AUSTIN, Texas — CU LIFT Fund, a “funding as a service” CUSO that is designed to help credit unions grow auto loan portfolios, said it has receive an investment from Reseda Group, a wholly-owned CUSO of Michigan State University Federal Credit Union.
The investment will help finalize the development of the LIFT Network, a proprietary, closed-loop payment network that allows credit unions to fund direct auto loans instantly, according to the organization.
“Having Reseda Group as a strategic investor means more than just the financial resources it affords us,” CUSO founder Kirk Klinkhammer said in a statement. “Reseda Group has become recognized industrywide as an innovator and leader in deploying advanced technology.”
Klinkhammer said MSUFCU has built one of the largest, most successful auto lending programs, not just among credit unions, but of all auto finance lenders.
‘Ideal Channel’
The CUSO added that as a CU LIFT Fund client, MSUFCU will play a key role as an anchor in Michigan, driving participation of auto dealers and other credit unions around the state.
“A direct auto loan at the time of purchase is the ideal channel for any credit union. Unfortunately, it’s not always the easiest channel for the member,” said Reseda Group Chief Operating Officer and MSUFCU’s Chief Innovation Officer Ben Maxim. “CU LIFT Fund fixes that problem by creating the best possible member buying experience.”
Eliminating Commoditization
Klinkhammer added that other lending channels can commoditize a credit union’s brand.
“We embrace each credit union’s brand and build upon the trusted relationship members have with their credit unions,” he said in his statement.
Now With Free Shipping! The CUToday.info Daily News Email Keeps Getting Better!
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?