Credit Union Indirect Lending

Sorry for the lack of posts, but vacation has had alot going on so far. If you enjoy mind mapping, take a look at the free template from The Underlying Blog. This is also a great marketing idea! Take the time to read his post!

I just wanted to take a few minutes and list why I think successful indirect lending programs at credit unions and dealers get along and make indirect lending work.

1. Credit Unions care about and take care of people. Dealers want their customers to be happy at every point in the past, present , and future of everything that happens with their automobile (at least until they decide to trade). Successful indirect lending requires taking excellent care of your member from the moment their application is received until the member dies passes on (and no I am not kidding)!
2. Rates, rates, rates! Credit unions give Dealers the option to close many more loans at a comfortable rate than other lenders. Successful indirect lending requires competitive rates.
3. When there is an error made by a dealership, credit unions are more concerned about the error’s impact on the member than blaming whoever made the mistake. Successful indirect lending requires solving problems quickly, efficiently, and (as much as possible) blamelessly.
4. We want loans and look for ways to make deals happen instead of making a quick approval and then picking everything apart. Successful indirect lending programs do their homework accurately and quickly before the decision and they stick to the decision unless their is fraud involved.

I’m sure I could come up with many more, but these are a few thoughts that I have jotted down since yesterday. Feel free to comment with your ideas!