• Overall, Coastal has had a very positive experience with Lenders Protection, and I would highly recommend them to any auto lender in the business.
  Steven J. Sureda
  Manager, Consumer Lending and Recovery

• 1st Community FCU has participated in credit challenged automobile lending since September 2002. We currently have $23 million in the loan program.
  George Sweet
  Executive Vice President Lending

• By providing credit unions a way to confidently approve borderline loans, lenders now have a powerful way to expand their loan portfolios while minimizing exposure.
  Steve Martin
  Director Of LP for CUNA Mutual

How many credit unions participate in the Lenders Protection Program?

175 Total Credit Union Customers

What size credit unions participate in the Lenders Protection Program?

Lenders Protection is appealing to all sized credit unions, our largest credit union has an asset size of $3 billion, while our average is in the $338 million range.

What is the average recovery on losses for credit unions?

Average recovery of losses from insurance payments – about 90%

Can Lenders Protection be customized to fit a specific Credit Union?

Each credit union sets up its own unique financial goals expressed as a targeted yield and targeted net ROA after all costs and expenses. Generally, credit unions earn 300% to 400% higher net ROA on Lenders Protection loans than they earn on their prime auto portfolio. To date, 99% of Lenders Protection credit unions are earning yields and net ROA in excess of their targets.

Is the Credit Union or the Member the one actually insured?

With Lenders Protection the Credit Union not the member is the insured. There is no disclosure to the member that the credit union has purchased insurance to protect the loan.

What extra marketing costs should a credit union expect by adding Lenders Protection?

Credit Unions should expect little to no extra costs when it comes to marketing for Lenders Protection. Lenders Protection actually focuses on taking current loans that you may be declining and or loans that you may be approving but due to stipulations and down payment requirements you may not currently be booking. You will see by using Lenders Protection we help expand your current underwriting rules and give you the flexibility to say yes more often.

What does it cost to use the Lenders Protection Program?

There is actually no cost other than the pull of a credit report until you actually book insurance on a specific loan.

Is Lenders Protection Available for motorcycles or recreational vehicles?

Currently Lenders Protection is only available for automobile loans.