Mission FCU to Focus on Growth: Print Preview
- Auto loans a staple since credit union’s 1961 founding.
- New structure opens up more capital investment opportunities.
- Autoland plans to expand beyond West Coast.
An auto loan portfolio worth $463 million and vehicle lending as a core product for more than 50 years were factors that put Mission Federal Credit Union ahead of the pack during the bidding process for Autoland Inc.
Autoland currently serves credit unions primarily in California, Oregon and Washington, Martin said. Acting as a loan delivery channel to drive loans to the credit unions by helping their members, Autoland’s total sales in 2012 were more than $119.7 million and loans to credit unions surpassed the $98 million mark, according to Martin. More than eight out of 10 members served by the CUSO got their loan at a credit union.
The focus now will be on growth with special attention on enhancing service through Mission Federal’s resources in the technology channel, Schwartz said. Because the credit union and Autoland make positive auto buying experiences a priority, they will continue on that track, she added.