Auto-Matic - The FastPass Digital Podcast
Fastpass Digital is turning the world of automotive purchase and finance on its ear. We've create an end-to-end platform that keeps the buyer in complete control and their pre-approved credit union financing front and center.
We created Auto-Matic to help bring clarity to the whole topic of automotive retail, explaining why virtually all of the legacy systems are broken and how FastPass fixes them. We'll feature discussions that explain key FastPass concepts, as well as industry experts to give their take on the current and future states of automotive retail.
Auto-Matic - The FastPass Digital Podcast
Why Approved Credit Union Loans Don't Always Turn into Funded Loans (and How FastPass Fixes That)
This episode of Auto-Matic dives into the mystery of why so many approved credit union auto loans go unfunded at dealerships. Hosts Lucy and Nick explain that while credit unions approve over $300 billion in auto loans annually, only about $70 billion gets funded directly, with another small percentage trickling back indirectly. This leaves a massive gap, with over 35% of approved loans lost to dealer-arranged financing.
The podcast highlights how dealers incentivize in-house financing: it's faster, gives them more control, and allows them to upsell add-on products like warranties. Credit unions are at a disadvantage because they lack real-time information about when their members are at a dealership, ready to buy.
The episode introduces FastPass as a solution. This digital platform puts the power back in the member's hands by letting them "put their loan inside their phone." FastPass provides several tools: a capacity-to-purchase calculator to help members stick to their budget, AI-powered car searching based on approved loan amounts, a "car Tinder" swiping feature to save favorite vehicles , and anonymous communication with dealerships to inquire about pricing and availability without being bombarded by sales calls.
The platform's AI negotiation tool lets members compare out-the-door prices from multiple dealerships. Once a price is agreed upon, members can schedule test drives through the app, which notifies the credit union loan officer, bringing them back into the loop. This empowers the credit union to offer timely support and potentially retain the loan.
FastPass benefits credit unions by increasing funded loan volume, giving them data-driven insights into members' buying behavior, and strengthening member relationships through improved communication and support. The hosts conclude by encouraging listeners to consider how this type of technology could transform other large purchase processes, making them more transparent and consumer-centric.