Through the MAFS Advantage program, credit unions will have the opportunity to grow their market share in the auto finance arena by making it more advantageous to partner with independent dealers. As a result of the program, credit unions will benefit from the protection and security features that 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.
The program also offers support to the credit union in the way of real-time dealer intelligence, which allows credit unions real-time access to dealers’ financial performance at vehicle auctions. Additionally, it was announced that through the new partnership, credit unions’ lending programs will be marketed by MAFS through MAFS Advantage. CUDL expects to launch the new product offering to its credit unions in the third quarter of this year.
MAFS offers a range of financial services, such as inventory financing for independent car dealers, wholesalers, and rental dealers, as well as insurance services and a receivables funding program.
Through its partnership with CUDL, Manheim is the preferred provider for managing the back end of participating credit unions’ portfolios. CUDL also provides its clients access to Manheim’s educational and training tools about the remarketing industry and offers the leverage to consolidate vehicles at auction so sellers get more attractive run times. Credit union sellers can take advantage of dedicated credit union lanes at Manheim auctions nationwide and a host of other services, including centralized nationwide repossession and remarketing management from Remarketing Solutions.