UWCU Closes Addition 100+ Loans per Month!
By John Flynn, Open Lending President & CEO
University of Wisconsin Credit Union wanted to grow their auto loan business – by 600% from its peak. The $2.7 billion credit union had a goal of reaching $300 million in auto loans to consumers. Enter Open Lending’s Lender’s Protection Program.
According to Lee Decker, indirect lending sales manager at UWCU, when the credit union started leveraging Lender’s Protection, members were excited to see that they were getting approved for loans through the credit union, plus saving money on rates and fees relative to its competitors.
And dealers were pleased to see that UWCU could offer loans that weren’t capped or subject to additional fees.
When it came to integrating Lender’s Protection into bank processes, employees found that they could work off the platform daily using the same processes that they had with their existing solution. “Our processing, it’s great, because it’s no different,” Lee added. The loan flow was the same, but now UWCU loan officers could say ‘yes’ to more loans, including borrowers with less-than-stellar credit scores.
Borrowers don’t see a difference; it’s all UWCU’s loan program. “Whether it’s a 600 credit score or an 800 credit score, we don’t differentiate it,” Lee explained. “Dealers know we’re consistent on our pricing and approvals. They don’t have to say, ‘I’m sorry, your credit union turned you down.’ And we’re able to keep our member with us.” These loans have been so successful that dealers are increasing their profitability, because they’re able to offer additional products to more car buyers.
Lee advocated that Lenders Protection has been great for UW Credit Union. Not only can the credit union service new and existing members with better options, but it’s helping them reach new members. UWCU is excited to have the opportunity to add members with as much as 70% of new loans are going to new members.
With Lender’s Protection, UWCU has been able to close an additional 100 to 150 loans per month! Dealer-partners are happy, consumers are happy, and lenders are happy!