Credit Union of Texas Sets SAIL with DealerTrack in Automated Lending Solution

DALLAS – Jerry Thompson doesn’t mind the “blood, sweat and tears” of being on the bleeding edge of leading edge technology, especially when the risks are so quickly rewarded. Thompson is senior vice president/CIO of Credit Union of Texas, which in January launched its participation in the automated auto-financing loan application and decisioning process created by the integration of Web-based platforms from Teres Solutions and DealerTrack. Teres Solutions announced recently that its Software Application for Integrated Lending (SAIL) solution is now integrated with the DealerTrack loan submission platform installed at more than 22,000 auto dealerships nationwide. Using the Web-based SAIL and DealerTrack platforms allows CUs to receive credit data applications electronically and respond with instant decisions, as well as streamline the funding process, the companies said. Thompson said that in routine situations, the loan application and approval process can take about 24 to 30 seconds “from the time the guy at the dealership hits the button until we give them a decision.” The big Texas CU already had the Teres software in place and needed to interface the DealerTrack software with its ULTRADATA core system and its ALS indirect leasing solution before making the January launch. Now, almost 80% of its 5,400 or so loan and lease applications a month come in to the joint system, which can handle up to five loans a second, or 10,000 to 15,000 a month, without having to increase the infrastructure’s capacity, Thompson said. Credit Union of Texas now is testing electronic signatures as it continues to work to stay “ahead of the curve, as we have over the years,” the CU’s technology chief said. Thompson said the credit union, formerly known as Dallas Teachers, has been a test site for ULTRADATA and most of its other vendors for the past 10 years, “a situation that’s not always easy.” “There can be some blood, sweat and tears,” he said. “But we do end up with a product that’s 99% of what we want it to be, whereas with most shrink-wrapped solutions off the shelf, you’re lucky if you get 80%. And it’s like pulling teeth to get anything customized these days.” As for Teres Solutions, which currently has 15 credit unions using its SAIL solution, the partnership with DealerTrack marks an important milestone. “Since our company’s inception in 2002, an important part of our business strategy has been to team with DealerTrack,” said Bruce Callen, president of Austin-based Teres Solutions. “The speed, consistency and accuracy of the DealerTrack platform, combined with the benefits offered by our SAIL system, will greatly improve the loan-processing experience for consumers and prove a competitive advantage for dealers as well as credit unions,” he said. Richard McCleer, vice president of lender and business development at DealerTrack Inc., based in Melville, N.Y., said, “We already have several credit unions participating on the DealerTrack platform and welcome the opportunity to work with Teres Solutions to open access for others to connect with us.” -