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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CU 24 Offers Cash
for Certificate Swap

TALLAHASEE, Fla. — Just in time for credit unions working through the faltering American economy, Credit Union 24 has announced that it would pay cash for patronage certificates issued to participating credit unions for transactions in 1998 and 1999.
The cash will go to roughly 200 of the network's 500 participating credit unions, the network announced, adding that it decided to allow participants to redeem the certificates now because the network is performing well and because the current economic conditions have made the cash particularly useful. Credit Union 24 is as nationwide, credit union-owned ATM and EFT network headquartered on the East Coast.
"Credit Union 24 regularly distributes patronage dividends to shareholding credit union participants but retains a portion of the dividends as equity in the cooperative," said Jim Park, Credit Union 24′s CEO. "In light of the relatively tough economic conditions the financial sector is facing, and as a reflection of Credit Union 24′s continued growth, the board has decided to begin disbursing that retained equity."
The equity disbursement closely follows a record $3.3 million patronage dividend for fiscal year 2007 announced in August of this year. The $3.3 million dividend was the largest patronage dividend in Credit Union 24′s history, equating to about a 2.5-cent rebate per transaction, according to the network.
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