One of the main expenses professionals may encounter is a loan payment for a car. With interest rates generally rising due to the economy, now may be a great time to consider refinancing to take advantage of current rates.
Knowing this, IMAC has been working with a new partner, National Auto Loan Network. They strive to take the mystery out of obtaining financing for either purchasing or refinancing auto loans. They have proven systems and processes for identifying and converting suitable refinancing opportunities at scale.
We’re happy to bring them on as one of the benefit options for credit unions who qualify. Here’s a quick look at three programs they can offer you through us.
Forward Flow
Here, NALN produces near-prime auto refinancing at a very attractive yield. Credit unions provide the capital while the program delivers a monthly flow volume that conforms to your underwriting criteria. This means that your company can earn a net 6-7% extra revenue as part of this investment in a diversified loan national portfolio, delivering a greater yield than you may be experiencing now.
Participation
This is where a state or regional credit union that cannot take a national portfolio would earn a sponsoring credit union that would buy the extra flow. Under this arrangement, you would keep 90% of the flow. For this offer, the minimum is $1 million per month.
Liquidity
This last program is for credit unions that are at capacity on loans-to-assets. NALN through IMAC buys 90% participation for an auto loan portfolio with a minimum of $50 million, and no limit for a maximum amount. This all provides more robust liquidity on your business’s balance sheet.
Helping your employees with their benefits
NALN is our newest partner that will help clients with benefit and revenue needs. As part of what we give to your clients, IMAC blends a high level of expertise in insurance with the ability to be personalized. Our goal is not to sell you any program — it’s to sell you the right one for you and your group.
To achieve this for you, we work closely with all our clients to create a customized program that thoroughly answers your needs. The goal is to give your stakeholders the best insurance/product experience possible, and for them to understand that options are available in their unique situation.
Go to our website to learn how we can help you with insurance, marketing and administration.