Lending Opportunities Abound With Auto Market Rebirth: Print Preview
Some are calling it the strongest comeback to emerge from the dregs of the Great Recession.
From the recent drop in gasoline prices to a bevy of lures rolled out by manufacturers to woo shoppers, the auto industry is on track to post its highest volume since the year before the economy took a turn for the worse in 2008.
“As of late, the trend that we see in the new car market is very fierce competition in financing. We are hearing from our credit union partners that they cannot compete with 0% to 1.9% financing,” Alvarez said.
Still, credit unions can take advantage of recapturing those loans financed with the dealer in the 650 to 699 range and many others who may have been misplaced in a loan from the dealership for various reasons such as being a first-time buyer of having moderate credit, he offered.