Credit Union Direct Lending, an indirect and point-of-purchase auto lending solutions CUSO, has entered into an agreement with PAR North America to help credit unions advance their vehicle recovery efforts and processes.
In today's legislative and economic climate, the credit union industry is facing myriad unknowns.
Total vehicle sales were down from May to June, continuing their bumpy ride through 2010.
The economic downturn of the past two years has been tough on banks, but it has presented the best opportunity in decades for credit unions to grow by expanding their base of auto loans.
A NAFCU Data Flash report showed that vehicles sales in March demonstrated the strongest sales pace since last August.
Credit unions enjoyed being the last ones standing in the auto lending market over the past year, but the competition has started to come back full force.
The latest NAFCU Macro Data Flash Report on vehicle sales showed that while sales continued on an upward trend through the end of 2009 the auto industry still faces a long battle to return to prerecession numbers.