LAUREL, Md. – Credit Union Auto Loan Network, an indirect lending program for credit unions in the Maryland/ Washington, D.C. area, sent $151,016 in rebate checks to its 29 members in 2002. Participating credit unions pay the Network a $40-$60 handling fee for an application to join. Dealers pay the Network a monthly fee to participate. Charles Thomas, president/CEO of Mid-Atlantic FCU and Chairman of the Network said the rebate resulted from a board vote "to give back what we didn't need to run the program." The Network generated $97 million in loans on more than 5,500 cars in 2002. "We've had another tremendous year, despite a challenging marketplace," said CEO Terry Thomas.
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