Problem:
With a new name reflecting a broader membership, Grow Financial
Federal Credit Union, Tampa Bay, Florida, refocused its efforts on
growing along with its 186,000 members and providing them “More
in Return.” One area of growth that could offer big returns
for members and the credit union was indirect lending. However, to
meet member demand for vehicle loans, strengthen dealer relationships
and stay competitive within the local lending market, Grow Financial
realized it needed to provide members with 24/7 access to the credit
union’s vehicle financing.
Solution:
Grow Financial partnered with Lending Solutions, Inc. (LSI), a leading
industry provider of 24/7 lending services, to expand its indirect
lending capabilities through around-the-clock processing and approval
of member vehicle loans. “With indirect loans, we knew that
having the ability to make immediate loan decisions at the dealerships
was crucial,” notes Sharon Unger, indirect lending manager for
Grow Financial. “LSI gives us the accessibility and support
to fulfill member loan requests on-the-spot when dealers are open
during evenings, weekends and holidays and we’re not.”
The credit union also relies on LSI’s quality loan decisions,
fast turnaround and seamless interaction with dealers to deliver first-class
service to members. Unger adds, “They’re also extremely
flexible in quickly accommodating our schedules, and their recommendations
and insight help improve the efficiency and effects of the program.”
Results:
Since joining efforts with LSI in September 2008, Grow Financial
experienced an almost 41 percent increase in indirect loan volume
that month over August. And from October 2008 through February 2009,
LSI’s indirect loans accounted for 20 percent of Grow Financial’s
overall loan volume. “LSI is a very responsive, knowledgeable
and professional business partner,” comments Unger. “They
do a great deal to make our jobs easier and to help us enhance our
members’ and dealers’ experience in financing a vehicle
through Grow Financial.”
Contact:
Jeff Frantz
Senior Vice President
P: 800-937-4249
E: jfrantz@nlpc.com
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