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Three Cornerstone Credit Union League-affiliated CUs to Participate in Non-Prime Auto Lending Pilot
Tuesday, April 22, 2014 6:40 AM

The National Credit Union Foundation, (NCUF) in partnership with Filene Research Institute, announces that the product incubator for Non-Prime Auto Loans, is full with 14 credit unions across the country participating, including three Cornerstone Credit Union League-affiliated credit unions. Non-Prime Auto Loans, an NCUF product, is one of five products in the Filene Research Institute’s accessible financial services incubator funded by the Ford Foundation.

“Credit unions have a long history as being the proving ground for consumer centric, innovative financial products,” said Cynthia Campbell, director of innovation labs at Filene, “and partnering with the NCUF to test the viability of Non-Prime Auto Loans with mainstream financial institutions was a natural fit since their experience in working with low-to-moderate income consumers is extensive.”

Eighty-eight percent of Americans drive to work. Without a car, options for work, food, childcare and healthcare become limited. Economic mobility is strengthened through the mobility that comes with affordable, reliable wheels. This product increases access to affordable auto loans to those who have credit challenges.

“Estimates say that families can increase their income by as much as 25% with access to reliable transportation,” said Gigi Hyland, NCUF Executive Director. “We’re excited to work with not only Filene on this project but also such a wide array of credit unions across the country to give affordable, safe and reliable used cars to those that need them most.”

The following Cornerstone credit unions will be testing the Non-Prime Auto Loan product:

  • Cy-Fair FCU in Houston, Texas
  • EECU in Fort Worth, Texas
  • University CU in Austin, Texas