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Spread On Car Loans to Lower Score Borrowers Can Be Nearly 300% Larger Than On Other Car Loans

WASHINGTON -- A National Credit Union Foundation reports suggested that CU auto loans unions to consumers with lower credit scores could enjoy a spread of almost 300% over loans to consumers with high scores.

By David Morrison | Updated on August 11, 2008

WASHINGTON — A National Credit Union Foundation reports suggested that CU auto loans unions to consumers with lower credit scores could enjoy a spread of almost 300% over loans to consumers with high scores.

Authored by Bill Myers, former CEO and founder of the $54 million Alternatives Credit Union, headquartered in Ithaca, New York, and now a senior fellow at the Aspen Institute, Steer Clear: How Credit Unions Help Car Buyers Avoid Predatory Lenders related the experience of the $894 million University Federal Credit Union in Austin Texas.

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