Affinity Federal Credit Union has signed on to use GrooveCar’s indirect lending platform in an effort to increase its loan originations, said Theresa Williams-Barrett, the credit union’s vice president of consumer lending and loan administration.
AFCU, which originated $3.9 million of direct auto loans and $1.8 million of indirect auto loans in July, started on the GrooveCar platform in early August and now works with 70 dealers through the program, she said.
Additionally, AFCU’s lease originations reached a record high last month — $21 million — since joining GrooveCar’s CU Xpress Lease program in April 2015, Williams-Barrett added.
GrooveCar signs dealers for the lease program, manages the dealer relationship, and educates credit unions about how to price the leases to be competitive in the market, said Robert O’Hara, GrooveCar’s vice president of strategic services. Separately, Hauppauge, N.Y.-based.
GrooveCar added an auto refinance calculator to its vehicle buying resource on Aug. 19, according to a company press release. The calculator, located on GrooveCar’s website, aims to direct consumers looking to refinance their auto loans to credit unions participating on the GrooveCar platform.
For more auto finance insights like this, register for the upcoming Auto Finance Summit, Oct. 5-7 at Bellagio Las Vegas. Visit www.AutoFinanceSummit.com for more.
