Members who may not have the ability to buy a car are getting a second chance through North Side Community Federal Credit Union.
The $11 million credit union in Chicago received a grant from the National Credit Union Foundation to expand its Used Auto Loan Initiative. As of March, 24% of the auto loans underwritten through North Side's new risk-based Access Auto Lending program were refinanced auto loans from other lenders and finance companies.
Other components of the initiative include refinancing of subprime used auto loans to members, offering credit enhancements to borrowers including disability and job loss insurance, and seminar partnerships with select employees groups on how to buy a good used car.
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