OneAZ’s Launch of Credit Flex Auto Program Backed by Open Lending
April 18 2024 - 8:23AM
Business Wire
Partnership will expand access to competitive
auto loans for Arizonans
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.
To learn more about Open Lending, visit openlending.com.
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.
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.
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Media Inquiries for Open Lending press@openlending.com
Investor Relations Inquiries openlending@icrinc.com
Alexander Martin, Assistant Director of Communication
amartin@oneazcu.com
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