CRIF Select Will Provide Full Service Indirect Lending Solution to PenFed Credit Union
CRIF Select, an industry-leading provider of indirect lending partner programs, has reached an agreement with Pentagon Federal Credit Union (PenFed) for an exclusive indirect lending partnership.
Headquartered in Tysons, VA, PenFed Credit Union serves over 2 million members with over $26 Billion in assets and locations throughout the United States Puerto Rico, Guam, and in Okinawa, Japan.
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CRIF Select specializes in indirect auto lending partner programs. With an expert focus on dealer and market management, CRIF Select supports a client base of more than 5,000 auto dealers and over 130 full-service auto lenders. Its integrated technology-based solutions make loan approvals faster, more accurate, and virtually paperless, thereby delivering lower costs for institutions and better service for their customers and members. CRIF Select’s auto lending solution, Select Complete, provides full dealer management, underwriting, processing and funding, technology, and reporting and consulting services.
“Partnering with CRIF Select will help us expand our market footprint and reach new auto lending levels in 2020 and beyond,” said Ivan McBride, Director of Automotive Lending, PenFed Credit Union. “We are thrilled to partner with CRIF Select and their amazing team in order to reach our goals. We are immediately entering 10 new states and continue to work towards offering PenFed auto financing in all 50 states.”
One of the main reasons that PenFed Credit Union chose to partner with CRIF Select is due to their Document Automation and paperless processing abilities. CRIF Select’s Document Automation process is state-of-the-art and will allow PenFed to work with dealerships in a digital environment to collect and audit all contract and funding package documentation. “CRIF is a global leader in digitalization, and we are proud to be innovative and continue to improve the user experience with this platform,” said Larry Howell, Chairman of CRIF Select Corp.
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A major benefit for PenFed Credit Union is that they will now be able to utilize CRIF Select’s connectivity to portals such as Dealertrack and RouteOne, as these are vital to any indirect lending program’s success. “Partnering with industry leaders, such as CRIF Select, is part of Dealertrack’s long-standing and ongoing commitment to help dealers and credit unions transform their businesses and grow their indirect automotive lending opportunities,” said Cheryl Miller, VP of Operations, F&I Solutions, Cox Automotive.
“RouteOne is excited to welcome PenFed to our credit platform,” said Jeff Belanger, Senior Vice President, Business Development at RouteOne. “Our longstanding integration with CRIF Select is now enhanced with PenFed Credit Union, further expanding RouteOne’s robust offering to our dealer base. We believe in supporting dealer choice in everything they do, and the addition of PenFed is another extension of that philosophy.”
“Partnering with PenFed Credit Union is a tremendous opportunity to showcase the benefits of an outsourced indirect lending solution like Select Complete,” commented Jeremy Engbrecht, President of CRIF Select. “PenFed Credit Union has started a great program, and we are confident that we can help open doors to them for further growth opportunities and increased efficiency.”
