Hear findings based on new nationally funded research presenting best practices in credit union auto lending to non-prime borrowers – particularly working families with low wealth and modest income.
Get a special preview of the joint research report exploring how Credit Unions Help Car Buyers Steer Clear of Predatory Loans.
Consider used car lending models that you can adapt in your credit union to better meet the needs of non-prime borrowers.
Why the Need?
In America today, 85% of Americans use a car to get to work. Public transportation is not readily available in most communities. Each year, 8 million cars are sold to low- and moderate-income borrowers. Not-for-profit credit unions serve only 5% of this market.*
Many non-prime car-buyers pay unfairly high rates and fees, making it difficult to afford monthly payments and needed maintenance. According to the Washington Post (April 20, 2008), delinquencies on indirect auto loans reached more than 3% in the fourth quarter last year – the highest rate in 17 years.
Even worse, Edmunds.com estimates more than 25% of auto loans are "upside down" – meaning borrowers owe more than their car is worth. The average negative equity was $4,305.05 in March 2008, up 32% from March 2002.
Preview New Research!
New research conducted by the National Credit Union Foundation and the Aspen Institute, with funding from the Annie E. Casey Foundation, shows how credit unions are working to turn these trends around.
RSVP to receive an advance copy of the report to be shared at the summit! The report will:
Detail how credit unions are providing used car loans for non-prime borrowers in a viable and sustainable way;
Based on that experience, discuss what it would take for more credit unions to effectively serve this market.
Please join us and become part of the real solution.
Presenters and Participants
Featured speakers will include:
Steve Delfin, Executive Director, National Credit Union Foundation
Bill Myers, Field Coach for NCUF’s REAL Solutions® program and Senior Fellow at the Aspen Institute
Kirsten Moy, Director, Economic Opportunities Program, Aspen Institute
Irene Skrickl, Senior VP, Annie E. Casey Foundation
Leading credit union auto lenders:
, Billings, Montana Coastal FCU, Raleigh, North Carolina Schools First FCU, Santa Ana, California
Participants will have opportunities to share auto lending models that work best for their credit unions and their members.
This free event is limited to 40 executives. Please RSVP with the name(s) and titles(s) of the people from your organization who will attend by replying to this e-mail or e-mailing Lois Kitsch, NCUF's REAL Solutions® Program Director at firstname.lastname@example.org.