Solutions

Case Study

Indirect Lending Gives Directions CU the Flexibility to Grow

To enhance Directions Credit Union’s Indirect Lending program, SVP Tim Crosby started exploring the possibilities of partnering with CRIF Select Ohio in 2003. “After seeing the value in technology, structure, level of expertise, compliance, and growth opportunity, we agreed to join the aggregate program in Toledo,” said Crosby.

Over the course of 14 years, the partnership with CRIF has launched Directions CU’s funded-loan volume from 236 deals in 2003 to 3,380 in 2017, a 70% increase in its portfolio.

“This amazingly-successful, amazingly-positive relationship from day one is what I contribute to our success.”– Tim Crosby, SVP, Directions CU

Thanks to the CRIF program, Directions CU has members in 10 counties in Ohio and one in Michigan, giving them excessive market share. Michael Graham, Dealer Relationship Manager for CRIF, attributes that success to “Directions CU’s willingness to adapt to market trends, the appreciation of the dealer partnership, and flexible approach [via offering an indirect program] makes them attractive to dealerships in those counties.” The partnership with CRIF and its lending expertise shows proven results at Directions CU.

Taking your credit union from funding $1.3 million at the start of its in-house program to $70 million in funded loans last year does not happen overnight. “Knowing your partners, making visits to them, them visiting us, know the process, set us up for success. CRIF brought the program, but the credit union needed to manage it,” according to Crosby on what continues to make them a top competitor in the market. In 2011, Directions CU saw an increase in funded loans after the recession and attributed it to consumer confidence. In 2014, Directions CU added a new business development position to enhance its indirect program, giving them an additional $4 million in funded revenue in 2015 and an additional $35 million in 2016. “CRIF works for us; it is up to us to make it successful,” stated Crosby, giving Directions an advantage in their market.

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Want to learn more about how CRIF Select Ohio can benefit your credit union? Natalie's more than happy to tell you; just give her a call or drop her an email.

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Natalie Mahl

Business Consultant

(614) 581-7334