Open Lending

Automotive Loan Decision Platform

Silver Partner

2020 NAFCU Services Innovation Award Winner

Much of a credit union’s automotive loan application flow results in lost opportunities due to less than favorable counter-offers or denials. The Lenders Protection™ program increases opportunities from a financial institution’s existing application flow. Lenders Protection™ allows an institution to expand their loan offerings with lower credit scores (560 minimum), higher loan advances (up to 145% of wholesale/trade values), longer loan terms (up to 78 months), and competitive interest.

The entire loan and insurance process is seamlessly delivered through the Lenders Protection™ program’s proprietary software platform which is interfaced into point-of-sale and loan origination systems eliminating re-keying of application information.

REV UP your automotive loan performance, increase vehicle lending volumes, and earn higher yields with Lenders Protection™.

Products and Services

  • Lenders Protection™

    Lenders Protection™ is a risk management program featuring default insurance coverage for near and non-prime automotive loans. The program allows credit unions to model their specific overhead and funding costs set to desired ROA targets for their insured portfolio.

    • Generate Automotive Loan Growth: Lenders can approve more automotive loans outside of normal lending guidelines.
    • Sophisticated Analytics: State-of-the-art risk-based pricing models include up to date, data driven default rates, pre-payment speeds, and loan level loss severity.
    • Quick Decisions: A seamless user experience allows quick decisions through multiple LOS interfaces.
    • Great Support: A dedicated Account Manager provides ongoing reviews and support.
contact

info@openlending.com

512.892.0400
https://www.openlending.com

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Latest Open Lending Resources

Empowering Lenders: Key Insights on the State of Vehicle Accessibility in 2024

Consumer Lending, Leadership

preferred partner
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Blog Post

Adapting Market and Economic Shift in 2024: Considerations for an Effective Risk Management Strategy

Consumer Lending, Leadership

preferred partner
Open Lending
Blog Post
Add to Calendar 2024-01-24 14:00:00 2024-01-24 14:00:00 Top Near- and Non-Prime Consumer Vehicle Trends to Inform 2024 Lending Decisions About The Webinar Please join Kevin Filan, Senior Vice President of Marketing at Open Lending, and Matt Roe, Chief Revenue Officer at Open Lending, for a discussion on report findings and insights that enable automotive lenders to make more informed lending decisions, manage risk, and remain competitive in an increasingly crowded market. Credit cards and car loans are often people's first steps to build a strong credit report. And owning a vehicle is closely tied to a better quality of life. However, vehicle ownership is getting further out of reach for consumers with below-prime credit scores. High retail prices and the rising cost of owning a car due to recent increases in auto insurance, coupled with high interest rates, have isolated near- and non-prime consumers from the used and new car markets. Open Lending’s latest Near- and Non-Prime Market Report includes recent data on near- and non-prime consumers' vehicle preferences and lending habits to guide effective loan decisioning processes. Register Here Web NAFCU digital@nafcu.org America/New_York public

Top Near- and Non-Prime Consumer Vehicle Trends to Inform 2024 Lending Decisions

preferred partner
Open Lending
Webinar
Add to Calendar 2024-01-11 09:00:00 2024-01-11 09:00:00 Near and Non-Prime Consumer Trends and Preferences in the Used and New Car Markets Listen On: Key Takeaways: [0:59] How did the year go for Open Lending? [3:55] The Fed's interest rate hike disproportionately affects non-prime consumers, leading to unexpected high interest rates and potential market exclusion. [5:44] Lenders face shrinking profitability and loan volumes due to fewer eligible borrowers, compounded by extended car ownership impacting liquidity. [6:47] Matt discusses how analyzing car preferences aids lenders in assessing near non-prime borrowers' creditworthiness and financial stability effectively. [8:19] Matt emphasizes that for newer non-prime consumers, cars serve as essential lifestyle tools, not just status symbols. [9:40] Matt argues that cost and limited infrastructure deter non-prime borrowers from considering EVs; collaboration is crucial for broader accessibility. [10:53] Open Lending's solutions, like Lenders Protection, aid credit unions in serving near non-prime consumers effectively.  Web NAFCU digital@nafcu.org America/New_York public

Near and Non-Prime Consumer Trends and Preferences in the Used and New Car Markets

Consumer Lending, Auto Loans

preferred partner
Open Lending
Podcast
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