Connexus Credit Union said it has bought Financial Institution Lending Options LLC, a company that provides financial institutions with auto loans through pool sales, participation pools or whole loan flow sales.
The $500 million Connexus in Wausau, Wis., said FILO was formed in 2001 to provide financial institutions in Wisconsin with the opportunity to purchase auto loans “in a secure, controlled and technologically advanced manner.”
From its network of more than 400 dealers, the Mukwonago, Wis.-based FILO has reached well over $1 billion in auto loans, according to Connexus.
“Connexus Credit Union is excited for the opportunity to work with FILO and the 22 credit unions that take part in FILO’s lending programs,” said J. David Christenson, president/CEO of the credit union.
“We plan to leverage the combined talents of FILO and Connexus to expand the FILO program to more credit unions in other states,” Christenson said.
Jerry Briggs, FILO president/CEO, said Connexus’ purchase of the company will allow it to further increase and build its growth in the auto finance market.
“This transaction strengthens our company, which positions us to further benefit our clients,” Briggs said.
The purchase price of FILO was not released.
In 2011, Connexus announced that it had partnered with CarQuotes.com to provide members and potential members with the ability to search for new or used vehicles, compare vehicles, get quotes and find information on rebates and incentives.