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Greylock Offers Alternative for Credit Challenged Borrowers - November 06, 2007
It’s a New Road for Auto Loans
As global credit markets careen from the impact of a meltdown in sub prime lending, a local lender has launched a new program aimed at helping credit-challenged borrowers. Greylock Federal Credit Union announces a new auto lending program, the first of its kind in Berkshire County, for borrowers with impaired credit who have a sincere willingness and ability to make their loan payments.
Charlie Bercury, Senior Vice President of Consumer Lending at Greylock said, “We developed the New Road Loan Program as a way for people with imperfect credit to secure a reasonable auto loan rate and ultimately improve their credit scores.” Bercury said, “At Greylock we recognize that people are more than just a credit score. Once a person’s credit rating suffers for whatever reason, a sub prime loan may seem like the only option. This program provides a constructive alternative to sub prime lenders. We want to help people in Berkshire County break the vicious cycle of paying the high interest rates typically charged by sub prime lenders.”
Bercury said, “With the Greylock New Road Loan Program, borrowers will initially be charged about half the rate charged by some sub prime lenders. Also the loan rate is reduced after each 6-month period of solid payment history. After three successful years in the program the loan rate will equal the conventional Greylock rate, and in the process, the borrower will likely have improved their overall credit rating. For their next loan, the member will qualify for Greylock’s standard auto financing.” Bercury said, “People in Berkshire County should know that being turned down for a traditional auto loan is not the end of the road. This program offers an affordable solution and an alternative to getting deeper and deeper in debt.”
President Angelo Stracuzzi cited ongoing national news coverage about the sub prime lending crisis, “Every day we read stories about people who get into debt over their heads, from sub prime lenders who didn’t take the time to explain the terms of the loan. Now more than ever, people need a trusted local lender.” Stracuzzi added, “We are delighted to offer this auto loan program to help responsible people who may have taken a financial wrong turn, to get back on the right road and fix their credit over a period of time.”
Borrowers can learn more about The New Road Loan Program at Berkshire County auto dealerships or any Greylock branch location.
Greylock Federal Credit Union was recently rated the top credit union in the United States for value returned to the members/owners according to Callahan & Associates, a national credit union research and consulting firm. Greylock Membership is open to anyone who lives, works, attends school, worships or regularly conducts business in Berkshire County. Greylock Federal is wholly owned by its more than 60,000 members and Greylock offers full-service branches in Pittsfield, Great Barrington, Lee, Adams, North Adams, and Williamstown. More information is available at www.greylock.org |
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