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From the February-25, 2009 issue of Credit Union Times Magazine • Subscribe!
Successful Auto Lenders
A new best practices report from CUNA highlighted eight credit unions that have increased their auto lending programs while the rest of the auto industry has been shrinking.
Credit Union Magazine Best Practices: Strong Auto Lending in a Weak Economy profiled the eight credit unions that have managed to double their auto loans in the last three years while keeping delinquencies low. The credit unions range from $1.1 million in assets and $216,000 in auto loans to $8.5 billion in assets and $2.1 billion in auto loans.
One credit union highlighted in the report increased its auto loans from $2.5 million in 2005 to $6.3 million in 2008 with a low delinquency rate of 0.02%.
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