation’s largest auto finance provider as an aggregate, experiencing 27% loan growth through August, according to data from AutoCount.
CUDL credit unions have been the nation’s largest auto finance provider over the last five years, based on the same database.
The CUDL Network includes 1,100 credit unions and 16,000 auto dealers nationwide.
“Credit unions continue to be a driving force in auto lending, capturing 26% of market share in the second quarter, their highest market share in five years,” Origence president and CEO Tony Boutelle said in the news release.
Origence also introduced its Origence arc platform in the third quarter. The platform is comprised of arc OS (formerly Lending 360), arc MX (formerly Intuvo Marketing Automation), and the company’s new arc DX member-facing digital origination portal.
Combining these three applications, the company said Origence arc has set the foundation for its products, providing credit unions with the technology to transform the entire origination journey for their institutions and their members.
“We’re committed to delivering lending technology that helps our credit union partners make more loans, advance the digital experience for their members, and gives them a true marketplace advantage today and in the future,” Boutelle said.
CarSaver made another inroad into the credit union market this week, landing a relationship with one of the largest credit unions in the United States that has $8.8 billion in assets and more than 420,000 members.
CarSaver announced the latest credit union now using its automotive e-commerce marketplace and fintech platform is Long Island-based Teachers Federal Credit Union.
CarSaver’s e-commerce platform was built to help credit unions and other auto finance companies increase member satisfaction, contract retention and dealer satisfaction, while enabling members to buy, finance, and insure new and used vehicles entirely online.
In January, CUNA Mutual Group and CarSaver entered into both a working relationship as well as a financial commitment.
By implementing CarSaver’s Marketplace and Automated Upgrades, the service provider said Teachers will help make it easier for members to purchase a new vehicle and avoid issues like costly repairs in the later years of a vehicle’s life.
CarSaver’s proprietary automated upgrade platform also can identify members with an installment contract who qualify to upgrade to another vehicle for a lower monthly payment, then links them to a personal portal where they can see their upgrade options.
“Product innovation and partnerships that bring elevated service to our members are critical to Teachers’ guiding principle of being the best place to bank. We are excited to offer CarSaver’s industry-first Marketplace and Automated Upgrade Platform to our members, helping to make their car buying experience more convenient,” said Francis Collins, senior vice president of credit at Teachers Federal Credit Union.
“CarSaver’s proprietary technology combined with Teachers’ low-rates gives members a best-in-class experience for upgrading their vehicle for less than their current monthly payment,” Collins added in a news release.
The marketplace will include new and used vehicles from a variety of brands available at local certified dealer partners. Members eligible for the upgrade will receive a notification via email and instructions to visit their personalized portal to see their upgrade offers.
“We are thrilled to have Teachers Federal Credit Union join our network to offer their members unrivaled benefits for their car purchasing needs. Teachers is one of the largest credit unions in the country and is dedicated to helping their members save money and be on the best financial path,” CarSaver co-founder and chief executive officer Chad Collier said
Now, with CarSaver, it’s easier than ever for qualified Teachers members to upgrade their car to a new one. Not only does our partnership further develop Teachers’ lending technology, it will lead to the ability for our dealer partners to sell more cars and take more trade-ins,” Collier went on to say.
Dealers can enroll or get more information at https://www.carsavercommerce.com/teachersfcu.
More than 35 credit unions already use the platform fueled by Credit Union Leasing of America (CULA), and the service provider grew its client base this week by adding Affinity Federal Credit Union.
Initially, Affinity plans to offer this leasing opportunity to New Jersey members and local dealerships, with plans to expand the indirect leasing program to New York and Pennsylvania.
Affinity ranks in the top 2% of all credit unions in the U.S., according to data compiled by the National Credit Union Administration, and has more than 20 branches in New Jersey, New York and Connecticut.
“Affinity’s mission is to support our members’ financial well-being and to work closely with them to achieve their financial goals,” Affinity senior vice president of lending Kathleen Metz said in a news release. “We recognize that car ownership is increasingly difficult in today’s climate, with record-high prices and low inventories presenting heightened challenges for interested buyers.
