We developed Hybrid CPI as an alternative tracking method to help our partners secure their collateral while maintaining positive member relationships and demonstrating to regulatory agencies that they are treating borrowers fairly. However, sometimes "out with the old and in with the new" is easier said than done, particularly when it comes to tried-and-true methods that lenders have been using for decades. It's not always easy for lenders to move away from their lender-placed comfort zone they're acquainted with and after all, "if it ain't broke, don't fix it," right? Well, many of our clients found that by transitioning from the industry-standard CPI program to our Hybrid solution they were able to realize numerous benefits including increased cash flow, reduced delinquencies and repossessions due to premium add-on, and reduced program administration burden and reduced member noise.
Recently, we sat down with Mike DeShazo, Senior Vice President at Cabrillo Credit Union, to talk about how making the switch from traditional CPI to Hybrid CPI impacted his members and employees. Check out the full video below!