Provide Affordable Auto Loans To Non-prime Borrowers and Make Money for you CU
With Bill Myers Field Coach – REAL Solutions® Senior Fellow, Aspen Institute
Did you know…
- That 88% of Americans drive to work?
- That providing non-prime auto loans is big business and that credit unions have captured only 5% of the non-prime used auto loan market?
Vehicle lending is credit unions “bread and butter”. Yet many credit unions have not discovered that serving borrowers with poor or thin file credit scores can be a great business opportunity. Credit unions that have balanced risk with pricing have successfully reached hundreds of low-wealth consumers while building reserves for the institution.
Over 40 million used vehicles are sold each year in the US – 2 and 1/2 times the number of new vehicles sold. Eight million of these loans are sold to low- and moderate income borrowers.
Please join us for a four-part series, exclusively for Real Solutions® credit unions and leagues, in which your credit union will gain a greater knowledge of how to offer an alternative to predatory car loans.