The National Credit Union Foundation has launched a resource for members who turn to so-called predatory and other non-traditional lenders for auto financing.
The Non-Prime Auto Loan Toolkit is available to credit unions through the NCUF's REAL Solutions program. The kit provides underwriting guidelines, techniques to mitigate risks, pricing guides, credit union examples and a loan portfolio management guide. It also suggests Enterprise Car Sales as one option for vehicles.
The estimated size of the non-prime auto market ranges from $100 billion to $200 billion, according to Nancy Pierce, field coach for the NCUF's REAL Solutions program.
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