Latino Credit Union Conference Features L.A.-Based Auto Dealer Network

Robert Mims and Erwin Ortega of Water and Power Community Credit Union’s (WPCCU) Montebello branch, will speak at the 4th Annual Latino Credit Union Conference, slated for June 7-10, in Durham, North Carolina. Mims and Ortega will address the challenge of successfully meeting the needs of low-income, first-time Latino borrowers.

Mims and Ortega created the dealer network in 2003 after discovering that community members, many first-time borrowers of Latino heritage, were relying on high-interest-rate finance companies for their auto loans. Both managers contacted more than 100 independent auto dealers to raise awareness of the lower-interest financing available from credit unions.

Mims says, “The cultural connection has contributed to a deeper sense of community between the credit union, our members, and the auto dealers.”

The Montebello branch funded more than $35 million in auto loans since 2003, primarily to low-income, first-time borrowers. Through the auto dealer network, WPCCU continues to reach out to the Hispanic community with more affordable funding while giving the independent auto dealers another source of financing for their customers.