Aimbridge Indirect Lending Renews Partnership with Bay Pines FCU
ENGLEWOOD, Colo. -- Bay Pines Federal Credit Union has renewed its partnership with Aimbridge(TM) Indirect Lending to offer indirect auto lending services in the Tampa, Fla. area.
Bay Pines has been involved in indirect lending since 1999. According to the $42 million CU's June 2006 5300 call report, the credit union had nearly $12 million in new and used auto loans in its portfolio.
William Clendaniel, vice president of lending for the credit union said Bay Pines signed its first three-year contract with Aimbridge in 1999 and renewed it in 2002. When Credit Union Direct Lending (CUDL) expanded into the Tampa market in 2005, Bay Pines signed a one-year contract with the Rancho Cucamonga, Calif.-based indirect lending CUSO. But Clendaniel said the credit union determined the CUSO "didn't have a strong enough footprint in the Tampa area." Consequently Bay Pines decided to renew its indirect lending partnership with Aimbridge last month.
The Englewood, Colo.-based company has relationships with 13 other Tampa-area credit unions.