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TCUL Lending Services offers auto loan recapture program through Ser Technology

FARMERS BRANCH, Texas - TCUL Lending Services used to offer its auto loan recapture program by accessing the Department of Motor Vehicle's database to find out which members financed auto loans from a source other than a credit union. The Gramm-Leach-Bliley Act put an end to that practice. Now TCUL...

By Staff Writer | Updated on August 28, 2001

FARMERS BRANCH, Texas – TCUL Lending Services used to offer its auto loan recapture program by accessing the Department of Motor Vehicle’s database to find out which members financed auto loans from a source other than a credit union. The Gramm-Leach-Bliley Act put an end to that practice. Now TCUL Lending Services is offering CUs the program through its strategic relationship with Ser Technology. For a low cost, credit unions receive monthly reports detailing their members’ auto financing activities. In addition to receiving the name and address of the member, CUs receive information on the source of the loan (in the interest of reducing competition between credit unions, the CU industry code is suppressed), the loan term, amount, and purchase date. They’re also informed if the loan was for a lease or purchase. Information for the report comes directly from Equifax. The objective, said TCUL Lending Services Assistant Vice President of Lending Services Suzanne Thompson, is to help credit unions recapture auto loans they’ve lost to other financing agents. TCUL Lending Services is offering the auto loan recapture program two ways – CUs can opt to have the company pull the list and then return the information to the CU, which in turn mails out letters to members; TCUL can pull the list and send out letters to a CU’s members. The auto loan recapture program is also available to small CUs at special prices. – [email protected]

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