FOR IMMEDIATE RELEASE
Contact: Katye Long
CUNA Communications, 608-231-4038
MADISON, Wis. - Credit unions now have used vehicle valuation information to help establish more accurate base values for advancing funds, through CUNA?s relationship with National Auto Research/Black Book. Black Book?s new Finance Advance value is available in all Black Book vehicle valuation products offered to credit unions through this relationship, including printed guidebooks, hand-held PDAs, via the Internet, and more.
Finance Advance reflects the pre-owned vehicle industry?s improvement in vehicle reconditioning standards, extended warranties, certified pre-owned vehicle programs, and the overall quality of vehicles being produced today. The typical wholesale value on a front-line ready vehicle currently retailed routinely falls between Black Book?s ?clean? and ?extra clean? categories. By closely monitoring the market, Black Book developed a single Finance Advance value that reflects the more typical of these front-line ready vehicles held for retail sale. The result is a more accurate baseline from which to lend.
?Credit unions can advance above or below the Finance Advance value based on their own risk parameters, but they will have confidence knowing their core number is an accurate reflection of today?s market,? said Tom Cross, Black Book president.
For more information, CUNA members may call (800) 367-3759 or visit www.blackbookusa.com/cuna.asp.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves over 90 percent of America's 8,800 credit unions, which are owned by more than 90 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information, visit www.cuna.org.
About Black Book
Considered to be the industry?s most timely and accurate source of vehicle pricing data, the Black Book family of vehicle appraisal guides (www.BlackBookUSA.com) is published by National Auto Research, a division of Hearst Business Media. New and used car dealers, lenders, manufacturers, fleet re-marketers, and government agencies have relied on Black Book since 1955. Black Book provides values for both new and used vehicles, including cars and light trucks produced since 1946, motorcycles, ATVs, snowmobiles, personal watercraft, and heavy-duty commercial trucks and trailers. Black Book data is published weekly in multiple formats including printed guides, electronic data feeds, Internet-based real time applications, hand-held PDAs, and in a variety of other custom products.
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