CASE STUDIES

Bay Gulf: Partners for Better Member Service

Credit Union Can Better Meet Customers' Needs

What can a credit union do when many of its best members are looking for car loans on Saturdays and Sundays, but their offices are closed? The answer for Bay Gulf Credit Union in Tampa was to form a partnership with an indirect lending provider. After thorough research, the provider they chose was Aimbridge Indirect Lending, a division of Aimbridge Lending. Aimbridge offers a financing channel that connects credit unions with an automotive dealer network to provide members and potential members with competitive automobile loans.

“Many of our members were purchasing autos at times when we weren’t open,” said Bill DeMare, president/CEO of Bay Gulf Credit Union. “We explored using an indirect program so it was convenient for our members and easy for us to capture most of our members’ auto loans, “ he said.

Aimbridge Indirect Lending is designed to make lending convenient for credit union members and to ensure that they can obtain the most aggressive rates available. The company has established solid relationships with more than 12,000 dealers throughout the United States. Through Ambridge’s extensive dealer network, credit unions can provide one stop shopping for members, making it possible to obtain timely loan decisioning from their credit union. Aimbridge maintains the dealer relationship for the credit unions and works with them to determine credit criteria and a balanced loan portfolio.

“Aimbridge was already established in the Tampa market and had relationships with dealers. So, we knew we would get immediate results,” said DeMare. “Our indirect lending volume now is pretty close to matching our direct lending volume and sometimes exceeds it. In addition, the delinquency for the indirect lending program is lower than our direct loans. And, that is particularly significant,” he said. Bay Gulf will report an indirect loan volume this year of approximately $25 - $30 million. They have eight branches and over 23,000 members.
According to DeMare, Aimbridge technology facilitates the loan process leading to better customer satisfaction while providing a cost savings at the credit union. “Aimbridge is always looking for ways to streamline the time between when the car buyer walks into the dealership and when the loan gets to us for final packaging and booking. That is a real advantage,” he said. “If we did the loans in-house, we would incur large expenses in trying to maintain the same technological advantage that the Aimbridge program provides us.”

DeMare also noted that Aimbridge’s relationships with the dealers are also of paramount importance. “Aimbridge’s relationships with a wide dealer base enables us and other credit unions to be high on the priority list, if not first, when it comes to where customers are going to place their loans. The relationships they have are a vital key in making the program work.”

Ann Schmitt, chief operating officer of Aimbridge said, “We are glad to have Bay Gulf Credit Union as a partner and we look forward to continuing our indirect lending program successes with them and Tampa Bay area auto dealers. Our goal is to raise loan volumes for both credit unions and dealerships while increasing member allegiance. Saving the credit union and the dealer time and money is an advantage that our company offers. We will do everything we can to improve and maintain an effective process.”

“Aimbridge consistently asks us our opinion as to how the process could be better,” said DeMare. “ They absorb feedback from all of the different credit unions. Then, they analyze the cost benefit features of the program and make the appropriate technological changes to better suit the credit unions needs. That’s a really big plus,” he said.

Bay Gulf Credit Union is anxious to grow with Aimbridge and welcomes any new products or technology advancements on the horizon. “When Aimbridge comes out with a new product, we pay attention. We view them as providing valuable products that effectively address the needs of the marketplace,” said DeMare.

About Aimbridge
Founded in 1984, Aimbridge markets financial products, such as auto loans, and insurance products through partnerships with credit unions. The company helps its partners attract members and deepen their relationships by providing members with more reasons to do business with their credit unions.
Aimbridge Lending is comprised of three divisions, including Aimbridge Indirect Lending, Aimbridge Financial Services and Aimbridge Disposition Services. The company is headquartered in Denver and has remote offices throughout the United States.
For additional information, call 1.888.400.2865 or email info@.aimbridge.com.

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