Kelly Kaven’s Post

Check out this great article to learn more about CRIF Select and the state of lending!! #Auto #lending #Indirect #partnerships

🚘 Indirect auto lending is a great opportunity for your credit union to grow your auto lending portfolios further, especially with several financial institutions choosing to exit the space. These programs also create an opportunity to convert borrowers into full-service members or entice them into multi-product members. 💡 But with these indirect loans also come collection challenges - especially in a time of high vehicle prices, extended loan terms, and rising delinquencies. What works in your direct lending program might not work in indirect. It's finding the right balance of loan growth and mitigating risks. In our latest blog, we're covering four strategies Lexop can help with to optimize indirect lending collections to contribute to the program's success - from proactive and frequent digital communication to providing a simple repayment experience to leveraging data analytics for making informed decisions. Learn more here : https://lnkd.in/gjANTsiF #indirectlending #autolending #collections #creditunions

Some great insight into current Non-prime auto lending market.

🚗📈 Is your institution adjusting its approach to the requirements of modern lending? Four new fundamentals are now essential in the auto lending marketplace. Consider these when evaluating your auto loan processes and the enabling data and technology. 1. Fast: Streamline your processes for quicker decisions. 2. Fair: Ensure equitable lending practices. 3. Flexible: Adapt to changing market conditions. 4. Flawless: More accurate and forecastable results are within lenders’ reach. Read more in our new blog post, Lending Perspectives: The New (F)Undamentals of Auto Lending, by Kevin Filan, SVP of Marketing at Open Lending. https://lnkd.in/gnRdRM9u #AutoLending #Finance #LendingTrends #AutoFinance #FinancialInsights

Well said Edward, thanks for the insight. Retaining members and preventing them from turning to fintech competitors for automobile loans involves a combination of personalized service, competitive offerings, and embracing technology. Here are some strategies for a credit union or community bank to keep member automobile loans. You must have Competitive Rates and Terms, Personalized Service, Streamlined Application Process, Digital Presence and Technology, Educational Resources, Cross-Selling Opportunities, Community Engagement, Regular Communication, Member Feedback and Adaptation, and Collaboration with Dealerships. By combining these strategies, credit unions and community banks can create a compelling value proposition that not only retains existing members for automobile loans but also attracts new members to the credit union. Some are good at some and think that is all they need but fintechs are good at all and you will lose if you are not.

Is your #creditunion thinking of getting into #indirectlending? There are a number of great benefits to this lending style. ➡️Lower Overhead Costs: Partnering with a third party like Web Finance Direct can eliminate the need for more in-house staff. ➡️Access to More Consumers: Connect with qualified applicants across industries such as auto, RV, marine, and powersports. ➡️Dealerships Become More Competitive: The more loan options consumers have, the more likely they are to do business with dealerships in your indirect lending network. Be sure to check out our indirect lending guide to learn more about starting your own program. https://lnkd.in/gDj4t4t2

This article provides a comparative analysis of three prominent subprime lending companies in the automotive industry – Westlake Financial, Veros Credit, and Lobel Financial. It focuses on their accessibility, acceptance criteria, and contracting and efficiency. Westlake Financial distinguishes itself with its 24/7 accessibility through its Dealer Management System (DMS). This round-the-clock availability allows individuals and dealerships to access their services at any time, including weekends, which is particularly beneficial in the fast-paced auto sector. When it comes to acceptance criteria, Lobel Financial imposes limitations on vehicle mileage, not accepting vehicles with over 150k miles. In contrast, Westlake Financial shows flexibility in this regard, accommodating individuals with higher mileage vehicles. Additionally, Westlake Financial is willing to finance vehicles with rebuilt titles, offering opportunities that may not be available through Veros Credit and Lobel Financial. Lobel Financial excels in accommodating customers without an Individual Taxpayer Identification Number (ITIN) or a Social Security Number (SSN). This inclusivity opens up financing options for individuals who may not possess these identification documents. However, Westlake Financial does not offer this advantage. In terms of contracting and efficiency, Westlake Financial stands out as the market leader. Their streamlined processes and focus on efficiency and timeliness ensure a seamless experience for borrowers throughout the financing process. This underscores their commitment to customer satisfaction. In conclusion, Westlake Financial outshines Veros Credit and Lobel Financial in multiple areas. With its 24/7 accessibility, acceptance of high mileage and rebuilt title vehicles, and efficient contracting processes, Westlake Financial caters to a wide range of customers. While Lobel Financial excels in accommodating individuals without ITINs or SSNs, Westlake Financial's overall contracting and efficiency surpass both competitors. Subprime borrowers can utilize this analysis to make informed decisions when selecting a lending company for their automotive financing needs. #subprime #lending

Discover how to secure an auto loan with bad credit through 5 key tips: improve your credit report, raise your down payment, and explore diverse lending options to enhance your chances. #AutoLoan #FinanceTips #CreditScore #bankingindustry #fintech #banking https://lnkd.in/eyrSrvcC

Credit unions have long been leaders in auto lending, but recent declines signal the need for strategic change. Discover how to regain market share through EV lending, flexible pricing, transparency, and tech integration. Read more in this insightful article by William Ely >> https://lnkd.in/dT3pgqYk The Banking BUSINESS News Network, LLC #lenders #pricing #technology

CI's Lending Monitor research gives you the tools to provide the best user experience in personal, home and auto lending, from prequalification through the lifetime of the loan. See a preview of Lending Monitor research in this Insights post: https://lnkd.in/edxngg8v