Tenet Energy Proves Out Lender Network with Service Credit Union to Drive EV Adoption
Service Credit Union and Tenet Energy Inc. partner for seamless electric vehicle financing and a reliable source of new member growth
Tenet Energy Inc. (“Tenet”) has partnered with Service Credit Union (“Service CU”) to provide more affordable options to accelerate the adoption of electric vehicles with promising results thus far.
The partnership gives Service Credit Union the ability to accelerate new member growth with Tenet’s EV purchase and financing platform. Service CU receives vetted and high-intent EV auto loans, funded or ready to fund, from Tenet’s EV-specific acquisition channels and streamlined, 100% digital origination experience. This modern auto initiative provides credit unions with a unique EV lending experience without extra overhead or infrastructure solution and scales origination growth.
“Tenet has been a great partner in the EV space and has helped us drive new member growth,” said Mark O'Dell, Chief Retail Officer at Service Credit Union. “The electric vehicle loan portfolio has had A+ performance.”
Since the start of its partnership with Tenet, Service Credit Union has experienced significant growth by adding over 700 new members and avoiding approximately 160 tons of CO2 emissions every month. This equates to roughly $34.8 million in loan volume sold, primarily to consumers with high credit scores and majority homeownership. These impressive metrics highlight the success and impact of the collaboration, as well as the future growth projection with strong risk profiles and lower delinquency rates.
"We are thrilled about our partnership with Service Credit Union, which makes EV ownership more accessible,” said Bo Kane, Head of Capital Markets at Tenet. “Together, we are not only supporting our customers in making environmentally responsible choices but meeting them where they are in digitally native channels. Partnering with Service Credit Union and broadening our lender network with additional credit unions is a key step in our mission to accelerate the transition to sustainable energy."
Service Credit Union and Tenet Energy are committed to continuing their efforts to grow sustainably, ensuring that members can benefit from the latest advancements in clean energy technology. By making EV ownership more affordable, they aim to create a positive environmental impact while enhancing the financial well-being of their members.