SAN ANTONIO, Texas – Small and mid-size credit unions participating in indirect auto lending through Southwest Business Corp.'s wholly-owned collaborative acceptance corporation, Financial Services Acceptance Corp. (FSAC), will soon have the opportunity to provide loans to less than A paper members.
Founded by SWBC in 1994 by an initial group of five credit unions as an innovative way for small and mid-size credit unions to participate in indirect auto lending, FSAC currently represents nine credit unions – five in Florida, three in Texas, and one in Tennessee – that range in size from $50 million to $250 million.
FSAC brings about $10 million a month in auto loans to the credit unions and buys about $90 million a year in high grade paper for them.
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