Point of Sale Auto Finance
Capturing your members’ auto loans is more competitive today than ever before. When shopping for an automobile, your members are exposed to many different lending options.
According to J.D. Power & Associates, 89% of consumers complete their auto loan at the dealership, primarily because of convenience.
CUAC's dealer base can act as the perfect outlet for securing your members' financing. We have a large number of certified auto dealers participating in our Credit Union Preferred Dealer Program (Member Auto Center) where your members can enjoy a hassle free car buying experience! Whether through financing, insuring, marketing or education, CUAC is looking for new ways to Drive the Industry in a New Direction.
Point of Sale Financing:
- Enables your Credit Union to compete at the member's point of purchase
- Extends your Credit Union's hours of lending to dealer's hours of operation
- Adds more new auto loans to your portfolio
- Accounts for 33.5% of all Credit Union loans
Application Provider Service (APS)
APS (Application Provider Service) is a fully customizable point of sale lending program. You choose your desired level of control over the lending process, while maximizing member loan retention. APS will keep your Credit Union on the cutting edge of point of sale auto financing, minimize costs and allow you to retain your members' loans when purchasing at the dealership.
Our program provides turn-key point of sale lending solutions. Your Credit Union can determine which parts of the APS program to implement, depending on your lending goals and which solutions are right for you.
Let us know how you want your indirect lending program to operate and we will customize the perfect program.
LOAN UNDERWRITING AND RISK
Set your own rates, terms and program lending guidelines. Underwriting criteria is tailored to fit your loan policies, decision matrices and internal controls. Robust decision engine for automated approval generation and state of the art dealer application response processing.
BACK OFFICE LOAN PROCESSING
Optional control of processing audit of loan packets, loan approval stipulation, loan discounting and adherence to policy and procedures. A thorough suite of compliance products and ACH funding are standard.
ELECTRONIC DOCUMENTS AND eCONTRACTING
Documents are sent electronically at the time of funding. Data will be accessible in seconds which will save time and ensure greater success. Using electronic documents and econtracting will minimize and eliminate errors.
REVENUE GENERATING OPPORTUNITIES
Your Credit Union will have the ability to charge dealers a fee to advertise on your own unique branded car buying website (www.MemberAutoCenter.com). Utilize your members’ buying power to generate revenue for your Credit Union…don’t forfeit that to a 3RD party.
Benefits of APS:
- Loan application platform including DealerTrack, RouteOne and CUAC's proprietary web-app
- Robust underwriting criteria with emphasis on automation
- Complete suite of compliance products
- Cutting edge technology including eContracting & Digital Funding
CUAC Full Service
Our Full Service point of sale lending program is designed for Credit Unions that may not have the personnel or expertise to coordinate a full scale Indirect Program. CUAC provides industry leading underwriting services for your Credit Union along with dealer representation, loan discounting etc.
The CUAC Full Service Program requires minimal overhead expense and your personnel expenses do not fluctuate with loan volumes. You control the level of risk through several loan policy parameters and credit scoring models.
Underwriting is controlled by CUAC to allow your staff members to concentrate on daily Credit Union business. It also allows loan decisions available after hours and on weekends, while maintaining daily contact with dealers.
Funding and post closing functions completed by CUAC to include ACH funding, discounting of loan packets, charge back processing (early pay-offs, back-end cancellations etc.), title research and dispute resolutions.
- Dealer sign-up and representation
- Rapid market deployment
- Credit Union staff training
- Loan underwriting and decisions (automated and live analysts)
- Credit Analysts with extended weekday and weekend hours
- Loan processing and electronic funding
- Member auto buying assistance program
Benefits of Indirect Lending
CUAC's point of sale financing program could be a compliment to your Credit Union's lending strategy and meet your members' financing needs. Here is what CUAC provides:
Members appreciate the convenience of one-stop Credit Union financing and car shopping. It increases the likelihood that members will do business with your Credit Union rather than your competitors and helps build a positive member relationship.
LOAN PORTFOLIO GROWTH
A successful point of sale lending program without a sizeable investment is possible when you choose CUAC. When members have the opportunity to finance their auto loan at the dealership through your Credit Union, your loan volume has the potential to increase dramatically.
With the CUAC program, you can deliver the Credit Union difference to potential members who may not be aware of their eligibility. What could be better then starting a new member off with an interest bearing auto loan?
One size does not fit all Credit Unions and that is why CUAC has a variety of programs available to meet your needs. You can choose from a turn-key program, where CUAC handles every aspect of your point of sale lending program or you can go with an a la carte option where you choose your desired level of involvement.
Allow CUAC to customize an indirect offering that meets your needs along with the ever changing needs of your members.