At 14.6 million, the total number of auto loan originations from January to August 2012 is at its highest mark since 2007.
New York credit union offering hurricane relief, special auto loans.
Building on a partnership that has spanned many years, CU Direct Connect LLC said it is now a preferred lender for all AutoNation dealerships in Colorado.
A combination of less-generous rate incentives from new vehicle sellers and aggressive rate pricing is accelerating the growth of new car loans at credit unions.
Analysis from CUNA Mutual Group’s October Credit Union Trends Report reveals factors that contributed to 4.1% annual new vehicle growth as of August.
Pennsylvania credit union wraps up promotion with gas giveaway and nearly 1,000 new auto loan applications.
Vehicle lending CUSO CU Direct Connect said its funding volume and unit/share book value have been on an upswing this year.
Multi-featured lending has been a hot topic since changes to Reg Z’s open-end rules were announced in 2009. The most recent development is the NCUA’s July 2012 letter to federal credit unions, 12-FCU-02, and accompanying supervisory letter to examiners.
When it comes to auto loan portfolio acquisitions, some might see credit unions as the equivalent of little fish being circled in waters full of sharks–banks and other lenders.
In at least one case, banks and credit unions are nearly tied when it comes to the average rate on five-year, indirect new auto loans.