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New non-prime auto lending program to be tested

The National Credit Union Foundation (NCUF) announced that the Filene Research Institute will test its non-prime auto lending program in Filene’s new accessible financial services incubator. Funded by a $700,000 grant from the Ford Foundation, the incubator will test, package, and scale innovative, viable financial products that benefit low-and-moderate-income U.S. consumers.

The non-prime auto lending program by NCUF helps consumers gain access to reliable transportation which allows for increased access to jobs, housing, schools and activities. Many credit-challenged consumers lack reliable transportation and this program helps lenders fairly price and manage non-prime auto loans, incorporating the LIFT idea introduced by Filene i3.