Mar 25, 2022
VyStar believes in providing a hand for those with imperfect credit. This mission led them to Open Lending. Open Lending’s Lenders Protection™ program gave VyStar a way to increase auto lending volume and interest income while serving people who would otherwise have difficulty getting affordable car loans.
“Lenders Protection™ is efficient. It’s accurate. It definitely helps us grow and be more profitable,” said Jenny Vipperman, Chief Lending Officer at VyStar Credit Union. “But I think what it’s really brought us, and so many other credit unions, is our ability to serve the underserved where otherwise we would not be able to offer loans to so many members.”
Lenders Protection™ uses 20+ years of proprietary data and sophisticated, customizable analytics to help credit unions and banks better serve near- and non-prime borrowers through auto lending. Backed by default insurance, the platform predicts risk with 99% accuracy, so institutions can feel confident in expanding risk-based lending activity.
VyStar Credit Union has seen the positive effects of this program in both loan volume and member impact.
“We can not only make these members loans, but we also can do it at a good rate, bring them in the credit union, help them start rebuilding their credit, and have a real, life-long relationship with them,” Vipperman said of VyStar members who would not be eligible for loans without Open Lending.
Lenders Protection™ can be up and running in your financial institution in as little as 30 days. With web-based access and loan decisions returned in just five seconds, it’s quick and simple to use.
“Everything is automated, everything is really quick,” Vipperman continued. “The service is tremendous. It’s just a really easy program.”
Vystar found so much benefit in using Open Lending for its indirect lending that it adopted the program for its direct business as well.
“Not only is [Lenders Protection] a part of our growth plan; it’s going to be at least double from what we’re doing right now, which is still really substantial for our membership and our credit union,” Vipperman explained.
Open Lending is excited to grow with Vystar as it is the second-largest credit union in Florida, with more than 800,000 members and $11.7 billion in assets. Open Lending’s Lender Protection™ program has helped Vystar Credit Union grow auto loans and margins while supporting borrowers in need.
Want to find out what Lender Protection™ can do for your financial institution? Schedule a demo.Share
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