CU LIFT Fund’s Paul Rindone Announces Reseda Group Investment at GAC

Auto loans continue to be an important lending area for credit unions. However, it can be cumbersome for members to wade through the process, so making the process as efficient as possible makes it easier for both the credit union and the member.

At America’s Credit Union Governmental Affairs Conference 2024, Sarah Snell Cooke sat down with CU LIFT Fund President Paul Ridone to talk about the organizations’ work to help credit unions originate direct auto loans and how they are looking toward the future, including their recent partnership with Reseda Group.

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Sarah Cooke 00:02

Yeah, we’re here at the GAC 2024, sitting with my friend Paul.  Paul, why don’t you introduce yourself and let us know where you’re from a little bit about that.

Paul Rindone 00:16

OK, thank you.  Thank you, Sarah.  I’m Paul Rindone, the president of Credit Union Lift Fund.  And I hail from Greenville, South Carolina, but excited to be here in DC.

Sarah Cooke 00:28

Yeah, no, that’s great.  love South Carolina.  So, how’s the show been going for you guys?  Seems pretty energetic, some traffic going around.

Paul Rindone 00:39

- The record attendance, and we’re having a fantastic show.  We’re really just, it’s a coming out party for us.  We’re very excited to announce the Reseda investment.

Paul Ridone 00:51

- Right.  - And we’re super excited about the things that Reseda’s doing and their confidence in us.  Yeah, so sharing that with people here at the show has been great.

Sarah Cooke 01:03 

Yeah, so why don’t you share it with us?  What are you doing at CU Lift Fund?

Paul Ridone 01:08

Well, that’s a great question.  Okay, [at] CU Lift Fund, what we do is we help credit unions originate more auto loans directly, and we do that really through two main things. Currently that process for doing a direct auto loan can be a little bit cumbersome for a member and so what we do is we give the member a better overall purchase experience and we also give the dealer a fantastic value proposition that incentivize them to come along.

Sarah Cooke 01:45

Yeah, yeah absolutely and that’s that’s great because keeping the member in your in your house is always a good thing. 

Paul Ridone 01:53

That channel directs it’s the preferred channel because it’s best for the credit unions brand. It’s lower risk, its lower cost, it’s better for engagement and so right now even while credit unions may be doing a little bit less less lending, this is a great time to say, I want to put more through my preferred chance and auto is core for credit unionization.   

Sarah Cooke 02:19

Right.  And doing it efficiently.  Yes.  No better time to be more efficient. 

Paul Rindone 02:23

There you go.

Sarah Cooke 02:24

Well, that’s great.  Thanks for joining us today, Paul. 

Paul Rindone 02:27

Appreciate your time, Sarah.

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