CUs can help car buyers 'steer clear' of predatory auto loans

WASHINGTON (5/30/08)--Credit union auto lenders are invited to participate in a summit that will share new research featuring lending models that "Help Car Buyers Steer Clear of Predatory Auto Loans."

Both the research and the summit will be presented by three national organizations aligned to help credit unions serve working families with low wealth and modest incomes: the National Credit Union Foundation (NCUF), the Annie E. Casey Foundation, and the Aspen Institute.

The "Steer Clear" Auto Lending Summit will take place Tuesday, July 22, from 10 a.m. – 2 p.m. at Credit Union House on Capitol Hill in Washington.

The first 40 credit union lenders who RSVP by June 13 will receive a preview of the research report: Credit Unions Help Car Buyers Steer Clear of Predatory Loans.

At the summit, participants will discuss ideas on anti-predatory lending models that could best be adapted in credit unions. Participants' input will help finalize the report, which will be shared with the credit union movement through NCUF's signature program, REAL Solutions.

"Credit unions serve only 5% of the non-prime auto loan market," noted REAL Solutions National Program Director Lois Kitsch. "This new research will offer proven models that credit unions can use to serve this market in ways that are economically viable."

To RSVP, e-mail lkitsch@ncuf.coop. For more information, use the Resource Link or call 800-356-9655, ext. 6770.

courtesy of cuna.org