The $171 million First Financial Federal Credit Union has launched Jersey First Auto Connection, an indirect auto lending credit union service organization.
The Wall, N.J.-based credit union said the CUSO will enable credit unions to access auto dealerships in their membership area by using the indirect lending expertise and processes of First Financial’s staff.
The program provides participants with a CUDL platform, software and funding, a decision engine customized for a credit union’s underwriting criteria, custom dealer reserve or a flat dealer incentive, underwriters and ongoing resources to enlarge and cultivate dealer network relationships. Credit unions can use their own pricing model, according to First Financial.
The credit union serves more than 23,000 members.