Mar 25, 2022 Case Studies, Insights, Indirect Lending, Direct Lending
“It’s efficient. It’s accurate. It definitely helps us grow and be more profitable, 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.”
That’s what Jenny Vipperman, Chief Lending Officer at VyStar Credit Union, had to say about her credit union’s experience with Open Lending’s Lenders Protection™ program.
Our Lenders Protection™ program leverages a proprietary mix of data and sophisticated, customizable analytics to help credit unions and banks better serve near- and nonprime borrowers through auto lending. Our platform is partnered with default insurance so your institution can feel confident in expanding to whom you can offer auto loans.
Open Lending believes in providing a hand up for those with a small ding in their credit. Not only does this program allow you to increase auto lending volume and interest income, but you can also serve hard-working people who would otherwise have a difficult time getting the car loan they need affordably.
VyStar Credit Union has seen the positive effects of this program in loan volume and for its members. Jenny went on to say, “We can not only make them (members VyStar would not be able to offer loans to without Open Lending) 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.”
Our Lenders Protection™ can be up and running in your lending shop within 45 days or less! Plus, it’s very simple to use.
“Everything is automated, everything is really quick,” Jenny 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 in 2022, the credit union is now using the program for its direct business as well. “Not only is it 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,” Jenny 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 been able to help Vystar Credit Union grow auto loans and margins while helping more borrowers in need.
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