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Open Lending (NASDAQ: LPRO) partners with OneAZ Credit Union to expand access to auto loans for underserved populations in Arizona. The partnership aims to protect assets of members with deposits from the downside risk of defaults on auto loans. OneAZ will utilize Open Lending's Lenders Protection™ platform to evaluate and insure auto loans for near- and non-prime borrowers, enhancing loan approvals and efficiency in the loan origination process.
Open Lending (NASDAQ: LPRO) collabora con OneAZ Credit Union per ampliare l'accesso ai prestiti auto per le popolazioni meno servite in Arizona. La partnership ha l'obiettivo di proteggere gli asset dei membri con depositi dal rischio di perdita derivante dai mancati pagamenti sui prestiti auto. OneAZ utilizzerà la piattaforma Lenders Protection™ di Open Lending per valutare e assicurare i prestiti auto a mutuatari near-prime e non-prime, migliorando l'approvazione dei prestiti e l'efficienza nel processo di origine del prestito.
Open Lending (NASDAQ: LPRO) se asocia con OneAZ Credit Union para expandir el acceso a préstamos de automóviles para poblaciones desatendidas en Arizona. La asociación tiene como objetivo proteger los activos de los miembros con depósitos frente al riesgo de impagos en préstamos de automóviles. OneAZ utilizará la plataforma Lenders Protection™ de Open Lending para evaluar y asegurar préstamos de automóviles para prestatarios near-prime y no-prime, aumentando la aprobación de préstamos y la eficiencia en el proceso de originación de préstamos.
Open Lending (NASDAQ: LPRO)은 애리조나 주의 소외된 인구에게 자동차 대출 접근성을 확대하기 위해 OneAZ Credit Union과 파트너십을 맺었습니다. 이 파트너십은 자동차 대출에 대한 채무 불이행으로부터 회원들의 예금 자산을 보호하려는 목적을 가지고 있습니다. OneAZ는 Open Lending의 Lenders Protection™ 플랫폼을 사용하여 near-prime 및 non-prime 차용자를 위한 자동차 대출을 평가하고 보험에 가입하여 대출 승인과 대출 기원 과정의 효율성을 향상시킬 것입니다.
Open Lending (NASDAQ: LPRO) s'associe avec OneAZ Credit Union pour élargir l'accès aux prêts automobiles pour les populations mal desservies en Arizona. Le partenariat vise à protéger les actifs des membres avec des dépôts contre le risque de défaillance sur les prêts automobiles. OneAZ utilisera la plateforme Lenders Protection™ d'Open Lending pour évaluer et assurer les prêts automobiles destinés aux emprunteurs near-prime et non-prime, améliorant ainsi l'approbation des prêts et l'efficacité dans le processus d'origination de prêts.
Open Lending (NASDAQ: LPRO) geht eine Partnerschaft mit der OneAZ Credit Union ein, um den Zugang zu Auto-Darlehen für unterversorgte Bevölkerungsgruppen in Arizona zu erweitern. Die Partnerschaft zielt darauf ab, die Vermögenswerte der Mitglieder mit Einlagen vor dem Abwärtsrisiko von Ausfällen bei Autokrediten zu schützen. OneAZ wird die Lenders Protection™-Plattform von Open Lending nutzen, um Autokredite für Near-Prime- und Non-Prime-Kreditnehmer zu bewerten und zu versichern, wodurch die Kreditgenehmigung und die Effizienz im Kreditvergabeprozess verbessert werden.
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Partnership will expand access to competitive auto loans for Arizonans
AUSTIN, Texas--(BUSINESS WIRE)--
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, was recently selected by OneAZ Credit Union (“OneAZ”) as their lending enablement solution for automotive loans. The partnership will help OneAZ expand access to auto loans for underserved populations of Arizona while also protecting the assets of its members with deposits from the downside risk of defaults on auto loans.
