AUSTIN, Texas–The inaugural Economic Vehicle Accessibility Awards have been released, with 15 credit unions among the winners.
The awards, presented by Open Lending, recognize financial institutions that are “driving vehicle access through financing opportunities for creditworthy near- and non-prime borrowers.”
“Many deserving borrowers face barriers to vehicle ownership, including historically high costs to buy and own an auto, significantly higher interest rates, and complex automotive lending processes,” Kevin Filan, SVP-marketing, said in a statement. “The EVAAs are about recognizing and celebrating our partners who are transforming auto lending inclusivity through their commitment to look beyond traditional credit scores and extend the possibility of vehicle ownership to deserving, underserved borrowers.”
What Report Found
In announcing its awards, Open Lending cited its 2024 Vehicle Accessibility Report, which found 62% of non-car owners said they felt owning a car would improve their current job performance, and 64% felt having access to a vehicle would increase their earning potential.
“However, many near- and non-prime consumers are being excluded from vehicle ownership because they can’t afford higher interest rates and monthly payments,” the company said.
The Winners
In addition to seven banks, the credit union winners are:
- American Heritage Credit Union
- Arkansas Federal Credit Union
- Blaze Credit Union
- Canvas Credit Union
- Day Air Credit Union
- Firelands Federal Credit Union
- Gesa Credit Union
- GHS Federal Credit Union
- Idaho Central Credit Union
- Leaders Credit Union
- Listerhill Credit Union
- Meritrust Credit Union
- Sound Credit Union
- Space Coast Credit Union
- VyStar Credit Union
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