CU Direct to Offer TitleGuard Vehicle Title Insurance

RANCHO CUCAMONGA, Calif. - CU Direct has partnered with Vehicle Title, LLC to make that company's TitleGuard Vehicle Title Insurance on title histories available to Credit Union Direct Lending credit unions and their members on financed pre-owned vehicles. Vehicle Title LLC is a joint venture between The First American Corporation and Experian Automotive. TitleGuard will initially be offered to CUDL's 17 million CU members through CUDL's AutoSMART Web site. It will be available to CUDL's over 550 CUs to incorporate into their used vehicle loans as well. CU Direct said TitleGuard will also benefit the CUSO's 7,000 dealers by allowing them to apply the service to their pre-owned vehicle inventory. The benefit will allow all the parties involved in the sale of a used vehicle - buyers, sellers and credit unions - to be insured against their actual losses for up to $50,000 for unreported DMV title defects. CU Direct's Jerry Neemann, senior vice president and COO said an estimated 500,000 vehicles sustained flood damage during Hurricane Katrina, "and like the rest of the industry, we share serious concerns about these vehicles reappearing in other states with washed titles. Teaming with Vehicle Title lessens our exposure to this risk and gives our credit unions and their members an important advantage in the online and dealer vehicle buying process."