Credit Union Lending Alliance of New England Opens in Baileyville

Credit Union Lending Alliance of New England (CULANE) team members take a break from training to pose for a photo in front of the new signage located at Down East Credit Union’s Baileyville location at 23 Third Avenue. Pictured are (l to r), front: Tonia Lanier, Vice President of Lending & Branch Operations for Down East Credit Union; and CULANE Team Members: Margaret Cheney, Indirect Loan Processor; Kim Johnson, Operations Manager; Sally Coleman, Dealership Lending Manager/Senior Underwriter; and Katie Clark, Indirect Loan Processor. Back: CJ Glenn, Credit Analyst; Jason Theriault, Senior Credit Analyst; and Daniel Daggett, President. (Submitted photo)

 

On March 6, 2018, CULANE (Credit Union Lending Alliance of New England) officially opened its doors for business with headquarters in the Baileyville branch of Down East Credit Union at 23 Third Avenue. CULANE is a Credit Union Service Organization (CUSO) that will utilize technology provided by Credit Union Acceptance Company, LLC (CUAC) of Houston, Texas and resources provided by Down East Credit Union to serve all of New England.

Daniel Daggett, Chief Executive Officer of CULANE, is enthusiastic in seeing this project come to fruition. “CULANE will employ nine people at its start, servicing 11 credit unions and over 150 auto dealers across New England.”

CULANE will provide new, simplified software connecting dealerships to credit unions in what is known in the industry as indirect lending. When a person goes shopping for an automobile and lending options right at the dealership, most times the buyers are obtaining a loan for their purchase indirectly through a financial institution.

“With 9 out of 10 consumers seeking lending at the auto dealership, it is important for credit unions to have a presence at the dealership,” adds Daggett. “CULANE offers the software capabilities required to connect the car dealer with financing options at a local credit union. Financing through credit unions means money stays local within the community.”

The partnership between CUAC and CULANE allows for the use of CUAC’s existing dynamic loan origination technology, Dealertrack™ and Route One™ dealer application platform connection, best indirect lending practices, and expertise in the industry.

CULANE looks forward to serving the indirect lending needs across New England by providing new software technologies to dealers and credit unions, solidifying the program with simple rates and terms, offering centralized processing to credit unions, and adding more employees to offer extended hours.

“Most people are out car shopping after work or on weekends, when many credit unions are closed,” states CULANE Operations Manager, Kim Johnson. “Offering extended hours for application review and acceptance will give our partner credit unions a competitive advantage to be able to serve their members at a time when they want to be served.”

CULANE is essentially an extension of the lending arm to credit unions, offering additional staff to help with underwriting and loan processing, and leveraging exceptional service and dealer relationships. CULANE will make it easier for dealers to obtain financing options through credit unions, resulting in more options for car shoppers to find the best rates and terms for their needs.

The next time you are out car shopping, take the lead at the dealership and request indirect lending options from your local credit union. Visit the CULANE website to learn more at www.culane.com.