LOS ANGELES – Water and Power Community Credit Union’s relationship with CU Direct has helped the $420 million CU fund indirect auto loans for members out of its main office in Los Angeles. But when Robert Mims and Erwin Ortega learned just how many first-time borrowers of Latino heritage near the CU’s Montebello branch depended on high interest rate finance companies to buy cars, the two of them decided the CU needed to supplement its indirect lending relationship with an auto dealer network of independent dealers of its own.

Three years after forming its Auto Dealer Network, Water and Power Community CU counts 70 independent dealers in the network. Loans funded through the network are predominantly for used vehicles, and the average size is $12,000 for a five-year loan.

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 © 2022 ALM Global, LLC. All Rights Reserved.