Filene Research Institute

Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.

Lifetime Auto Loan

Leverage the Advantages of Open-End Lending

The Lifetime Auto Loan is truly a differentiating product because banks generally do not offer open-end auto loans. Open-end lending is quite common in credit unions. The goal of the Lifetime Auto Loan is to eliminate the need for a member to submit future auto loan paperwork, made possible by the fact that the product contains a blanket power of attorney agreement for current and future lien purposes. From the member’s perspective, the first Lifetime Auto Loan application should be the last time he or she will need to sign documents for an auto loan with their credit union.

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