[April 18, 2007]

Quantum Auto Group Partners With The Credit Union Loan Source to Deliver Millions of Dollars in Indirect Auto Loan Volume

MELVILLE, N.Y. --(Business Wire)-- In a move that will help credit unions to further break down regional and state barriers to originating indirect loans, Quantum Auto Group(TM), LLC today announced a partnership with a leading credit union service organization (CUSO), The Credit Union Loan Source, LLC, to provide access to auto loans sourced from dealerships located in states along the Eastern Seaboard. The deal will make indirect loan volume originated by Quantum Auto Group available to The Credit Union Loan Source, which is owned by the following entities: Delta Employees Credit Union; Georgia Telco Credit Union; Atlanta Postal Credit Union and Georgia Credit Union Services, Corp. Since 2003, Quantum Auto Group has originated and sold nearly $500 million in auto loans or retail installment contracts to various financial organizations.

"Our partnership with The Credit Union Loan Source is providing the Georgia-based organization access to hundreds of millions of dollars in indirect loans that would otherwise have been cost-prohibitive to obtain on their own through traditional market development activities," said Syd Ally, president and CEO of Quantum Auto Group. "With access to loans from our extensive network of auto dealers, we will be able to help The Credit Union Loan Source book more of the loans they want with minimal investment."

Quantum Auto Group is a sales finance company that originates retail installment contracts or auto loans from auto dealerships and then sells them to a variety of financial organizations. The company currently has nearly 1,000 dealerships in its network located across multiple states. With its partnership with The Credit Union Loan Source, Quantum Auto Group now provides retail installment contracts or auto loans to seven financial organizations. The partnership with The Credit Union Loan Source is the first for Quantum Auto Group in the credit union market.

"Quantum Auto Group gives us access to the class of auto loans we want at a fraction of the cost of seeking those loans on our own," said Ralph Jones, president of The Credit Union Loan Source. "The reach, combined with loan origination automation capabilities available from Quantum Auto Group, will help us accomplish two significant objectives - a significant growth in our indirect loan volume, and a broader market diversification in our portfolio."

Quantum Auto Group offers its financial institution partners the ability to purchase loans tailored to their specific credit parameters and portfolios. Transactionally, these include flow transactions, bulk warehouse transactions and transactions designed to meet periodic balance sheet needs and yield targets. Additionally, Quantum Auto Group offers services that give partners direct access to consumer auto loans through a hosted infrastructure, including branch-based origination platforms and auto loan refinance program capabilities. For more information on Quantum Auto Group and its services, visit www.quantumauto.com.

About The Credit Union Loan Source, LLC

The Credit Union Loan Source, LLC (CULS) is a Georgia-based credit union service organization, which is owned by Atlanta Postal Credit Union, Delta Community Credit Union, Georgia Telco Credit Union and the Georgia Credit Union Services, Corp.

About Quantum Auto Group, LLC

Quantum Auto Group, LLC is a leading provider of retail and indirect loan contracts to financial institutions. Through its network of auto dealerships across the northeastern United States, the company provides its financial institution partners with access to indirect loan volume, which can be tailored to meet their unique needs and credit parameters. For more information on Quantum Auto Group, LLC, visit www.quantumauto.com.

Quantum Auto Group is a trademark of Quantum Auto Group, LLC. All other company and product names mentioned are used only for identification and may be trademarks or registered trademarks of their respective companies.

[ Back To TMCnet.com's Homepage ]

Discussions: