First Castle Federal Credit Union Soars to Success with LoanPlus CMS

First Castle Federal Credit Union, the second oldest federally chartered credit union in the United States, had a problem. It wanted to strengthen its member relationships, help its members rebuild their credit, improve collections processes, locate vehicles more easily and increase loan volume from local dealers in the area, but was finding it difficult to find a solution to meet its needs.

After exploring several options like hiring more collections staffers, First Castle was at a standstill. It needed a proven, cost effective solution fast, which ultimately lead the company to Spireon’s LoanPlus CMS solution.

Spireon’s collateral management system connects credit unions to the information and tools they need to offer automotive loans to higher risk credit challenged members and expand their automotive programs to better serve the unbanked and under-banked consumer. Backed by advanced patented GPS technology and a software as a service ‘SaaS’ platform, the solution helps streamline business processes through an easy to use web, dedicated web-based portal, that provides location based intelligence to make more actionable decisions. 

Initially, First Castle Federal Credit Union evaluated various options but quickly realized the overarching benefits of adopting LoanPlus CMS. In no time, First Castle was up and running and seeing fast results including:

  • A greater loan volume
  • An improved ability to compete with other automotive lenders in their area
  • Improved member interaction and member loyalty
  • Increased staff productivity (each staff member was able to manage 50 percent more loans)
  • 100 percent greater success rates in asset recoveries
  • Significant reduction in repossession costs ($2000 to $3000 per repossession)
  • Improved credit ratings among its member base
  • Assisted in locating stolen assets

Just as First Castle Federal Credit Union is committed to helping its members reach their financial goals while overcoming their financial challenges, Spireon is committed to helping credit unions put more members behind the wheel and support their core member business objectives. 

Visit LoanPlus CMS for more information or call to talk to one of our account representatives to see a live demo at 1-877-897-7587.

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