Texas Auto Underwriter Beefs Up CU List
Open Lending LLC said it added 59 credit unions in 2011 to its auto lending risk management program.
The Austin, Texas-based company offers Lenders Protection, which includes default insurance coverage that allows for the approval of near to nonprime auto loans.
The program features loan terms up to 72 months, loan-to-value ratios up to 125%, vehicles up to seven years old and eligibility for borrowers with low credit scores.
Open Lending said Lenders Protection has more than $1.4 billion in insured auto loans in its portfolio.