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CUNA Mutual Group Announces Strategic Investment in SpringboardAuto.com
Wednesday, February 24, 2016 6:20 AM

New Auto Lending Fintech Solution Extends Credit Unions’ Ability to Serve More Members

CUNA Mutual Group has announced it is investing in a new direct-to-consumer lending platform, SpringboardAuto.com. This new technology solution provides a direct online auto loan platform so credit unions can lend to members with below-prime credit ratings without creating additional credit or operational risk for the credit union.

“CUNA Mutual Group is helping credit unions find new ways to support their members’ financial needs, and SpringboardAuto.com represents one of those new ways,” said John Wallace, senior vice president of lending products, CUNA Mutual Group. “Auto loans are a core credit union member service, and we believe SpringboardAuto.com provides a valuable option for members who otherwise might not be able to get vehicle financing through their credit union.”

SpringboardAuto.com uses a sophisticated automated credit engine for real-time responses. The tool offers flexible approval terms that enable approved members to configure their loan preferences, empowering them to see the impact of their decisions throughout the process. After receiving a referral from their credit union, members complete the application online without conventional obstacles that borrowers with below-prime credit sometimes experience. The process minimizes requests for redundant customer information, creating a more streamlined experience. 

“We are excited about the strategic investment and support from CUNA Mutual Group, and we look forward to helping credit unions serve more members with auto lending alternatives,” said Jim Landy, CEO, SpringboardAuto.com. “We believe we have built an attractive path for credit unions to deliver a rewarding member experience with the compliance rigor our partners require.”

CUNA Mutual Group’s minority ownership interest will help SpringboardAuto.com build scale and invest in its technology platform and third-party data sources. 

SpringboardAuto.com will begin offering auto lending services through credit union referrals in selected states later this year, expanding to additional states thereafter.

About CUNA Mutual Group
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance and investment partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at cunamutual.com

About SpringboardAuto.com
SpringboardAuto.com is a financial technology company whose direct-to-consumer auto loan platform puts the consumer in the center of the loan process. Founded by industry veterans, and staffed with an experienced team of automotive finance experts and technologists, SpringboardAuto.com facilitates and educates consumers during the loan process, offering faster decisions, transparency, personalized loan terms and support resulting in a better consumer experience and outcome. SpringboardAuto.com consumers are in control as they refinance auto loans or finance and purchase new or used vehicles directly online or via their smartphone.