MIDDLETOWN, Pa. — Sollievo Group LLC, through its partnership with private insurance broker Lockton, announced it is offering a new auto loan program called Partial Recourse Protection (PRP) exclusively to credit unions.
Sollievo said the program is designed to help increase both direct and indirect lending, increase yield and approve more loan opportunities that are currently being missed due to high loan-to-value (LTV) ratios.
The program targets members with good credit but who may have negative equity in a trade or the inability to satisfy down payment requirements, the firm said.
"By offering this product, we're giving credit unions an unrivaled resource to increase revenue and loan volume, as well as provide members with more buying power," said Lori Gall, president and CEO of Sollievo in a statement.
Sollievo is a wholly-owned CUSO of Mid-Atlantic Corporate Federal Credit Union of Middletown , Pa.
