Carfax, Credit Unions Team Up to Fight Odometer Fraud on Used Vehicles

14 November 1997
Carfax, Credit Unions Team Up to Fight Odometer Fraud on Used Vehicles

    FAIRFAX, Va., Nov. 14 -- Carfax, Inc., the country's only
comprehensive, nationwide vehicle history service -- announced its exclusive
agreement with CUNA Service Group, Inc., an affiliate of the Credit Union
National Association.   As a result of this new relationship, credit union
members in the market for a used vehicle now have direct access, via their
credit union, to a powerful, new tool to help them fight odometer fraud.
    "Because credit unions process over 20 percent of the used vehicle loans
issued in the U.S., Carfax can help thousands of credit union members reduce
their risk of buying a 'problem' vehicle," said Bill Goldstein, Chairman of
Carfax.   "Credit union members -- one out of every four Americans -- will now
be able to purchase a report directly from their credit union during the loan
application process."
    Carfax reports provide valuable information about problems that may be
hidden in a vehicle's past -- problems including odometer rollbacks, salvage
titles and flood damage.  These problems can adversely affect the safety,
performance and resale value of a used vehicle.
    "Our credit unions process over 1.5 million used vehicle loans every
year," states Peg Nugent Rectanus, CUNA Service Group senior vice president.
"We selected Carfax to help ensure that each member who takes out a loan has
the best possible protection when buying a used vehicle.   With the growing
problems of odometer rollbacks, which can affect the value of the average used
vehicle by $3,000 to $4,000, we want to give our credit unions and their
members access to the best vehicle history service available on the market
today."
    The Carfax computerized database contains more than 463 million vehicle
records.   These vehicle records are reported to Carfax by U.S. and Canadian
motor vehicle agencies, auto auctions, emissions inspection stations and other
sources.  Using the vehicle identification number (VIN) -- the unique 17 digit
vehicle code -- Carfax can produce a report on virtually every registered
vehicle within seconds of entering the VIN.  Carfax reports may be purchased
directly from the Carfax Web site (http://www.carfax.com) or by calling
1-800-FIND VIN (1-800-346-3846).
    Carfax is headquartered in Fairfax, Va.  The Credit Union National
Association (http://www.cuna.com) serves state credit union leagues in the 50
states and the District of Columbia, and the nation's 11,800 credit unions.
CUNA Service Group is headquartered in Madison, Wisconsin.

SOURCE  Carfax, Inc