Water and Power Community Credit Union Presentation

1
Water and Power Community Credit Union
Presentation

• Community Dealer
• Network

2
WPCCUHistory
3
In July 2002

• MONTEBELLO OPENS FOR
• BUSINESS IN THE
• SAN GABRIEL VALLEY

4

• The
• Brainstorming
• Session

5
Brainstorming Results

• Visit all local community dealers in our area
  (within a 10-mile radius).
• Formulate a check and balance system for loan
  processing.
• Utilized all available tools for fraud
  prevention.
• Build relationships with the dealers.

6
Branch Set-up

• Manager and Assistant Manager work together in
  the sales side.
• Manager and Assistant Manager have underwriting
  ability.
• MSR staff understand the loan process.

7
The Process

• Receive application from dealer.
• Log application on spreadsheet.
• Assign file to an MSR and loan processing
  begins.
• Return file to management for underwriting.
• Send fax to dealer with loan action.
• Make appointment for funding.

8
Independent DealerRequirements for Participation

• When visiting your local independent dealers,
  obtain the following
• Copy of current DMV Dealer License.
• Copy of sellers permit.
• Copy of business license.
• Copy of surety bond.
• Name(s) of owners.
• References.

9
Dealer Relationship

• Be straight up with them.
• Let them know we will verify everything.
• Falsified information will not be accepted.
• Visit the dealer at least once a month.
• Keep an eye on dealer inventory.
• Request renewed DMV license.
• Monitor your loan activity with the dealer.
• Never accept gifts or money.

10
Dealer packs

• Dealer welcome letter
• Field of membership (zip codes)
• MSR direct contact list
• Branch Location map
• Dealer faxing instructions
• Vehicle financing rates
• CU credit application
• CU membership application
• Family references sheet

11
Statistics

• At the end of 2002 we funded 796,000 and opened
  333 new memberships within a six-month period.
• After starting our dealer network in 2003 to
  date we have funded more than 37,000,000 and
  opened 5,400 new memberships.

12
Statistics Continued

• After funding more than 37,000,000 our branch
  had the lowest charge-off ratios at only 6.
• 95 of our loan business has been within our
  local and surrounding Latino communities.

13

• Thank you