American Heritage Credit Union & VIA Auto Finance’s Collaboration Originates $350 Million in New Indirect Auto Loans and 10,000 New Members
American Heritage Credit Union (‘American Heritage’) and VIA Auto Finance’s formed credit union service organization (‘CUSO’) has brought forth significant benefits for both organizations in a short amount of time. As a result of their collaboration, VIA Auto Finance has originated $350 million through indirect auto loan origination. American Heritage, through servicing these auto loans, has welcomed 10,000 new members. Both accomplishments have been achieved in fewer than three years of the partnership.
American Heritage and VIA Auto Finance decided to form a CUSO to establish indirect auto loan origination in specific markets. VIA then originated loans in these metro markets, which are then exclusively awarded to the credit union. As a result, American Heritage has received new members through this CUSO in states such as California, Texas, Arizona, Nevada, and Oklahoma. American Heritage and VIA Auto Finance are in current discussions on which additional markets to target moving forward. As of now, markets are planned for 20 additional states.
The decision to collaborate between American Heritage and VIA Auto Finance was reached after careful consideration of underwriting parameters, guidelines, and compliance. VIA Auto Finance works with its dealership network to originate the loans. Once American Heritage then takes on the loan, they can begin to promote additional products and services to the lender as they become a member of the credit union.
“It has been an absolute pleasure working alongside Bob Barbee and the team at VIA Auto Finance. This CUSO has been mutually beneficial, and we are excited for the opportunities it presents for both of us. At American Heritage, we are also incredibly proud of our Senior Vice President of Consumer Lending, Bryan Eichenbaum, and our entire Consumer Lending team in helping expand our field of membership,” said Bruce Foulke, President and CEO of American Heritage.
“Since the beginning, American Heritage has been a fantastic partner. Together we have built a first-class indirect auto loan origination CUSO for our future additional credit union partners. Foulke, Eichenbaum, and their Consumer Lending team have been supportive and instrumental in that process and its success,” said Bob Barbee, President and CEO of VIA Auto Finance.