This episode of TechSolutions4CUs features host John San Filippo interviewing CU Lift Fund's President Paul Rindone about LIFT's FastPass platform, a new solution for credit unions to increase their auto loan volume. Rindone explains that credit unions struggle to compete with dealerships’ in-house financing, resulting in members often choosing the path of least resistance even if they prefer their credit union.  FastPass aims to solve this problem by creating a "hybrid channel," combining the best aspects of direct and indirect lending. It offers credit unions the control and transparency of direct lending with the speed and convenience of indirect lending.

FastPass integrates with dealer inventory systems, giving members the ability to search for cars they can afford based on their pre-approved loan amount through the credit union.  This "finance-first" approach allows members to shop confidently, knowing they qualify for financing on the vehicles they’re considering.  Through an anonymous chat feature within the app, members can communicate with dealers and ultimately share a “FastPass Code” which confirms their pre-approval and allows the dealer to prepare the final paperwork in advance.  This code streamlines the process, significantly reducing the time spent at the dealership.  

Unlike other online auto buying sites, FastPass doesn’t sell member leads to dealerships. Instead, it provides value to dealers by connecting them with pre-approved buyers. This model prioritizes the member relationship with the credit union.  

Rindone also discusses a developing partnership with Reseda Group to provide instant funding to dealers, making the process even more attractive. He emphasizes the importance of credit unions educating their members about this new, streamlined process.  Rindone predicts that credit unions using solutions like FastPass will regain lost auto loan market share throughout 2025.  He advises credit unions to analyze their potential auto loan opportunity and track how many members purchase vehicles using financing elsewhere, then develop targeted programs to capture that business.