Credit Unions Put Their Foot on the Gas with FastPass SaaS

What are the two most significant pain points for consumers when they attempt online car shopping?

1. Being bombarded with calls, text messages and voicemails from dealers who have purchased their contact information from inventory lead provider websites.
2. Not knowing whether they can really afford the car they’ve chosen until they’re sitting at the finance manager’s desk.

CU LIFT Fund LLC, the CUSO committed to helping credit unions grow their direct auto loan portfolios, solves both with its SaaS-based FastPass platform. FastPass packs the entire auto- buying journey – from loan approval to vehicle selection to loan funding – into a first-of-its-kind credit union-branded mobile experience.

Members use the FastPass webapp to shop local dealer inventory anonymously and only disclose personal information to the dealer when they’re ready. Then, the FastPass platform communicates directly with the dealership to obtain actual out-the-door pricing on a vehicle before the test drive. This is especially important because it lets your members know whether they can afford a given vehicle using their credit union loan before they visit the dealer.

“There’s a good reason we say, ‘Think financing first,’” CU LIFT CEO Kirk Klinkhammer said. “When credit union members activate their approved loan through the FastPass webapp, they’re assured of the best possible experience. That includes getting in and out of the dealership and on the road much faster.”

Klinkhammer added that the FastPass solution can scale to meet the needs of a $200 million credit union up to a $20 billion credit union and beyond.