Kevin Kindschi called it a “detour from retirement,” to work with credit unions about product that can help them serve members with subprime credit histories.
After retiring from CUNA Mutual following a 30-year career, Kindschi recently joined Open Lending as regional vice president of sales in a territory that includes credit unions in California, Arizona and Nevada.
Open Lending works exclusively with automotive finance companies by providing contract analytics, risk-based pricing, risk modeling and automated decision technology. Based in Austin, Texas, the company serves more than 400 financial institutions nationwide.
Lenders Protection, the flagship product of Open Lending, can provide default insurance so credit union leaders can feel greater confidence and security — for the credit union, its members and its regulators — in finalizing contracts to members with lower credit scores.
Lenders Protection can allow credit unions to reach more members with the goal of helping them rehabilitate their credit while generating higher yields on the loans credit unions make and lifelong loyalty from the members they assist.
“This was a detour from retirement,” Kindschi said with a chuckle, noting that most of his friends were still working and he wanted to, too. “It’s refreshing to be doing something a little different. It’s nice to focus on one product and do it well.
“Open Lending brings a tremendous value to the table,” Kindschi continued. “A lot of people need financial help. With Open Lending’s Lenders Protection, credit unions will definitely be able to serve more members, particularly those who are credit challenged.”
Kindschi gave the example of his 22-year-old son who wanted a credit card but was turned down by a credit union because he was young and didn’t have much credit. He then went to another credit union that approved him. He soon became a raving fan of his credit union and subsequently secured auto financing from that credit union, as well.
“My son’s credit union created a sense of loyalty for my son toward the credit union,” Kindschi said, “and that’s the type of opportunity Open Lending’s Lenders Protection affords credit unions
“Credit unions have increased their loan-to-share ratios, but that’s mostly on A-paper loans,” Kindschi went on to say. “With Lenders Protection, credit unions can reach more members, earn more interest income and help more borrowers with lower credit scores achieve greater financial stability and earn their way to lower rates.”
Open Lending chief executive officer John Flynn described what having someone like Kindschi on the company team.
“We are very excited to welcome Kevin to the Open Lending team,” Flynn said. “He brings a wealth of industry knowledge and a history of sales success through integrity that we appreciate here.”