Q: If you had advice for your credit union colleagues regarding switching to the CU Certified™ program, what would it be?
A: Do your due diligence and hear the success stories from credit unions. Allow the credit union to own its portfolio and utilize the gray area funds for member claims that normally would not be covered. CU Certified™ made conversion seamless for members and employees. CU Certified is not just a mechanical repairs vendor, but an asset-protecting partner.
“Thinking back to when ACFCU joined CU Certified™, the biggest motivator for switching from our long-time traditional provider was that we could own the portfolio of service contracts and enjoy all of the financial benefits that our past vendors enjoyed, primarily the substantial non-interest income in the form of underwriting profit.”
Scott Rose, President, and CEO, ACFCU
Q: Looking back, are you surprised by how much underwriting profit your credit union is projecting and what a substantial non-interest income source CU Certified™ can be for your credit union?
A: Yes. Keeping 100% of the Underwriting profit is a new concept in the credit union industry that other vendors do not offer; it is very exciting to watch the portfolio mature and grow.
Q: If you had advice for your credit union colleagues regarding switching to the CU Certified™ program, what would it be?
A: We originally were cautious on promises made regarding extensive claims coverage and the underwriting profit share, because these were unheard of in the credit union industry. Everything promised has been delivered and we continue to benefit from this program for our members’ mechanical breakdown protection and the credit union’s financial success.
“That CU Certified™ enables our credit union to own the portfolio of service contracts was a new concept to our credit union; as owners of our vehicle service contract portfolio, we can define how our members are protected. Because of the ownership of the portfolio, we also are vested in the growth and performance of the portfolio.
Our biggest motivator for switching to CU Certified™ was the entire package – we were looking for a better warranty program that provided excellent coverage to our members, but also was a good source of income for the credit union.”
Alvin Meaux, Senior Vice President Lending and Collections, TexasTrust CU