KeySavvy Platform Modernizes Private-Party Auto Lending for Credit Unions

By John San Filippo

An innovative platform from Seattle-based KeySavvy is streamlining the often-complex process of private-party used vehicle sales, enabling financial institutions like Great Basin Federal Credit Union to better serve their members and tap into a significant market segment. By acting as a licensed dealer in the transaction, KeySavvy transforms a potentially risky private-party sale into a secure, efficient dealer-like experience, Andrew Crowell, CEO of KeySavvy, told Finopotamus.

Andrew Crowell

The challenge for many credit unions in facilitating private-party auto loans has traditionally been the inherent risk and complexity, he added. Transactions often involve in-person meetings, cash payments, and manual title transfers, creating logistical hurdles and fraud potential. This is particularly true when the seller has an outstanding loan on the vehicle, as the title is held by their lender.

A Unique Approach

“We’re a vehicle transaction platform that makes private party sales safer and easier,” said Crowell. “We use identity verification, payment technology, and the capabilities of a licensed dealership to eliminate fraud and increase convenience for private party sales.”

KeySavvy’s process simplifies the experience for all parties involved. Under the hood, KeySavvy purchases the car from the seller and instantly sells it to the buyer, Crowell noted. This places KeySavvy in the chain of title and abstracts away the complexities of the seller’s ownership, whether it involves an existing lien, co-owners, or a business entity. From the credit union’s perspective, every transaction becomes a straightforward dealer sale.

For $350 million, 26,000-member Great Basin Federal Credit Union, a Reno, Nevada-based institution, KeySavvy offered a solution to a long-standing problem, explained Great Basin Lending Manager Nina Hallock. The credit union was actively seeking a way to facilitate private-party auto sales for its members, a process that previously required all parties to physically come into a branch to verify identities and sign over titles. This limited their members’ ability to purchase vehicles from outside their immediate geographic area.

Nina Hallock

“It eliminates the buyer and the seller from having to come to a branch, because it’s all electronic,” said Hallock. “We’ve never been able to help our members purchase private party outside of our general area ... It’s definitely opened up a whole new opportunity for us and our members.”

The credit union had searched for a solution, envisioning something akin to an escrow service for vehicle sales. They found that KeySavvy not only met but exceeded their expectations by handling the entire title transfer process, a major pain point, Hallock said. He noted that problematic third-party title situations account for a significant portion of their processing time, a burden KeySavvy’s platform alleviates.

An End-to-End Solution

The technology behind KeySavvy integrates identity verification, payment processing, and data extraction from title documents, Crowell offered. The company pulls information from national databases to verify vehicle ownership and can obtain 10-day payoff amounts from most lenders. The platform guides both buyer and seller through the process with clear instructions, from generating a bill of sale to providing detailed guides on how to properly sign the title.

Funding the transaction is also simplified. Great Basin sends the loan proceeds directly to KeySavvy. KeySavvy collects any down payment from the buyer and then disburses the funds, either to the seller directly or to their lienholder. A key feature is the use of Real-Time Payments (RTP), which allows sellers to receive their money almost instantly, seven days a week, Crowell said.

While Great Basin is a new customer, Hallock anticipates the partnership will significantly improve the efficiency of their loan department, allowing the credit union to fund loans more quickly and serve a broader membership base, especially as the credit union expands into new counties in Nevada and Idaho where it has no physical branches. The credit union has also opted to cover the cost of the KeySavvy service as a benefit for its members.

Crowell highlighted that the private-party market represents nearly half of all used car sales. By enabling easier and more secure financing for these transactions, he noted, KeySavvy provides a path for credit unions to capture more direct loans, which often lead to deeper member relationships compared to indirect loans sourced through dealerships.