One Credit Union’s Approach to Excellence in Auto Lending
Auto lending is the backbone of credit unions’ loan portfolios. Credit unions continue to not only compete in the auto lending arena, but to outperform much of the marketplace, improving their market presence, and capturing more loans.
With a strong, and growing position in the marketplace, credit unions need to lead with service as a competitive advantage. Incorporating technology that simplifies and improves the lending process, making for a better lending experience for members, is key.
Credit unions must also position themselves as the best partners for dealers. Building relationships that are mutually beneficial will provide credit unions with even more loans and market share.
Discover how one credit union’s approach to auto lending helped them achieve significant growth in 2017 and positioned them well for success in the future. CU Direct sat down with Vantage West Credit Union, recipient of our 2018 Best Practice Award in Direct Lending, to discuss how they achieved excellence in lending, leading to the dynamic loan growth they experienced.
Here’s a glimpse at what they accomplished:
• 40% decrease in turn time for funding loans
• 96% approved-to-funded
• 52.21% funded
• 3,708% ROI on auto loan flash sale social promotion
Find out more by watching their story.