DENVER — When Westerra Credit Union made the move into indirect lending a few years ago, management soon discovered that the program’s back-end infrastructure needed to be top notch for such a “high-risk” area. The indirect loan program brought with it collections, car remarketing and repossessions, but the $900 million credit union felt it could cull experienced staffers and resources to start its own outfit rather than outsourcing, said John McCloy, chief lending officer at Westerra. On Jan. 1, the credit union did just that: it launched Westerra Services, Inc. to help other credit unions in a number of specialized automotive areas including repossessions, remarketing, real estate disposal and collections.

“It’s not a core competency for credit unions. It’s such a misunderstood business,” McCloy said. “We looked around the Colorado landscape and noticed that credit unions were struggling in this area.”

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