Lenders Protection
Lenders Protection is a risk management program with default insurance coverage allowing approval for near/non prime automobile loans. Lenders Protection allows credit unions to customize their specific credit union costs and desired ROA while utilizing the Lenders Protection pricing engine.
- Over $1.5 Billion in loans originated since 2004
- Consistent net yields up to 2% or more
- Served over 150 Lenders
- FICO's down to 580
- Extended terms to 72 months
- Loan-To-Value up to 125% plus backend products
Open Lending, Inc. and Cuna Mutual Group enter joint venture - December 2003
In December 2003, Open Lending entered into a joint venture with CUNA Mutual Group, a $15 billion insurance company, with over 90% of all U.S. credit unions as customers. Open Lending and CUNA Mutual Group were 50/50 partners in Lenders Protection LLC, that has the exclusive right to offer its Lenders Protection auto loan default insurance program to credit unions.