“CULA is an industry leader and shares our commitment to superior member service. We’re excited to extend this new offering to our members and dealer partners,” Metz continued.
CULA offers an analytically driven, high-value leasing program and handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more.
“Our partnership provides direct benefit to our members and team members, alike. The new CULA Plus Program handles even more of the lease end responsibilities and will allow for an efficient, streamlined and positive experience for our team, while boosting the member experience,” said Marisa Manning, who is indirect operations manager at Affinity.
According to Experian’s State of the Automotive Finance Market, credit unions amassed 22.06% of the total auto finance market during the first quarter, up from 18.55% year-over-year.
“New Jersey is one of the most important vehicle-leasing markets in the U.S., and we are proud to further expand our credit union reach in New Jersey — as well as in New York and Pennsylvania — with the forward-thinking team at Affinity,”, CULA’s vice president of business development Mark Chandler said in the news release.
“There is a significant opportunity for credit unions who offer vehicle leasing in the current economic climate, and we are pleased to help Affinity meet this moment. Our program is designed to enhance membership and yield, while helping to diversify service portfolios,” Chandler continued.
CULA, working with its credit union partners, originated 50,000 leases worth $2 billion in 2021, a single year record.
During the first six months of 2022, CULA said it has already grown by 50% year-over-year, and is on pace to see even better results for the full year. The company has nearly tripled its portfolio in five years to $5 billion and currently offers leasing through credit unions in 20 states.
“It is so gratifying to see our credit union partners achieving such impressive results as they help their members into vehicles in the current economic climate. We have no doubt that Affinity, with its focus on serving the needs of its members, will prove to be one of our most successful partners,” Chandler concluded.
Origence is on quite a record-setting streak.
After establishing new marks in 2021 and during the first quarter of this year, the CU Direct brand announced last week that it had delivered a record amount in credit union auto financing through its platforms during the second quarter.
According to a news release, credit unions funded a record 1.3 million contracts through the Origence Consumer LOS and CUDL lending platforms during the second quarter. That figure represented a 23% year-over-year increase, generating $39.5 billion in credit union paper.
Credit unions using the CUDL Network funded 610,819 contracts through the first five months of 2022, and remain the largest auto finance provider in the nation as an aggregate, experiencing 20.8% growth through May, according to data from AutoCount.
The software provider also highlighted credit unions on the CUDL Network are outpacing the origination growth of the remaining top 10 finance companies noted by data from AutoCount, and are the only finance provider experiencing double-digit growth year-to-date.
The CUDL Network includes 16,000 auto dealers nationwide.
Through the second quarter, 1,132 credit unions, serving 64 million members nationwide, utilized Origence’s technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform, and AutoSMART auto shopping program.
Origence reported that used vehicles comprise 76% of all cars financed through the CUDL system year to date, with the remaining 24% being new models.
“Credit unions continue to demonstrate their ability to gain market share in the auto lending marketplace,” Origence president and chief executive officer Tony Boutelle said. “Our foremost focus is delivering innovative lending technology that helps our credit union partners make more loans, create a better member experience, and gain a competitive marketplace edge.”
The newest partner of Credit Union Leasing of America (CULA) is familiar of what it’s like to be a champion.
CULA recently announced it is now partnering with UNIFY Financial Credit Union (UNIFY), the official credit union of the 2022 NFL champion Los Angeles Rams.
Working together, UNIFY now has successfully launched its indirect vehicle leasing program in Southern California. The partnership extends CULA’s portfolio of credit union vehicle leasing in Los Angeles and Orange counties, while expanding access to the affordability and flexibility of leasing to UNIFY’s members in Southern California.
According to a news release, CULA and UNIFY plan to expand the program to other states and regions where UNIFY operates.
UNIFY is one of the nation’s leading credit unions, with more than $4.2 billion in assets and more than 271,000 members across the country.
