Below are are seven activities/functions that can contribute to a successful low credit score auto lending program -- underwriting, car sourcing, risk-mitigation, insurance, marketing, collections, and partnerships. Please share with us any unique and creative approaches your credit union has taken within any, or all, of these activities/functions to improve its success in providing auto loans to this market.
Thank you,
Bill Myers
REAL Solutions Field Coach

1. Name and Contact information.

Name and Contact information. Your Name:
Your Title:
Your Credit Union:
Your EMail Address:
Your Phone Number

2. What underwriting criteria have allowed your Credit Union to safely extend its lending to low credit score borrowers?

What underwriting criteria have allowed your Credit Union to safely extend its lending to low credit score borrowers? Higher equity ratio required Advance money down in CU savings account Good payment history on auto loans Good payment history with the CU Internally generated credit score	Lend on ITIN Low unsecured debt Lower credit scores require a higher down payment Length of membership requirement No credit score required	Payroll or other automatic payment Offer share secured loan instead of auto loan Strong employment Credit Scores below 620
Other (please specify)

3. Do you assist members in finding a car?

Do you assist members in finding a car? Car sale through rental agency Agreement with Local dealer	On line car buying Own a Dealership	Own used car lot
Other (please specify)

4. What Risk Mitigation techniques do you employ?

What Risk Mitigation techniques do you employ? Limit loan to Blue book value Forced savings for repairs 5 day collection call Repo at 30 days ProActive Collateral Recovery System Make sure they carry the member elect insurances, etc. Require minimum time at job or in field, at residence, etc.	Schedule payment when member gets paid Set maximum loan duration based on age of car Regularly analyze members' credit scores Verify the information provided. Repossess the vehicle at 30 days late Set portfolio Loan Limits
Other

5. Do you offer insurance coverages with the loan product?

Do you offer insurance coverages with the loan product? Debt Cancellation Walkaway Credit disability protection	Assure insurance Credit life protection Guaranteed Asset Protection	Mechanical Breakdown Insurance
Other (please specify)

6. How do you market to potential low wage members?

How do you market to potential low wage members? Encourage members to get CU financing first Recapture Loans (with member premium)	Timely payment reward Branch looks like a finance company location (different branding than the credit union).	First time auto Loan
Other (please specify)

7. Do you use partnerships to assist in serving this marketplace?

Do you use partnerships to assist in serving this marketplace? Non profit partnerships	Partner with mechanic for pre-purchase inspection	Financial Counseling
Other (please specify)

8. Has your low credit score auto lending program been successful? What lessons have you learned?

Has your low credit score auto lending program been successful? What lessons have you learned?

Thank you for completing this survey. Please send any questions to WMyers@realsolutions.ncuf.coop