Case Study: Sound Credit Union boosts auto loan yield with Open Lending’s Lenders Protection™

Sound Credit Union boosts auto loan yield 8% with Open Lending

Sound Credit Union, a community-focused financial institution, sought to grow its auto loan volume and better serve qualified near-prime borrowers in its community who were being excluded by traditional underwriting methods. They partnered with Open Lending to implement its Lenders Protection™ program.

Open Lending provided a streamlined, six-week implementation of its Lenders Protection solution, which uses automated decisioning and advanced risk analytics. This allowed Sound Credit Union to safely approve more auto loans. As a result, the credit union now funds $1-3 million in auto loans monthly and has seen an 8% increase in its auto loan yield since implementing the program from Open Lending.

Sound Credit Union