Credit Union Indirect Lending

When I have my computer up and running, I basically live in Microsoft Outlook for scheduling my day; Jott has helped tremendously with getting information into my schedule when I don’t have my computer with me or even when I don’t want to wait for it to boot up. However….when I don’t have my computer with me or it isn’t booted up, I also can’t get my information OUT of my system either. Enter Wakerupper! Think of it as the reverse of Jott. It calls you at the time that you want to be called (for free). Great idea and a HUGE help when I am on the road or when I have a hard deadline that I know I can’t miss. I don’t know that I would use it to tell my wife that I love her (a suggested use on the site), but for a self reminder tool it is extremely useful!

MUST SEE!

In negotiation training, you will hear about finding “win, win” solutions. These are solutions where your side and the other side both feel like they have gained from the solution. Indirect lending solutions are about “win, win, win” solutions. The credit union (or all of the members) gains, the dealership gains, and the individual member gains. Look for opportunities to build these solutions to tough deals that the dealer needs help finding financing. If you get a call from a dealership on a tough deal, don’t look at it as a bad thing. They are asking for help! Look at it as an opportunity to be creative! Maybe the member has additional collateral that you could use to secure yourself better? Maybe the dealer really needs to move this unit and they are willing to cut the price by a few thousand $$ to make it happen? Maybe you can help the member restructure their existing debt so that they can afford the new payment? LOOK for opportunities and TAKE apporpriate risk. If you can do these two things your program will grow and your relationships with members and dealers will deepen.

One of the things that I am thankful for each day is the technology that allow me to do more than I would have thought possible (even three years ago I didn’t see technology being this big a part of my life). This post is about the technology that I use to stay on top of things (or at least to attempt to : ).

1. HP TC1100 tablet pc with a Cingular Edge cellular modem and Microsoft Outlook 2007- This is the biggest advantage that I have. It lets me connect to my email, my schedule, and my dealers from almost anywhere! Due to the form factor, I can even be productive in those necessary, long, informative, wonderful meetings that we all know and love! When paired with my cell phone (3) this combination gives me control of almost all of the “after hours” dealer applications that are submitted. The only drawback is my wife tends to flip out about dealers calling me at 8:30 PM to work a deal.

2. TCI & RouteOne- Our online loan processing and decisioning provider (TCI) and our indirect lending internet application provider. IMHO, being able to offer 24/7 PERSONAL SERVICE is the best way to grow your loan portfolio and your relationship with your dealers. TCI lets me do that and compete with “big boys” (GMAC, FMCC, Chase, etc.). I have mentioned before, but I will say it again. TCI and RouteOne let us go from being #2 or #3 in our market to #1!

3. My cell phone- not a whole lot to say, but when you team it with Jott (4) and my tablet pc (1), I have a great way to capture those ideas and  ”to do’s” when I don’t have access to my tablet pc.
4. Jott- A free service for emailing yourself reminders from your cell phone. You call Jott’s number. Tell the system who you want to email. Give your message and it does the speech to text transcription and sends an email or text message for you for you. Very helpful and FREE! 

5. MindManager- a great visualization and planning tool. I use Outlook for the day to day scheduling and MindManager for the mid to long range planning. MindManager is a great way to get processes out on paper. If I have to do training or a presentation, I use it to get my thoughts out and then organize them into a logical sequence. Take a look at it if you need help in planning, breaking down processes, etc.

6. ResultsManager- This pairs with MindManager and pulls information out of the maps that you create for scheduling. Very handy for projects that have due dates. One of my goals for the next year is to upgrade from the Standard edition to the Professional edition. The Professional edition allows synching with Outlook (which will let me use the program more effectively). I use it for weekly/monthly planning. I am planning to build a map with all of my dealerships and the last date visited so that I can do a better job of face to face contact. Great product that I haven’t even scratched below surface on yet.

7. GyroQ- Built by the same company as ResultsManager. A great way to capture thoughts, ideas, etc. when you are working at your computer and to hold them in a safe place. (Full disclosure and a blatant plug, if you look at the bottom right “Technology” Links section you will see a “GyroQ Invitations” link. Clicking on this will give you an invitation to purchase GyroQ. A few of these and I will be able to upgrade to the ResultsManager Professional Edition!)

Because of this technology (even though it sometime feels like in spite of it ; ), I have been able to increase my personal productivity, my departments productivity, and the satisfaction of our members and business partners (dealerships).

If you have any technology that enables you to be more productive or less stressed (I am always looking for less stress), feel free to comment!

I would like to get anyone’s opinion that they care to share!  Here’s the scenario. What if the credit union that you work at has had an indirect lending program for more than 10 years, you had spent a lot of blood sweat and tears to make it successful, you found out that a large CUSO from a town over 2hrs. away had partnered with a smaller credit union within your field of membership? How would you feel when they went around to “your” dealerships slamming your program? I would really appreciate your thoughts since it is not “what if” for me!