Direct Credit Union Lending
Indirect Credit Union Lending
Unsecured Loan Approval. Your member applies for an auto loan and the approval offer expires in the loan que. After a follow-up, the frontline learns that the member purchased a car and financed their loan elsewhere.
Inactive member accounts. Dealer signs up a new member and delivers the car with a credit union loan. Later, when the loan is paid-off the dealer loses the customer and the credit union has a non-banking member account and a random chance for a second loan.
Secured Loan Approval. Automate your loan origination system with collateral. With the loan application the member receives their AutoPerks certificate.
What is the benefit to the dealer?
Welcome Email with PURL (Personal URL). Shortly after the loan is activated, the credit union emails a welcome letter with a PURL link. This is a team effort with the originating dealer.
1. Referral that is ready to buy.
2. Oil change reminders that will lead to
service visits and repeat sale.
3. Lower cost per sale compared to
new customer advertising.
1. Dealer incentive is to offer and cross-sell
discount oil change package for service
visits, continued relationship, and the
opportunity to earn a repeat sale.
2. Credit union incentive is to offer and cross
sell banking services including a pre-
approved Visa credit card, home equity
loan, savings, checking and other banking
items to attract full-service membership.
How Oil Change Reminders Lead
to a Repeat Transaction:
1. After the member accepts the oil change
offer, automated email or text reminders
lead to service visits every six months for
oil changes including survey feed-back
to assure a satisfaction rating of 5 stars.
2. When the loan matures to 50%, the
member receives a $20 Amazon gift card
in exchange for sharing plans to replace
the vehicle in the next 36 months.*
3. The dealer will follow up to confirm a
repeat transaction and the credit union
will fund the sale with a second loan.
*The credit union receives a copy of the member reply. Best practice suggestion is to offer the member a pre-approval to help the dealer close a repeat sale (and loan!). Repeat transaction made easy.