The National Credit Union Foundation, in partnership with theFilene Research Institute, said 14 credit unions will participatein a product incubator for subprime auto loans.
The loan, a NCUF product, is one of five products in Filene'saccessible financial services incubator funded by the FordFoundation, according to both credit union organizations.
“Credit unions have a long history as being the proving groundfor consumer centric, innovative financial products,” said CynthiaCampbell, director of innovation labs at Filene, “and partneringwith the NCUF to test the viability of non-prime auto loans with mainstream financial institutions was a naturalfit since their experience in working with low-to-moderate incomeconsumers is extensive.”
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