About us.

The Product: Lenders Protection LLC

In 2003, using the technology and analytics created and researched by Open Lending and combining them with CUNA Mutual’s strength and history in the credit union market Lenders Protection LLC, was formed to help credit unions mitigate risk while still offering members attractive rates.

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 arm.

The Value Proposition

One particularly appealing aspect of the Lenders Protection program is that it does not require the generation of new business activity with members, but rather, takes advantage of the existing application flows already being processed through credit unions. It provides loan officers with technology that instantaneously delivers an insured alternative for loans that were otherwise going to be disapproved. It also provides credit unions with a way to reduce down payment requirements that sometimes cause members to secure their financing through the dealer.

Open Lending provides a powerful value proposition to its customer:

Credit Unions will:

  • Significantly increase their vehicle lending volumes
  • Improve the profitability of their lending operations
  • Enhance the services they deliver to their members
  • Increase credit union return on assets

Lenders Protection will:

  • Help credit unions approve many member loan applications being declined today along with helping book more approved and conditioned loans
  • Allows credit unions to provide automobile loans to members outside their normal prime lending guidelines
  • Help credit unions generate more loan applications than they receive today
  • Help credit unions mitigate risk while still offering members attractive rates