IRVINE, Calif. -

Less than a month after announcing an investment by CUNA Mutual Group, direct-to-consumer auto loan platform SpringboardAuto.com formed a partnership this week to enhance its position in the credit union space.

SpringboardAuto.com created a relationship with MeridianLink — the developer of a multi-channel account opening and loan origination platform — to provide its credit union clients with additional opportunities to fund members’ auto loans. The site has developed a technology solution that can provide a direct auto loan platform, so credit unions can offer financing to members with credit below typical prime borrower policies, without assuming additional credit or operational risk.

“Our platform enables MeridianLink clients to better meet the needs of today’s auto loan applicants, who don’t meet regulatory or stated loan policy restrictions of a credit union,” SpringboardAuto.com chief executive officer Jim Landy said.

“Consumers, especially those with less than perfect credit, are extremely dissatisfied with the opaque and frustrating car-financing process, and our platform gives financial institutions the ability to better serve these members,” Landy added.

Landy explained the new partnership seamlessly integrates MeridianLink and SpringboardAuto.com’s platforms, eliminating duplicate member declinations and hard inquiries on consumer bureaus, which have traditionally plagued second look programs.

“Approximately one-third of the U.S. auto market’s applications for credit fall outside of most credit unions’ buying parameters,” Landy said. “This new platform and process enables credit unions to provide a ‘best of’ loan product and experience to members that are being declined today, creating a win-win for the credit union and the consumer.”

MeridianLink’s Tim Nguyen added, “We’re pleased to partner with SpringboardAuto.com to securely and easily provide our credit unions with a ‘best-of-breed’ solution.

“This will enable credit unions to serve members who have less than perfect credit with an exceptional and dignified auto buying experience,” Nguyen went on to say.