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Jun 15, 2016 1:19 PM ET

Archived: New Lending Power For Credit Unions: Creative Finance Options is the creator of the Partial Recourse Protection program (PRP), an innovative, first of its kind platform that allows credit unions to expand their auto loan offerings without increasing liability

iCrowdNewswire - Jun 15, 2016

Creative Finance Options





New Lending Power For Credit Unions


Creative Finance Options is the creator of the Partial Recourse Protection program (PRP), an innovative, first of its kind platform that allows credit unions to expand their auto loan offerings without increasing liability.

Our proprietary technology allows lenders to seamlessly integrate PRP into their existing Loan Origination Software (LOS) systems, or can be utilized as a stand alone web-based system. Both solutions allow for processing new auto loan applications in real time.

For credit unions across the country, PRP is the fastest, simplest and most cost effective way to expand revenue opportunities.  With no direct competition, CFO stands to gain significant market share in a very short time.


John has been a member of his credit union for 23 years. He needs a new car, but his trade-in has negative equity.

Although John qualifies for the loan for the new car, the negative equity increases the loan-to-value (LTV) ratio of the new car, which puts the loan outside of the credit union’s lending guidelines.

Even though John would love to finance his new car through his credit union, and the credit union would like to have that extra revenue, John has to look elsewhere.

For the credit union, it’s an opportunity lost and it happens all the time.

Add up every John that comes through the credit union’s doors, and that’s a lot of revenue walking out the door.  

If John’s ’s credit union had PRP, that revenue would stay where it belongs.


PRP is the first program of its kind: a business-to-business insurance program that allows credit unions to extend an insured additional principal amount to qualified members.

The goal of PRP is simple: to allow credit unions to approve auto loans that are outside of their LTV guidelines, creating new sources of revenue.

In fact, with PRP, credit unions can grow their auto loan business by as much as 10 to 20 percent.

How would you feel if your business was leaving 10 to 20 percent of potential revenue on the table every year?


PRP increases profitability by expanding auto loan offerings in several distinct ways:

  • Reduce or eliminate down payment requirements
  • Improve negative equity positions on trade-in vehicles
  • Allow for the inclusion of aftermarket products in auto loans
  • Generate more loan applications from dealers and dealer groups

And it’s all without risk: the additional principal amount is insured against loss, so the only thing credit unions stand to lose is profit. Through the use of PRP a credit union can:

With no direct competition, PRP is the only product of its kind. For credit unions, there’s no easier path to increased profitability than Creative Finance Options’ unique new PRP program .


Although only launched in January 2016, partners are understandably lining up to integrate PRP into their offerings.

Sollievo offers a unique suite of comprehensive and affordable risk management products and services. Our partnership with Sollievo gives us direct access to more than 700 credit unions.

rateGenius is a nationwide, web-based vehicle refinance loan broker. Our partnership gives us access to more than 150 automotive lenders.

The Anderson Agency Group has been marketing credit related insurance products to financial institutions since 1980.

Lockton is the world’s largest privately owned insurance brokerage and is a distributor of the PRP Program, giving us exposure to thousands of credit unions through Lockton’s corporate relationships.


CFO has also partnered with several companies that provide logistical support and services integral to the PRP Program:

  • Columbia Casualty Company, a CNA company, provides underwriting services
  • Lockton Companies facilitates the marketing and sales to credit unions and corporates
  • cynoSure Financial provides administrative, claims and Broker of Record services
  • American Guardian Warranty Services provides web-based rating systems (for quoting and documentation requirements)

Since launching in January of 2016, PRP is currently in use by several credit unions, and we’ve enrolled a corporate organization with more than 700 credit union members.

The PRP Program is off to a great start! With no competition, PRP is a hassle free product that increases revenue, and with web-based technology that makes it both fast and seamless to implement, the sky’s the limit!

Want to hear more about Creative Finance Options and our PRP Program? Click the “business profile” tab at the top of this page to find out what’s in store!


Brian has been involved in the automotive aftermarket and financing industries since 1972 and was one of the pioneers of Finance and Insurance (F&I) training. Throughout his decades of experience, Brian has developed strong relationships with insurance companies, warranty providers and aftermarket vendors. He’s developed several successful programs in the aftermarket business, and owned and operated a number of thriving businesses in Maine and Maui before founding Creative Finance Options.


Mark has worked in several senior level positions in the financial services industry, combining his experience in commercial lending, corporate insurance sales and automotive marketing into his position as President of Creative Finance Options. He’s a graduate of the PGA of America Program, and spent more than a decade as a Class A Golf professional in Hilton Head Island, South Carolina.


Chad brings extensive executive level experience with pioneering companies in the specialty products insurance, medical services and construction industries to CFO. Recognized industry wide as an innovator, Chad has served as the SVP of Operations for iSelectMD and as COO of a specialty insurance products company. He earned his Bachelor of Science from the University of South Carolina in 1991.

Contact Information:

Brian MacGillivray

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