OneAZ Credit Union, headquartered in Phoenix, Arizona and with over $3.4 billion in total assets, has been serving the banking needs of Arizonans for over 70 years and currently serves over 185,000 members through its 20 locations and online banking capabilities all backed by its 500 dedicated associates. OneAZ will utilize Open Lending’s Lenders Protection™ platform in their market under their Credit Flex Auto Program.
The Lenders Protection platform provides loan analytics, risk-based pricing, risk modeling, and default insurance to automotive lenders throughout the United States. This platform reduces risk, increases loan approvals, expands lending portfolios, and improves efficiency of the loan origination process. Through the Lenders Protection platform OneAZ will be able to evaluate and insure both direct and indirect auto loans for near- and non-prime borrowers.
“We are incredibly honored that OneAZ recognizes the value we can bring to their institution and their members,” said Matt Roe, Chief Revenue Officer at Open Lending. “Over our 24-year history of enabling credit unions to serve the underserved, Open Lending knows well how critical vehicle ownership is to building economic well-being. We appreciate OneAZ’s ongoing commitment to serving all of their members and making vehicle ownership more accessible as it is fundamental to helping their members build economic opportunities and a better quality of life.”
Osman Ulhaq, Chief Strategy and Growth Officer at OneAZ noted how this partnership aligns with their strategic vision. “Our aspiration is to ignite the dreams within each individual and provide the pathways necessary to transform those dreams into tangible realities,” said Mr. Ulhaq. “We are committed to being a catalyst for personal growth and prosperity, empowering our community members to reach their full potential.”
As it relates to the Credit Flex Auto Program, OneAZ’s Ken Bauer, EVP and Chief Lending Officer commented, “OneAZ is so excited to bring our partnership with Open Lending to fruition through our Credit Flex Auto Program. Being able to provide our members with these loans not only aligns with our mission to improve lives but also our aspiration to drive prosperity and growth through innovative solutions. The work our teams have done on this initiative will literally help families throughout Arizona get to work and school safely and deepen our ties to the communities we serve.”
OneAZ’s initial launch of their Credit Flex Auto Program backed by the Lenders Protection platform began to roll out in their market during the week of April 15th.
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.
About OneAZ Credit Union
OneAZ Credit Union is a member-owned financial institution serving over 185,000 members and over 11,000 businesses with 20 branch locations across Arizona. As a credit union with $3.4 billion in assets, OneAZ is owned by its members, who benefit from better rates, lower fees for service and improved technology. Since 1951, OneAZ has strived to help Arizonans meet their financial needs through a full suite of personal and business banking solutions. OneAZ’s mission is to truly improve the lives of its members, its associates, and the communities it serves. To learn more, visit OneAZcu.com. Insured by NCUA.
What is the partnership between Open Lending and OneAZ Credit Union about?
The partnership aims to expand access to auto loans for underserved populations in Arizona and protect assets of members with deposits from the downside risk of defaults on auto loans.
What platform will OneAZ Credit Union utilize in their Credit Flex Auto Program?
OneAZ will utilize Open Lending's Lenders Protection™ platform in their market under their Credit Flex Auto Program.
When did OneAZ Credit Union's initial launch of their Credit Flex Auto Program backed by the Lenders Protection platform begin?
OneAZ's initial launch of their Credit Flex Auto Program backed by the Lenders Protection platform began to roll out in their market during the week of April 15th.
How will the partnership benefit OneAZ Credit Union and its members?
The partnership will help OneAZ expand access to auto loans, increase loan approvals, expand lending portfolios, and improve efficiency of the loan origination process.
open lending provides automated lending services to financial institutions. the company specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the united states. the company was founded in austin, tx in 2000 and is privately owned. open lending had been recognised as one of austin's fast 50 growing companies for the past 4 years and has been voted to one of austin's best places to work for the last two years. its flagship product, the lenders protection program is a unique auto lending program for direct and/or indirect loans that provides a powerful and safe way for lenders to increase near and non-prime auto loan volumes and yields without adding risk to their loan portfolio. lenders protection combines sophisticated risk-based pricing models, configured to each lender’s individual cost factors and financial targets, with reliable loan default insurance provided by amtrust financial services, an “a” rated t
