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Turnkey Member Auto Loan Recapture Programs

Indirect loans rarely become true 'members'. Rather than working on capturing indirect loans that become 'ghost' members why not focus on recapturing real Credit Union members that have auto loans elsewhere?

 

While most Credit Unions focus on simple 'pre-approval' campaigns, we’ve made the process materially easier for members. We created a digital recapture platform that seamlessly:

  • analyzes all current auto loans held by Credit Union members
     

  • systematically identifies members for whom Credit Union loans can provide substantial savings 
     

  • automatically pulls in owned vehicle data and analyzes LTV without member input
     

  • automates marketing campaigns through SMS and Email with highly personalized savings messages
     

  • create a digital onboarding process that minimizes member input and verification
     

  • and last but not least, minimize back-office processing needs

 


See it in action below:

Member Financial Wellness and Engagement Programs

Car ownership doesn’t end at the purchase or refinancing. To engage members over a longer time horizon, Credit Unions want to engage their members continuously throughout ownership to remain top of mind.

 

We’ve created a platform that helps ensure financial wellness by:

 

  • tracking the users credit score over time to see when refinancing offers may be available
    .

  • identifies insurance and warranty options for the consumer as key expiration moments approach
     

  • tracks the owner's vehicle value over time to identify key moments for trade-in
     

  • provides an 'alert center' to enable the members to easily book maintenance and repairs, or be alerted to registration events
     

  • creates a digital glovebox to preserve important insurance, registration, maintenance and other documents in one central cloud hosted location
     

  • and last but not least, keeps members aware of special offers and incentives and comparing true cost to own for a newer or different vehicle purchase

 

 

See it in action below:

 Member Digital Auto Buying Programs

Issuing direct auto loans has always been difficult for Credit Unions. Traditional dealerships simply control too many elements of the transaction and can confuse the member through:

  • changing other elements of the transaction, e.g. trade-in valuation, vehicle purchase price and other protection products
     

  • creating hurdles for the Credit Union members to complete the transaction, e.g. direct purchase has historically had lots of friction points in title perfection, stipulations collecting, etc when the member is forced to be the interface between dealer and Credit Union.

 

 

Through creating a 'digital only' car buying experience, we enable Credit Union members to seamless complete a purchase online. No need to ever talk to a finance manager in the dealership.

 

With over 35,000 units available at fixed-prices, guaranteed condition and complete in-driveway delivery we enables the digital pipelines from car retailers to Credit Unions. The benefits of a direct purchase funnel are obvious:
 

  • No hassle buying experience for the consumer
     

  • Easy financing process with members only having to interact with their Credit Union for financing terms
     

  • Lower costs than indirect lending programs
     

  • Concentrated partner retailers who follow consistent process with good quality vehicles
     

  • This 'Digital purchase' platform enables your consumers to seamlessly buy used vehicles.

 

See it for yourself in action:

Member Credit-Builder Gamification

For your members - paying bills is boring. We make it fun. 

Most financial improvement apps are boring. Watch your score go up or down, but members won’t get the dopamine they crave for self-improving behavior. As some ultimate evidence to this - 40% of Americans couldn’t afford a $400 expense - yet half of consumers spend $1,086 on playing the lottery.

Rather than traditional credit-building apps, we create a payment portal that enters the end consumer into a sweepstakes everytime they pay their bill online. Through creating “lottery like” gamification, we make it fun to pay bills on time and improve your credit score at the same time.
 

How can Credit-Unions enable this same “purely digital” experience in both lending and vehicle buying? 

With historically low rates and a mindset that's truly member beneficial, we’ve created a product suite that enables:

Refinancing Recaptures

 

Enable Credit Unions to easily recapture existing members into Credit Union loans rather than dealer-selected financial institutions.

Digital Car Buying

 

Remove the F&I manager from all-digital car purchases and get the Credit Union loan to the members without indirect charges. Embedded inventory on the Credit Union website.

Car Savings Hub

Enable Credit Unions to engage members beyond '1 time financing' and capture more share of wallet while helping members save.

Make Paying Bills Fun

 

Create experiences that make paying loan payments fun and help boost credit in the process.

Wholistic Digital Auto Lending Solutions and Member Recapture Programs

Car buying and auto lending are changing and Credit Unions are poised to take advantage of this changing landscape. Digital car buying has already become the norm with upstart brands such as Carvana and Vroom pioneering an end-end online experience.  

 

Similarly, incumbents such as Carmax and Lithia group are pioneering digital car buying experiences that remove both salespersons and F&I managers and create all-digital lending solutions for their members.

 
 
 
 

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