Tesla (TSLA) partners with Origence to bring affordable credit union financing to electric vehicle buyers
Origence’s new licensed subsidiary, FI Connect, has built a network of 21 credit unions with $3.3 billion in annual EV lending capacity.
IRVINE, CA (January 16, 2024) — Origence, the leading credit union lending technology company in the U.S., and Tesla, the largest EV manufacturer in the world, have partnered to offer credit union financing to EV buyers through the Tesla website.
Origence is leveraging its new licensed subsidiary, FI Connect, to purchase and place retail contracts with partner credit unions nationwide. FI Connect currently has a network of 21 credit unions with $3.3 billion in annual EV lending capacity.
Patelco CU, Carter FCU, Langley FCU, Silver State Schools FCU, Sound CU, Vantage West CU, Coast Central CU, Pacific Service CU, Washington State Employees CU, and Whatcom Educational CU are among the first to join the financing network and provide loans to EV buyers.
“Having the opportunity to be one of the first credit unions in the nation to partner with FI Connect to provide Tesla financing has been fantastic,” said Mel Valenzuela, SVP & chief lending officer at Silver State Schools Credit Union. “Every part of the process, from onboarding to the instant funding of loans, is innovative and refreshing.”
By making credit union financing available at the point of purchase, EV buyers will have easy access to competitive rates and extended financing terms—both important factors in providing consumers with options to lower their monthly payments.
“This partnership gives Tesla customers an easy, convenient, and affordable way to secure credit union financing for their EV purchase while helping credit unions like Patelco keep pace with rapidly growing demand for EV financing,” said Josh Garrison, vice president of consumer lending and cards at Patelco Credit Union.
Consumers shopping for Tesla vehicles are provided financing options when reserving or purchasing a vehicle through Tesla’s website or mobile app. The addition of credit union financing makes convenient point-of-sale financing available to millions of credit union members and consumers seeking low-rate financing options.
“The excitement continues to build among credit unions – with nearly 30 credit unions in various stages of implementation and contract negotiations,” said Tony Boutelle, president and CEO of Origence. “As EVs continue to gain popularity by consumer demand and state mandates, it’s important for credit unions to provide EV lending options through embedded financing with dealerships and direct-to-consumer models.”
To learn how credit unions can become an FI Connect partner and expand their EV lending channels, please call George Batty, AVP Business Development, at (520) 425-7816.
About Origence
Origence provides lending technology solutions credit unions need to advance their total origination experience. We were established in 1994 as a credit union service organization (CUSO) and have helped thousands of credit unions process more than 88 million applications for $551 billion in funded loans. Our solutions include indirect lending, loan and account origination, auto shopping, marketing automation, lending operations, and more. Origence was named the 2023 CUSO of the year by NACUSO. Learn more at www.origence.com and follow us on X and LinkedIn.
About FI Connect
FI Connect, an independent subsidiary of Origence, brings borrowers, retailers, and credit unions together for convenient financing right at the point of sale. FI Connect streamlines the lending experience for national retailers while offering wallet-friendly credit union financing options to borrowers. It’s a better financing experience as we connect and work together. Learn more at www.ficonnectlending.com.
