The National Credit Union Foundation (NCUF) announced today that the Filene Research Institute will test its non-prime auto lending program in Filene’s new accessible financial services incubator. Funded by a $700,000 grant from the Ford Foundation, the incubator will test, package and scale innovative, viable financial products that benefit low-and-moderate-income US consumers.
The non-prime auto lending program by the National Credit Union Foundation helps consumers gain access to reliable transportation which allows for increased access to jobs, housing, schools and activities. Many credit-challenged consumers lack reliable transportation and this program helps lenders fairly price and manage non-prime auto loans, incorporating the LIFT idea introduced by Filene i3.
“We searched nationwide to find financial products that are innovative in ways that benefit low-and-moderate-income consumers,” said Cynthia Campbell, director of innovation labs at Filene. “Chosen from more than 20 submissions, NCUF’s non-prime auto lending program shows promise of doing just that.”
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