iLendingdirect’s partnership with AutoFi, announced Monday, will allow the company to help credit unions originate loans — something it was focused on when iLending first launched, President and Chief Executive Nancy Fitzgerald said.
“While refi has been a major book of business for us, we’ve always had a diverse business model and we’re fostering that to do loan purchases, to do new and used, and to connect with the technology companies,” Fitzgerald said. “AutoFi is one of the disruptors in the auto industry that is shaking things up, and it’s really exciting to be lockstep up with them and disrupt a little on our own. [It] is exciting for us to better serve our consumers and better protect our partners: the credit unions.”
The company boasts 20 banks and credit unions in its network, and AutoFi will draw from 10 of them within a matrix, which changes based on the down payment, the term, and early interest rate, she added.
“Some of my competitors have up to 200 banks and credit unions on their platform, and for us it’s really about the relationship,” she said. “So, while we have 20 currently, I never want to go past 35 because I think it’s really important to have a relationship, not just a number.”
Fitzgerald’s business also provides consultation to help consumers understand the financing process, and those same services will be available to used-car buyers on AutoFi.
“There are a variety of people out there,” she said. “Some folks never want to talk to you, they text in, they email, and they just want their loan done without talking to a loan consultant. For us, we’re able to do that automatic response in minutes, but if you want to talk about what’s the best scenario for you, then of course we have 100 guys on the floor that will walk you through it.”
