May 16, 2005


Comments

 
 
 
  • good article- It's important that each credit union build a dealer relationship. Don't count on an outside source to build your relationship.
    Anonymous
     
     
     
  • good article- It's important that each credit union build a dealer relationship. Don't count on an outside source to build your relationship.
    Anonymous
     
     
     
  • CU's MUST have portfolio monitoring tools in place to ensure sound credit decisions. Relationships with car dealers are only as good as they're managed by the lender. Indirect's problems won't show up for about 18 months, so staff training and business monitoring must be in place from day one. Rick Jarrar, Lockheed FCU
    Anonymous
     
     
     
  • Call report data often fails to pick up critical production information. In 1st Quarter 2005 SACU was the outsourced solution for 10 other credit unions which meant 4,494 indirect vehicle loans totaling over $99 million for our partners. Jeff Farver San Antonio FCU
    Anonymous
     
     
     
  • good article. Each credit union must build the relationship with their dealers. Don't count on an outside source to built a relationship for your credit union. Staff must know how to purchase dealer papers. Don't think you are making loans. Policies and procedures are important and being consistent. Your dealer will learn what papers you will purchase.
    Anonymous
     
     
     
  • Outsourcing is a great alternative to all credit unions... those with smaller departments who need help building their auto programs ... or for larger credit unions with other mandates to meet. There are a handful of reputable groups out there who provide great resources for outsourcing your auto program. First, select a partner who can help you build strong dealer relationships and ensure you're a critcial part of the member's experience. Select a vendor who tracks your member's experience and can report your member's activity and purchases to you. Seek a partner that has established relationships with their dealers --this will both protect your loans and ensure superior service to your members. The company I work for has successfully handled the Costco Auto Program for more than 16 years, and has the infrastructure help you grow your auto portfolio. This article shows the great results you can have with outsourcing...it's simply a matter of finding the right partner. It isn't difficult if you know what to look for, and if you know what success looks like. I'd be happy to share more information on the program if you want it. I. Rayl, ADG
    Anonymous