Home / Credit Union Solutions / Refinance Recapture
Recapture as
a Service (RaaS)
Focus on recapturing Credit Union Members who have auto loans somewhere else through a quick and easy process.
Leverage technology to deploy capital, generate yield and help your existing Members .
Your deposits are on all-time high, the next stimulus check on its way and you can’t find an easy way to generate yield?
80% of Credit Union Members don’t currently have an auto loan with your Credit Union although you are offering attractive rates?
The solution is to invest excess deposits into auto loans of your own Members and help their financial well-being . The process is simple:
Select Members who would be pre-approved for a loan.
1
Find Members who have a loan somewhere else.
2
Turn this opportunity into a ready-to-fund loan application.
3
2
1
Select members who would be pre-approved for a loan.
Pull a CSV file of all your Members.
Determine desired yield goal, use credit score as a proxy.
Select members who would be pre-approved for a loan.
Filter out Members you don’t want to or are able to target.
Through the pre-screen, we can find the other loans.
Include Members you want
to reach.
Exclude Members who aren’t a good fit.
3
Select members who would be pre-approved for a loan.
Highly personalized outreach results in high open-rates and click-throughs.
Minimal inputs lead to high conversion rates and ROI:
Dear Member, which of the following cars and loans do you want to refinance?
Integrations with the most commonly used Loan Origination Systems allow us to push ready-to-fund applications into the lap of your loan officers.
Through providing the Credit Union with up-to-date loan payoff statements, vehicle window stickers, booksheets and verified stips, we turn your loan officer into a recapture wiz.
.
Working with us requires close to zero legwork on the Credit Union’s side and leads to ready-to-fund loan applications in the lap of your loan officers within as little as 2 weeks .
Time
30 min
10 min
10 min
-
60 min
1 day
1day
What we do
What you do
Determine if our solution is a fit for your Credit Union (e.g. assess auto loan penetration, deposit levels etc.)
Customize software to Credit Union brand identify
Send test leads to validate successful LOS integration, supporting LoansPQ, L360 and defi SOLUTIONS.
-
Experian pre-screen, identify pre-approved members
Email set up and compliance review
Kick off email drip campaign
-
-
Sign Rider and confirm test leads show up in your LOS queues
Download Member data to csv file (first, middle, last name, street, city, state, zip, date of birth, SSN, , email address and member #)
Discuss pre-screen and campaign targeting
Review campaign design and et up CNAMES under DNS
Campaign sign-off
Loan officers to work ready-to-fund loan app
Time
-
-
60 min
60 min
30 min
30 min
60 min
15 min
Case Study
How Credit Unions successfully originated direct auto loans from existing Members:
Hyper targeted, with the
goal to generate yield
Narrowed down to
Members who benefit
Balance highly personalized and generic outreach
Deliberately chose to recapture auto loans from Members with scores in the high 600s.
From Members who already had Credit Union loan product and who qualified for discounts.
Pre-approved for auto loan
Definite savings above $500
Potentially more than one auto loan
Highly personalized outreach with exact savings and firm refinance offer
Slightly more generic outreach to pre-screen OptOuts (i.e. 30% of population)
Description
1. Members with lending history and we have
auto-loan specific data.
2. Members with lending history but we don’t have auto loan specific data.
3. Members without lending history but we do have auto-loan specific data.
4. Members without lending history for which we don’t have auto loan specific data.
5. Members who aren’t qualified for lack of auto loan or credit history.
Strategy
Highly personalized outreach with exact savings and relaxed stips.
Slightly more generic outreach, ‘discover savings’ and relaxed stips.
More generic outreach requiring stips for lack of lending history.
Slightly more generic outreach requiring stips for lack of lending history.
Wait for next campaign.
Average auto loan balance:
$17,728
Average # of auto loans per Member:
1.9
% of Members with APR savings:
87%
% of Members with APR savings > 3%:
21%
% of Members with savings above $50 per month:
19%
% of Members with > $50 savings on a 60 months loan:
83%
We have written three whitepapers and thought leadership pieces with successful Credit Union CEOs as co-authors