SAN ANTONIO — San Antonio Citizens Federal Credit Union is expanding its relationship with Aimbridge Lending Solutions, adding the Colorado-based company's Loan Generations Services.
Loans Generations Services provide pre-approvals generated over the Web, telephone or from the branch to members and auto dealers alike through the Internet.
Aimbridge says the solution is scalable and its first step "towards a full suite of products that will facilitate a totally Web-based lending process."
San Antonio Citizens FCU has been an Aimbridge customer since 1999. The loan manager for the $98 million CU says the new solution will help capture more of its 11,000 members' business by providing them with proof of approval when they head to the dealership.
"There is a certain level of loyalty that goes with a pre-approval letter," says Roz Carr. "If a member has been given a pre-approval letter and a competitive interest rate from their credit union, they are far less likely to be persuaded to finance a car through another lender."
She says that since San Antonio Citizens FCU began using Loan Generation Services, the credit union has issued 75 pre-approval letters and that two-thirds of them resulted in auto loans. A third of the loans accepted were outside of the A paper range, which helps San Antonio Citizens FCU meet the needs of more of its borrowers, Carr says.
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