Recently, UNIFY became the first credit union to offer cryptocurrency services, enabling its members to buy, sell and hold bitcoin alongside their traditional accounts within its online banking platform.
“We are pleased to work with CULA to offer vehicle leasing to our members in the very important Southern California car market. With vehicle prices at record highs, giving our members access to the lower payments that leasing can offer has never been more important,” UNIFY chief executive officer Gordon Howe said in a news release.
“Meeting our members’ evolving needs in today’s economic climate is job number one for us. Partnering with a company with a 34-year history of leadership in the indirect vehicle leasing space gives us every confidence that our members will be very well served,” Howe continued.
CULA powers indirect vehicle leasing for credit unions with its analytically driven, high-value leasing program that handles the intricacies of leasing for its clients, including analytics, insurance, operations, compliance and more.
CULA highlighted that it is a trusted partner to many of the industry’s most innovative credit unions, including nine of the top 10 credit unions offering leasing in the U.S.
“UNIFY is one of the most prominent and forward-thinking credit unions in the country, and we are excited to add them to our growing list of credit union partners as they continue to look for ways to best serve their members, and to stay on the cutting edge of financial service,” CULA vice president of business development. Mark Chandler said in the news release.
“With current manufacturer leasing incentives suppressed, today’s credit unions have a unique opportunity to gain market share with vehicle leasing, while also offering a money-saving alternative for their members who want or need to get into a car in the current market. We are proud to help UNIFY do just that,” Chandler went on to say.
Chandler noted that by adding UNIFY to its roster of clients, dealers in the Southern California area have even more options for offering leasing to their customers.
“We have been inspired that our credit union and dealer partners are seeing great results as they work with customers who choose to lease,” he added.
CULA has recently experienced dramatic growth working with its credit union partners.
In January, the company announced $2 billion in lease originations in 2021, a single year record. The company has nearly tripled its portfolio in five years to $3.8 billion and currently offers leasing through credit unions in 17 states.
More than 30 credit unions are currently active on CULA’s innovative leasing platform.
“CULA’s expertise is in vehicle leasing for credit unions, and offers an analytically driven, high-value leasing program supported by stellar customer service and proven systems, all with a focus on helping credit unions meet their financial and membership goals, improve yield and diversify their portfolios,” the company said.
The credit union located near your residence or business might only be a fraction of the size of ,say, a bank with a national footprint.
However, when you add together that credit union with its contemporaries throughout the U.S., then you have what Experian discovered — the largest participant in auto financing.
Through the first three months of 2022, Experian said …
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CUDL is broadening the reach of its credit union financing network to go beyond vehicles.
Integrated Dealer Systems (IDS), a leading RV, marine and trailer dealership management software provider, recently launched a new integration with CUDL.
According to a news release, this integration will cut down the time it takes dealerships to process F&I requests, while connecting them with an extensive pool of credit unions.
The integration with the CUDL platform allows IDS dealership partners to connect with a network of more than 1,100 local and national credit unions and their more than 64 million members.
By integrating CUDL with the IDS dealer management system, dealers can:
• Save time on double entry by transferring your F&I data from IDS to CUDL and back automatically
• Streamline the pre-approval process and see statuses of your loans in real-time
• Leverage a simple, modern, and easy to use interface
“With today’s ever-changing lending landscape, we recognize the value and need for delivering a simplified, streamlined application process for dealers and their customers,” CUDL product director Marty Simons said in the news release. “We’re excited to partner with IDS to provide dealers with a simplified financing process, and an improved overall experience for their customers.”
IDS product manager Pelumi Ogedengbe added, “F&I is a major profit center for many of our dealers, and we’ve worked closely with CUDL to make the entire application process seamless for dealers to process and obtain loan approvals. Now dealers can process loans with access to over 1000 credit unions.”
To learn more about the IDS-CUDL integration, reach out to the IDS support team at [email protected] or call at (800) 962-7872.
