Building relationships with dealers is critical to indirect lending. It's also important to cross sell those new members. But meet and greet is the most vital link in indirect auto lending success as far as SunWest Federal Credit Union in Phoenix is concerned.
SunWest received this year's Arizona Credit Union League indirect lender of the year award. During 2009, the indirect lending staff nearly doubled the number of loans it funded compared to 2008, ending 2009 with $36.15 million in 1,503 funded loans.
Dawn Foote, SunWest's indirect lending coordinator, estimates 80% of the auto lending portfolio comes in through indirect loans. She credits the recent growth to visiting dealerships and increasing awareness of the credit union.
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