CU Direct Corp. announced last week the purchase of key assets from Lifestyle Lending Solutions, a retail and medical lending firm.
Vehicle lending CUSO CU Direct Connect said its funding volume and unit/share book value have been on an upswing this year.
With some households still experiencing major financial setbacks, credit unions may have to focus on their existing members first to grow their loan programs.
Nader Moghaddam, president/CEO of Financial Partners Credit Union in Downey, Calif., has been appointed as a director on CU Direct Corp.’s board.
In Texas, it’s no secret that going big is the likely way to go in the Lone Star state.
Despite the frustrations that some credit unions face with building long-term, multiple product and service relationships with members who come through the door via indirect lending, the loans have continued to be a meaty portion in many portfolios.
This year may be a turning point for credit union auto loan programs with monthly market shares poised to range from 18% to 24%, which were highs experienced prior to the recession.
After seeing monthly market shares from 18% to 24% just prior to the recession, credit union auto loan programs may be returning to those record levels.
When it comes to five-year, new, indirect auto loans, credit unions and banks are running pretty close with their rates.
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.