Open Lending announced this week it is partnering with one of the nation’s largest credit unions, America First Credit Union (AFCU), which now will offer indirect auto financing services through Open Lending’s Lenders Protection program.
The companies said their alliance can allow dealers to give more opportunities for vehicle deliveries with credit union members who are near- and non-prime or emerging-prime.
“In an auto lending environment with climbing interest rates and persistent car inventory issues, Lenders Protection helps keep car ownership accessible,” said Tom Rice, senior vice president of national sales at Open Lending.
“Our partnership with AFCU will empower the credit union to offer auto loans with longer terms and better rates — and give more members access to financing that works for them in uncertain economic times,” Rice continued in a news release.
America First Credit Union will offer expanded services via Open Lending beginning in the fourth quarter.
“When it comes to first-time car buyers, the ability to offer auto loans with flexible terms helps us meet our members and buyers where they are financially,” AFCU chief lending officer Brett Christensen said in the news release. “As a credit union, we’re always looking for ways to better serve our current and future members’ needs.
“With Open Lending, we’re able to help more people achieve car ownership and build stronger relationships with our members, allowing us to better serve their future needs such as a mortgage, home equity or personal loan down the line,” Christensen went on to say.
To learn more about Open Lending or to schedule a demo, go to this website.
Curt Long, chief economist and vice president at the National Association of Federally-Insured Credit Unions (NAFCU), put the general economy into car terms, explaining in this episode of the Auto Remarketing Podcast if the economy is like a car that’s running efficiently, one that’s due for routine maintenance or a vehicle that requires quite a bit of TLC.
Long also explained how credit unions continue to flourish in auto financing.
To listen to the conversation, click on the link available below, or visit the Auto Remarketing Podcast page.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
LAUNCHER.SOLUTIONS (Launcher) entered the credit-union world on Tuesday to offers a solution the company believes can work exceptionally well in both the prime and the subprime market with regard to risk assessment and complex workflows.
The technology provider specializing in loan originations announced that it now can serve credit unions market with its configurable loan origination system appTRAKER. Launcher’s full suite of software solutions will now be available to credit unions as well as other lenders and financial institutions.
“We have found that in addition to a loan origination system which helps with compliance and automation, credit unions are in dire need of better tools to strategically manage their prime and subprime processes Launcher president Nikh Nath said in a news release.
“We have developed a solution that is easily implemented, contains all of the necessary origination tools, and provides a robust platform for their users,” Nath continued.
With Launcher’s appTRAKER LOS Direct, credit union members are able to complete a secure online credit application in a streamlined and intuitive platform, branded and customized by the credit union.
For indirect lending, appTRAKER offers its dealer portal that can facilitate more efficient interaction between the credit union and their dealer partners. When it comes to automation, Launcher explained that credit unions can expect to find these capabilities in all areas of appTRAKER including the credit application, application processing, risk evaluation, verifications, compliance, and communications and notifications.
Launcher pointed out that appTRAKER can integrate with any loan servicing system, loan management system or other core system with integration capabilities.
For credit unions that prefer a more intelligent digital lending experience, Launcher also mentioned appTRAKER LOS can employ fully and partially-automated decisioning capabilities. With a powerful graphical business rules management system (BRMS), complex calculations and rules are run on a loan application before and/or after a credit bureau is pulled, allowing for automated decisions to be made on many lender-defined demographic or bureau attributes.
The company went on to note that credit unions may also seamlessly leverage statistical, machine learning, or artificial intelligence powered risk assessment solutions from our partners to increase speed and efficiency while minimizing errors and risk.
