RANCHO CUCAMONGA, Calif. — Indirect lending services provider CUDL and remarketing solutions provider Manheim Financial Services (MAFS) have announced a further roll-out of the MAFS Advantage program. The two companies launched MAFS Advantage more than a year ago as part of a joint effort to connect credit unions with the 15,000 independent auto dealers that MAFS serves nationwide.
“We’re excited to offer a program that provides the additional security and confidence credit unions need to successfully expand their auto loan market share,” said Mike James, vice president of strategic initiatives, lending and training at CUDL. “The MAFS Advantage program provides credit unions a safe in-road to the independent dealer marketplace, opening a new channel for credit unions to grow their auto loan portfolios.”
The initial roll-out of the program included the California, North Carolina, Utah, Washington and Oregon markets. CUDL plans to expand the program into more U.S. markets throughout the remainder of 2008 and into 2009. Credit unions benefit from the protection and security features the program offers, which guarantee vehicle title, ensure vehicle trade-ins are paid off, and that all vehicle registration paperwork is successfully handled through each state’s motor vehicle department, according to the companies.
“This program is designed to help independent dealers better compete in today’s challenging environment by taking advantage of credit union financing that is more readily available,” said Kathy Decker, MAFS vice president and general manager. “Manheim has a strong relationship with independent dealers and is pleased to help facilitate closer working relationships with credit unions.”