Auto Lending Articles

Matters of Speed and Automation

Matters of Speed and Automation

CU Direct’s maxim “Getting to Yes Faster,” referencing quick yes decisions on loan applications, has a nice ring to it. But I’d argue this isn’t just about getting to a “yes” decision quickly.  It’s also about making fast loan decisions in general, regardless of whether the answer is yes or no.  Fast decisions overall are…

Strength in Numbers:  Credit Unions Continue to Make Their Mark in the Auto Lending Arena

Strength in Numbers: Credit Unions Continue to Make Their Mark in the Auto Lending Arena

Published in Auto Lending

Credit unions continue to show their strength in the auto lending marketplace in 2016. With new car sales up 3%, 2016 is looking much like 2015 — a record year for the auto industry (with 17.5 million new vehicles sold) — with about 17.7 million projected new auto sales units by years end. Credit unions…

How Can CUs Discover New Strategies to Gain a Competitive Edge?  Join Us at Drive ’16.

How Can CUs Discover New Strategies to Gain a Competitive Edge? Join Us at Drive ’16.

What are the real keys to credit unions advancing their marketplace success against banks and other financial institutions in today’s lending environment? The lending marketplace continues to see competition ramp up, and those financial institutions that incorporate cutting-edge strategies to better engage members, improve member loyalty, capture more loans, and improve loan portfolio performance have…

Of Ragnars and Other Things

Of Ragnars and Other Things

Each New Year brings the opportunity for us to start fresh and set new goals. People often mark the occasion with resolutions of change and commitment to personal improvement. Yet, by February many have forgotten the optimism that the New Year brought, once the realities of life have reminded us of our limitations. The same…

Changing Lanes: Millennials, Cars and Consumer Loans

Changing Lanes: Millennials, Cars and Consumer Loans

There is no doubt that the retail world is undergoing a period of rapid change as brick-and-mortar staples face mounting pressure from dynamic internet retailers for market share.  This is even more evident in the auto industry as we move into the fast lane of online retailing, and this change is heavily influenced by the…

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Credit Unions Continue to Make Gains in the Auto Lending Marketplace

Published in Auto Lending, Lending

Credit union auto lending marketplace performance continues to shine through the mid-year point of 2015. With new car sales up 5%, 2015 is looking like a record year for the auto industry, with about 17.4 million projected new auto sales units by year’s end. Credit unions have been able to capitalize on the increase in…

Why is Credit Union Auto Loan Growth Up?

Why is Credit Union Auto Loan Growth Up?

I was recently asked during an interview what I thought credit unions were doing differently to account for credit union auto loan growth being on the rise. The question kind of caught me off guard and I didn’t have a ready answer. I do know that credit unions are becoming more data savvy — and I know…

Leveraging Technology to Better Serve Members and Increase Loans

Leveraging Technology to Better Serve Members and Increase Loans

Credit unions can increase loan growth 27% by doing one simple thing; increase system decisions on loan applications.  In a recent study of credit union indirect application data from 2014, CU Direct was able to determine that auto-approved loan applications are 11% more likely to fund than applications approved manually.  When one considers that about…

Strategies For Success in Today’s Competitive Lending Marketplace — the Focus of Drive ’15 Conference

Strategies For Success in Today’s Competitive Lending Marketplace — the Focus of Drive ’15 Conference

How can credit unions better compete against banks and other financial institutions in an increasingly competitive lending landscape? Engaging members more effectively — and more often, improving member loyalty, and capturing more member loans, are all vital aspects of gaining an edge in today’s marketplace. Problem is, where do you go to get the expert…

The Member Experience Matters

The Member Experience Matters

As marketers, we are focused on our credit union’s brand.  In fact, we’re probably obsessed with it.  We lean on it in meetings with the team and ideation sessions.  We have guidelines and standards.  But what is a brand? The traditional definition was easy to quantify.  According to the AMA*, a brand is “a name,…