ENGLEWOOD, Co. – The Massachusetts, New Hampshire and Rhode Island Credit Union Leagues through its jointly-owned credit services firm, have agreed to market Centrix Financial, LLC’s portfolio management program. The New England Credit Union Services, LLC will pitch the program to 350 credit unions that serve three million members in the tri-state area. The portfolio management program allows for specialized financed auto loans to credit-impaired members. “The program is actively being marketed now and so far many have indicated interest,” said Rob Kimmett, senior vice president of public relations. Kimmett said NECUS chose to market Centrix’s program because of its “great reputation in terms of putting together a product that not only works well but meets the needs of those with less than perfect credit.” Through its portfolio management program (PMP), Centrix helps credit unions to finance auto loans to members with “sub-prime” credit histories. Centrix markets, underwrites, collects and insures loans against principal loss, which in turn may minimize the costs and risks traditionally, associated with non-prime and sub-prime auto loans. To date, Centrix’s program includes nearly 20,000 loans totaling $365 million. Sixteen credit union leagues have partnered with Centrix. The PMP allows credit unions to increase their return on assets, increase their loan share ratio while providing a “needed service to the financially underserved,” said Robert Sutton, Centrix’s chairman/CEO The auto finance market is the fastest growing sector in consumer finance pulling in $500 billion a year, according to Centrix. Financing for borrowers with limited credit histories, low income or past credit problems who are in the categories of “B” (non-prime), “C” or “D” (sub-prime) make up 30% of all U.S. credit customers. In August, the North Carolina Credit Union League and the Georgia Credit Union League through its Alliance for Credit Unions, LLC agreed to promote Centrix to its 164 and 189 credit unions, respectively.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.