By John Flynn, CEO, Open Lending
Implement in less than 30 days!
“We're always looking for new avenues to produce more loans and automobile one is our preference. That's our bread and butter. We totally are a direct lender. We prefer not to go the indirect route, and this just enabled us to reach more members.”
That’s what D’Anne Turner, chief lending officer at Shell Federal Credit Union, had to say about Open Lending’s Lenders Protection, which provides consulting and default insurance on auto loans to consumers who are credit challenged.She added, “There's nothing worse than denying one of your members and especially for the vehicle that they want to purchase. You know and I don't have to police the vehicle.”
Shell FCU Lending Manager Debbie Skeahan explained that implementation was quick and easy. “We have an awesome team any way, and working with Open Lending, we got it implemented with less than 30 days,” she said. “The underwriters actually love it; they can certify a loan in no time. The front line likes it, because they're able to help the member where sometimes we couldn't before, so we still put them in the car they want even if it's a little bit older or high miles – things that we used to worry about a lot.”
Open Lending provides automated lending services to financial institutions. The company specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the United States. Our flagship product, the Lenders Protection Program, is a unique auto lending program for direct or indirect loans that provides a safe way for lenders to increase near and non-prime auto loan volumes and yields without adding risk to their loan portfolio. Lenders Protection combines sophisticated risk-based pricing models, configured to each lender’s individual cost factors and financial targets, with reliable loan default insurance provided by two A-rated, third-party insurance companies.
“It amazes me of how simply we can run a vehicle through there,” D’Anne said.
“Sometimes I'm thinking, this is probably not going to be approved, and it gets approved and the member is so happy.”
“We structure all of our offers, so that we include the payment along with the interest rate,” she emphasized. “And, you know, that's what people really are in tune to is the payment: What's the payment going to be?”
D’Anne concluded, “Lenders protection offers a variety of terms, so it’s not restrictive for the borrower. It's pretty much their choice of the term that they want to go with, so that part of the program we love a lot as well. It’s a win-win for our credit union. Absolutely.”