The $25 billion PenFed Credit Union, based in McLean, Va., has had a long-standing relationship with Open Lending and our Lenders Protection Program.
We sat down with Ivan McBride, VP of Automotive Lending Products and Sales, to talk with him about the impact Open Lending has had on PenFed’s business.
Open Lending helped PenFed grow its loans, as well as help more members, Ivan told us. He primarily discussed the impact to the credit union’s auto lending business among its loyal members in Puerto Rico. According to Ivan, pre-Hurricane Maria, PenFed was generating $25M-$30M in auto loan originations per month. After the disaster, their loan originations fell by approximately 20%, but have been gradually increasing with the help of Open Lending.
Ivan explained PenFed’s uninsured auto portfolio in Puerto Rico is $735M+, but the insured portfolio is growing to $734M+, thanks to the help and support of Open Lending. “There are a lot of Puerto Rican residents who have auto loans through PenFed that actually happened because of OL and the relationship we had,” he said.
PenFed is extremely happy with the performance of its portfolio in Puerto Rico, and the safety net of the Lenders Protection insurance that adds another layer of comfort as well. The overall profitability of the loans the credit union is now able to offer has been tremendously successful.
Beyond the success of its lending portfolio, Ivan described PenFed’s relationship with the Open Lending team. “While PenFed is a large credit union, it very often behaves like a small credit union, and bringing partners on requires an open line of communication,” he said. “We may sometimes ask for things that are out of the box, but the folks at Open Lending have been extremely responsive.”
Ivan goes on to talk about how Open Lending goes above and beyond - delivering data beyond the minimum requests in the reporting for the credit union, providing support on pricing and strategy, and help in targeting certain markets.
“I can’t say enough about the service level that we get!” Ivan concluded. “The people that I’ve met at Open Lending are tremendous in how they take care of you, make you happy and make you comfortable. They’re doing everything they can to help us meet our needs as a credit union.”
We invite you to learn more about our Lenders Protection Program to see how Open Lending can help your auto lending business succeed even further!