SAN ANTONIO, Texas – It may have a long name, but the award recently earned by San Antonio Federal Credit Union recognizes the credit union’s innovative online process for indirect auto loans that makes it easier for members to apply for auto loans and shortens the process for them. SACU was presented the award by Cornerstone Advisors, a Scottsdale, Arizona-based business and financial strategy and technology consulting firm for financial organizations. The CU’s online indirect auto loan product originates, scores, underwrites, approves, documents and boards an auto loan with no staff intervention. To use the service, a member just has to log on to SSCU’s Web site and click on the link to CyberAuto Showroom. Potential purchasers have instant access to participating in auto dealers’ new and pre-owned car inventories from their home or office. Before the new product was introduced, dealers had to fax in documents to the credit union for processing. SACU introduced the online auto loan product in April 2003 and generated approximately $327 million of its indirect loan portfolio through the process. As of December 31, the credit union’s auto loan portfolio was $1,536.8 billion. The seamless process has taken the hassle out of car shopping and purchasing, the credit union said, “and allows SACU to say `yes’ to dealers more quickly, so our members receive better service and quicker turnaround on their loan requests,” said Charles A. Smith, first vp of lending.
The equity distribution was the second since the Temporary Corporate Credit Union Stabilization Fund was merged with the SIF.
The drop suggests the housing market is still struggling as buyers strain to find affordable options.
PSCU also announced that almost 50% of its employees completed training on the significance of the credit union movement.
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