RANCHO CUCAMONGA, Calif. — CUDL has joined with Manheim Automotive Financial Services to create the MAFS Advantage program.
The program allows credit unions to partner with 15,000 independent dealers that MAFS serves nationwide. CUDL has successfully rolled out the MAFS Advantage program in California, North Carolina, Utah, Washington and Oregon. CUDL will continue to expand the program into more U.S. markets through the end of 2008 and into 2009.
"We're excited to offer a program that provides the additional security and confidence credit unions need to successfully expand their auto loan market share," said Mike James, vice president of strategic initiatives, lending and training at CUDL. "The MAFS Advantage program provides credit unions a safe inroad to the independent dealer marketplace, opening a new channel for credit unions to grow their auto loan portfolios."
The program guarantees vehicle title, ensures vehicles trade-ins are paid off and that all vehicle registration paperwork is successfully handled through each state's motor vehicle department.
Credit unions will have real-time access to dealers' financial performance at vehicle auctions, and the credit unions' lending program will be marketing by MAFTS through the advantage program.
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