ELGIN, Ill. — The numbers are intriguing, said Jeff Frantz, senior vice president of Lending Solutions, Inc. here. LSI is a leading provider of around-the-clock consumer lending programs to credit unions (http://www.lendingsolutions.com/) and the numbers have given him an idea.
According to Ward-Smith.com, the highest performing credit unions finance just fewer than 20% of their members'auto purchases, Frantz said. "In 2006 those credit unions totaled 464. The remaining credit unions averaged a tad under 15%. That means 80-85% of members are financing elsewhere."
That means that despite getting pre-approved at the credit union, the F&I guy converted the member to another lender. And those who didn't apply at the credit union figured they'd apply after they picked out their car, but they were easy targets for a dealership specialist, Frantz said.
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