CUNA Mutual Group said it has begun a controlled rollout of "Lenders Protection," a new lending solution that the company said helps credit unions approve vehicle loans to "credit-challenged members while safeguarding against loss."
"Lenders Protection is an innovative default insurance program that enables credit unions to build their vehicle loan portfolios by lending to members with near-prime credit scores, while managing their risk of financial loss in case of borrowers' default," CUNA Mutual said. The program is to go national in 2005. Lenders Protection allows for financing of 125% of the NADA wholesale trade value or dealer invoice.
For info: (800) 333-2644 or www.cunamutual.com.
