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Open Lending Reveals Winners of the Inaugural Economic Vehicle Accessibility Awards
20 credit unions and banks recognized for exhibiting exceptional automotive lending practices in the near- and non-prime category AUSTIN, Texas--(BUSINESS
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[{"type":"text","content":"\n20 credit unions and banks recognized for exhibiting exceptional automotive lending practices in the near- and non-prime category\n\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nOpen Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the winners of their inaugural Economic Vehicle Accessibility Awards (“EVAAs”). The winning banks and credit unions are Open Lending partners that are driving vehicle access through financing opportunities for creditworthy near- and non-prime borrowers.\n\n\n“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,” said Kevin Filan, senior vice president of marketing at Open Lending. “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.”\n\n\nVehicle ownership is a cornerstone of a consumer’s financial, social, and overall well-being. As noted in Open Lending’s 2024 Vehicle Accessibility Report:\n\n\n\n62% of non-car owners felt owning a car would improve their current job performance, and 64% felt having access to a vehicle would increase their earning potential.\n\n\n\nHowever, many near- and non-prime consumers are being excluded from vehicle ownership because they can’t afford higher interest rates and monthly payments.\n\n\n\n7 out of 10 near- and non-prime borrowers plan on paying off their automotive lean early if given an affordable loan.\n\n\n\nFor over 20 years, Open Lending has been supporting financial institutions in providing more accurate pricing, loan structuring, automated decisioning, and default insurance for automotive loans for near- and non-prime consumers. Through this partnership, banks, credit unions, and captive finance companies can offer increased vehicle access for more deserving borrowers while building an expanded portfolio of higher-yielding loans from applications that would otherwise be overlooked.\n\n\nThe winners of the 2023 Economic Vehicle Accessibility Awards are:\n\n\n\nAmarillo ...