An auto loan portfolio worth $463 million and vehicle lending as a core product for over 50 years were factors that put Mission Federal Credit Union ahead of the pack during the bidding process for Autoland Inc.
This preview from next week's print edition takes an in-depth look at Mission FCU's acquisition of the Autoland CUSO.
More than a year after co-parent Telesis Community Credit Union’s financial woes pushed it into conservatorship, auto buying CUSO Autoland Inc. said it is looking forward to a fresh start.
“This allows us to stay in the credit union family as a CUSO, with a strong strategic credit union as the majority owner."
More business referrals from a growing roster of clients helped vehicle buying CUSO Autoland Inc. drive $93.2 million in loans to its credit union partners in 2012.
Auto CUSO reports record year.
It’s been six months since the NCUA put Telesis Community Credit Union’s stake in Autoland Inc.’s up for sale, but the agency is mum on where the bidding process now stands.
A sustained demand for new cars has helped Autoland Inc. post positive earnings through August, the auto buying CUSO said.
The NCUA is standing by its decision to limit bids for Autoland Inc., an auto buying CUSO, to only credit unions and CUSOs.
Nearly three months after the NCUA was appointed the liquidating agent for Telesis Community Credit Union, the agency has been working behind the scenes to divest the cooperative’s roughly $4 million stake in Autoland Inc., an auto buying CUSO.