Aimbridge Offers Sub-prime Auto Lending Program; Offering Enables More Potential Buyers to Obtain Auto Loans

Business Wire, Dec 13, 2004

DENVER -- Aimbridge Lending, a provider of financial products through partnerships with credit unions, announced that it is now offering a sub-prime automobile lending program through its new division, Member Lending Acceptance (MLAC). MLAC offers (auto) loans to buyers through its existing auto dealership network when there is not an existing credit union that can provide the loan to the buyer.

"Being able to offer credit union members an automobile loan continues to help us fulfill our mission of helping credit unions attract and retain members," said Ann Schmitt, chief operating officer of Aimbridge. "Qualifying for a loan through our sub-prime program means that a member will not turn to a competing financial institution to get that loan."

Traditionally, Aimbridge offers automobile loans to credit union members through Aimbridge Indirect Lending, a financing channel that connects credit unions with an automotive dealer network to provide members and potential members with loans and leases. With Aimbridge Indirect Lending, potential car buyers have to be a member or qualify to become a member of one of Aimbridge's participating credit unions. Borrowers must then qualify for credit union financing. Now potential buyers can get an automobile loan through the sub-prime lending program even if they do not qualify for credit union financing.

The sub-prime lending program is offered to credit union members who have credit scores that do not meet the credit union's criteria. When a credit union is not in a position to offer a loan directly to the member, it can turn to Aimbridge's sub-prime lending program for a loan, which benefits both the member and the credit union.

"Auto dealers want to work with groups that can qualify as many potential car buyers as possible to a loan program, which is why a sub-prime lending program is attractive to them," said Schmitt. "The primary goal of the program is to turn away as few potential buyers as possible."

Aimbridge's sub-prime lending program is currently being Beta tested in Tampa, Fla. to ensure that it meets all service levels.

Sub-prime auto loans are offered using Aimbridge's existing proprietary technology platform.

About Aimbridge

Founded in 1984, Aimbridge markets financial products, such as auto loans, mortgages and insurance products through partnerships with credit unions. The company helps their partners attract members and deepen their relationships by providing members more reasons to do business with their credit unions.

Aimbridge Lending is comprised of five divisions, including Aimbridge Indirect Lending, Aimbridge Home Loans, Aimbridge Financial Services, Aimbridge Disposition Services and Member Lending Acceptance (MLAC). The company is headquartered in Denver and has remote offices throughout the Unites States.

For additional information, visit www.aimbridge.com.