OneAZ’s launch of Credit Flex Auto Program backed by Open Lending
Partnership will expand access to competitive auto loans for Arizonans
PHOENIX, AZ (April 29, 2024) — OneAZ Credit Union is excited to announce the launch of the Credit Flex Auto Program, a new program that will expand access to affordable auto loans to more Arizonans. By partnering with Open Lending Corporation (“Open Lending”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, OneAZ will be saying “yes” to more applicants who previously may not have qualified for an auto loan due to lower credit scores or other factors.
By adopting Open Lending’s Lenders Protection™ platform under the Credit Flex Auto Program, OneAZ aims to increase financial inclusion by diversifying evaluations of borrower potential. This allows OneAZ to enhance its auto loan lending process by evaluating broader, alternative data to provide a more thorough analysis of borrower potential, which lenders can overlook if they rely solely on traditional credit scores.
Osman Ulhaq, Chief Strategy and Growth Officer at OneAZ, noted how this selection fits 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. 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.”
Open Lending’s Lenders Protection platform provides loan analytics, risk-based pricing, risk modeling, and default insurance to automotive lenders throughout the country. The solution 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 of 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.”
OneAZ’s initial launch of their Credit Flex Auto Program backed by Open Lending’s Lenders Protection platform began rolling out on Monday, April 15.
To learn more about Open Lending at OneAZ Credit Union, visit openlending.com or oneazcu.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.
About Open Lending
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.
