Five credit unions slated to take part in a pilot to study auto loans belonging to members with subprime credit scores, recently heard some parallels from a Johnson Space Center astronaut.
The Lower Interest for Timeliness, or LIFT, program is being tested as a way to improve repayment behavior and financial capacity, according to the Filene Research Institute's i3 team. The University of Wisconsin-Madison's Center for Financial Security will study automobile loans to 1,200 low to moderate income consumers with subprime credit scores, with the results to be published in 2013.
Guest speaker and astronaut Janet Kavandi, director of flight crew operations at the Johnson Space Center, recently spoke to Filene and five partner credit unions during the launch of the i3 idea that provides incentives for timely loan payments.
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