CUNA Mutual's Lenders Protection Partners with Groovecar
Relationship Will Help Credit Unions Approve More Loans in a More Timely Manner

MADISON, WI – CUNA Mutual Group, through its Lenders Protection™ program, announced it will use GrooveCar, Inc.’s automated loan decisioning system to provide credit unions, their members and dealers immediate decisions on loans covered by Lenders Protection.

The partnership will help credit unions approve and book more loans, and simplify and expedite the car-buying process for credit union members.

Lenders Protection is an innovative default insurance program, underwritten by CUMIS Insurance Society, Inc., that helps credit unions book more near-prime loans automatically by mitigating the risk involved to credit unions.  It enables credit unions to build their vehicle loan portfolios by lending to members with near-prime credit scores, while managing their risk of financial loss in case of borrowers’ default.

GrooveCar, based in Hauppauge, NY, is an automated indirect lending system as well as an automotive resource and buying service.  GrooveCar currently provides indirect lending services and auto services to many credit unions in the metro New York/Long Island region.  Its services are available to all credit union members, and nationwide expansion is planned.  

Lenders Protection will integrate with AppTrac, GrooveCar’s automated loan processing system, to save time and provide greater lending efficiency.  

“This was a natural for us,” said David Jacobson, GrooveCar’s founder and president.  “After all, credit unions are on the front line to satisfy their members, get them the best auto deal and make it a pleasant and quick experience.  Marrying our proven AppTrac technology with Lenders Protection will only enhance the experience and truly benefit all parties.”

CUNA Mutual, as part of its commitment to delivering best-in-class products and services to credit unions, continues to establish Lenders Protection partnerships to help credit unions reach members who might not be able to get traditional financing due to a flawed credit history.  

“Vehicle loan growth has been relatively flat,” said Steve Martin, director, Lenders Protection insurance for CUNA Mutual.  “While you may not be able to control the competition, Lenders Protection can help you increase the number of vehicle loans you make to your near- and non-prime members while protecting you from the risk of default.”

GrooveCar, founded in 2000 provides a comprehensive array of vehicle services and products – shopping, buying, financing, ownership – for credit unions and credit union members.  Additional information may be found at www.groovecar.com.

CUNA Mutual Group is the leading provider of financial services to credit unions and their members worldwide.  More information on the company is available at www.cunamutual.com.

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