Open Lending is the NAFCU Services Preferred Partner for Automotive Loan Decision Platforms.
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Key Takeaways:
- [01:49] Vehicle prices had gone to all-time highs and the consumer was facing inflation across a broader economy. We saw all of that add up and we were trying to understand what automotive lenders were doing.
- [03:22] Open Lending conducted the research in February and they surveyed leaders from lending institutions of all sizes. Almost half of them were from the credit union space.
- [09:35] Those lenders that were using the solutions that incorporate alternative data and AI are far less likely to see a rise in delinquencies in their portfolios.
- [13:31] The need now more than ever is to look at more than just the FICO score.
- [15:12] Having a vehicle is extremely important to your members, including being able to replace an aging vehicle and getting into a vehicle with reasonable rates.
Presented By
Kevin Filan
Senior Vice President of Marketing | Open Lending
Kevin Filan is the Senior Vice President of Marketing at Open Lending, an industry-leading provider of lending enablement and risk analytics solutions for financial institutions. Before joining Open Lending, Kevin led the Cox Automotive marketing team for over 11 years, guiding strategy for brands including Autotrader, Kelley Blue Book, vAuto and Dealertrack. Prior to Cox Automotive, he held various leadership roles at Ford Motor Company, Georgia-Pacific and Novartis. Prior to his marketing career, Kevin spent 14 years as an officer and naval aviator in the U.S. Navy.