Earning auto loans at your credit union is important. It’s a primary role of your lending team, whether you focus solely on direct loans or also work with dealers through an indirect channel. And to maintain revenues, it gets substantial resources across the institution.
What about all the members who already have auto loans, but didn’t get them from your credit union? You know many can save money by refinancing, helping you fulfill the mission of financial empowerment while driving growth. So let’s move those loans over!
Sorry, what? There’s a lot involved? And your credit union doesn’t have the resources to do it alone? To simplify life for your loan team and members, a number of vendors help with the refinancing process through a strategy called “recapture”.
Recapture Goes Beyond Mail
Today’s leading recapture platforms are a far cry from the “pick some criteria and mail out the pre-approvals” approaches you may expect. With most members using their phones as the primary means of interaction, paper just won’t cut it. And people want the process to be fast.
We’re not just talking about your members there. A recapture system which is easy for your staff to operate will enhance productivity and satisfaction. A team who believes in and loves your products plays a larger role in their success.
Vendors Driving Loans
There are many providers to choose from for your services. As an outside company ourselves, we’ve had the chance to work with a wide range of vendors. We also get the “inside scoop” on which deliver and delight their clients and those who sometimes fall short.
You want the best fit for your institution, but must work within time constraints when choosing. That’s where the Learning Library is here to help. We’ve put together the Best Auto Loan Refinance & Recapture Providers for the credit union industry.
Some work exclusively with credit unions, while others engage community banks as well. With similar missions, you can rest assured all understand the unique needs of credit unions like yours.
For full disclosure, we currently work with the team at Clutch. With just a few clicks or taps, their system can surface all of a members’ loans and credit cards…from everywhere! Refinance so fast you won’t believe it’s possible. And the backend makes life easy for your staff, dropping all relevant documents into your LOS automatically.
Discover in 15-30 minutes how your credit union can lend like a fintech. Schedule a no-obligation chat now.
Of course, not everyone is a fit, so we also share a range of other solid providers for the industry. Without further ado, here are our Best Auto Loan Refinance & Recapture Providers. They are listed in no particular order.
Stuff Your Mind, Not Your Inbox. Get the info you need a couple times a month.
Subscribe Now!
Best Auto Loan Refinance/Recapture Vendors
RateGenius
https://www.rategenius.com
9300 United Drive, Ste 180
Austin, Texas 78758
866-728-3436
[email protected]
Founded in 1999 in Austin, Texas, the company utilizes an innovative origination platform together with their network of over 150 lending institutions nationwide to shop multiple offers and present the best option for the customer.
Experian – USA
Bank Solutions
https://www.experian.com/banks/
855-339-3990
Credit Union Solutions
https://www.experian.com/credit-unions/index
855-339-3990
Founded in 1997, Experian is an Anglo-Irish multinational consumer credit reporting company. Their credit union strategies help you grow membership while increasing loan diversification with services including recapture marketing campaigns.
TransUnion
Bank Solutions
https://www.transunion.com/industry/financial-institutions
844-245-4071
Credit Union Solutions
https://www.transunion.com/industry/credit-unions
844-245-4071
Founded in 1968, TransUnion is an American consumer credit reporting agency. Their solutions can embrace alternative credit data so your credit union can reach and approve more members.
RateReset
https://www.ratereset.com
6861 Elm St Suite 1C
McLean, VA 22101
[email protected]
844-728-3737
Founded in 2017, their KNOCK KNOCK Platform provides a means for consumers to Reset existing loans and open up new loans at the click of a button.
Ser Tech (A Service of GDS Link)
https://www.gdslink.com
12700 Park Central, Suite 1415
Dallas, Texas 75251
[email protected]
800- 486-5288
Founded in 1994, their Fetch Marketing uses credit data services to gain member insights and deliver your credit union’s loan marketing to the right members at the right time. They were acquired by GDS Link in 2022 and are now a service of the larger financial services firm.
Clutch
https://www.withclutch.com/credit-union-solutions
560 Alabama Street
San Francisco, CA 94110
[email protected]
650-842-0703
Founded in 2020 by a pair of auto technology gurus who sold their original company to Carvana, their mission is to address income inequality by refinancing high interest auto loans…with just 3 clicks or taps. All loan documents “magically” appear in your LOS, making life easy for your lending staff. The system also surfaces all other auto and personal loans, while facilitating credit card balance transfer.
Refinancing Is Part of Your Mission
Saving members money is a primary goal for your credit union. Thus, giving them an easy way to reduce monthly expenses with no sacrifices should come as top priority. And yes, you’re also allowed to acknowledge the money it will bring to the institution.
Building member wallet share while delivering seamless experiences where they are (mobile, online, in-person) drives loyalty for years to come. How interesting that our entire Learning Library is built around such efforts!
To continue your journey of digital transformation, member delight, and financial empowerment, make sure to Subscribe to the Learning Library.
Until next time, keep it honest!
Image credits: Hand reaching for flying money by Mohamed Hassan. Red mailbox by CrafCraf. All from Pixabay.
Blogger. Speaker. Futurist. Part-time Jedi.
Dedicated to helping your credit union, large or small, deliver mission-focused financial empowerment to your members. And make a positive impact on your community while you’re at it.