Wednesday, Jun. 06, 2007, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
MELVILLE, N.Y. — Quantum Auto Group recently announced a partnership with The Credit Union Loan Source to offer access to auto loans sourced from dealerships based along the Eastern Seaboard.
More specifically, the deal will make indirect loan volume originated by Quantum available to CULS, which is owned by Delta Employees Credit Union, Georgia Telco Credit Union, Atlanta Postal Credit Union and Georgia Credit Union Services.
Since 2003, Quantum Auto Group has originated and sold nearly $500 million in auto loans to various financial organizations, executives reported.
"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," explained Syd Ally, president and chief executive officer of Quantum.
"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," Ally continued.
Officials said Quantum is a sales finance company that originates retail installment contracts from dealerships and then sells them to a variety of organizations.
The company currently has almost 1,000 stores in its network, which are located throughout multiple states. Moreover, executives noted that Quantum's partnership with CULS is their first 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 CUSO.
"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," he concluded.
For more information on Quantum, visit .