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Security Service FCU Ranks No. 1 with Auto Dealers
Wednesday, December 9, 2015 7:00 AM

According to Auto Finance News, Security Service Federal Credit Union has been ranked No. 1 on a list of financial providers favored by auto dealers, making it the first credit union ever to take the top spot in this national survey. The Auto Finance Performance survey, conducted by Auto Finance Advisors ranks lenders in service, pricing, representatives, and products.

More than 3,330 dealers completed the survey in which each dealer could name and rate as many as six lenders (three prime and three nonprime or subprime). "[E]ach lender was ranked by its dealers in 25 components within the service, pricing, reps, and products categories," said Marcie Belles, the VP of auto finance at Royal Media, the publisher of Auto Finance News. "Aside from the quantitative data, dealers answer open-ended questions that offer lenders insight into specific strengths and weaknesses."

The $9.1 billion Security Service FCU scored the highest overall, with a composite 9.18 out of a possible 10. Among the 30 top-ranked institutions, 18 were banks, nine were captive lenders, and only three were credit unions.

The other two credit unions were: Teachers Credit Union, which ranked 13th (with an overall performance score of 8.47); and Navy Federal Credit Union, ranked 30th (with 8.0). The $72 billion Navy FCU is based in Vienna, Virginia; $2.8 billion Teachers CU is headquartered in South Bend, Indiana.

Among companies designated by dealers as "prime" lenders, Security Service took the top ranking, with an overall score of 9.17.

Among all the dealers who rated Security Service (whether they selected the CU as "prime" or "subprime" in replying), the overall performance score was 9.18. "When we calculate Security Service FCU's score based only on the dealers who designated it as a prime lender, the average is 9.17," Belles added.

Jim Laffoon, president and CEO of Security Service said it is an honor for the credit union to be recognized by the industry. "We are especially proud to be the first credit union to take the top spot in overall performance," Laffoon said.

Since 1990, the CU has grown its auto loan portfolio to more than $5.4 billion.

"We've focused on growth through a program that hinges on providing outstanding service and building strong relationships with dealers," said Charles Goss, executive vice president and chief lending officer for Security Service. "The goal is a seamless, efficient, and fast loan process for members."

The credit union can approve a loan in as little as 15 to 20 minutes, with funding delivered to the dealership within 24 hours, sometimes on the same day, Goss added.

Source:  Credit Union Journal