X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AUSTIN, Texas – Teres Solutions, a provider of indirect lending software to credit unions, is joining forces with another Texas tech firm to help CUs provide members with balloon loans for their next vehicle purchase. Long popular for home mortgages, balloon loans provide a lower interest, and payments, for a set period of time, after which an option kicks in for refinancing at existing rates or purchasing the vehicle. Teres Solutions is joining with Houston-based Auto Financial Group Inc., to offer a new software module called SAIL Balloon. It will interface seamlessly with the Houston company’s DrivingSense software to allow CUs to offer consumers the loan option through existing lending programs, the companies said. SAIL stands for Software Application for Integrated Lending and is Teres’ flagship solution. It automates loan processing steps and streamlines tracking and reporting functions. DrivingSense is an online residual-based auto financing software solution that allows credit unions to “build” a vehicle for their members and compare payment terms across a number of payment options. It also aims to remove the financial risk of offering balloon loans by guaranteeing the predetermined residual value of the vehicle through third-party insurance as well has handling the car, SUV or truck’s eventual disposition, according to Auto Financial Group. Bruce Callen, president of Teres Solutions, says credit unions using the SAIL solution already can deploy the balloon option with a simple update to their existing Teres software. “Together, Teres Solutions and Auto Financial Group are making it much easier for credit unions to offer balloon loans through their existing indirect lending programs,” Callen says. “Customers using SAIL Indirect and the DrivingSense software in concert quickly benefit by increasing their lending business and strengthening relationships with automobile dealers as well as lenders,” Callen says.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.