WEST PALM BEACH, Fla. – On Friday Dec. 5, Dateline NBC dedicated its entire broadcast to the hidden costs and outright fraud engrained in the car buying process. The show also showed credit unions as the good guys. A Dateline NBC producer, using a hidden camera, documented the fraud and trickery a young woman encountered when trying to buy a Ford Mustang. One aspect dealt with the financing. She was pushed into a 10.9% loan by the dealer’s finance manager, very high by today’s rates. If that wasn’t bad enough, the finance manager lied about her monthly income on her application, taking it from $1,000 to $1,800. Ford Motor Credit however wasn’t fooled and rejected the application. The finance manager then found her a lower rate from another bank, which she was eligible for the first time around. The woman later went to dealers with a consumer car buying expert who warned that the financing is where dealers can make the most money on unsuspecting customers. He had the woman secure financing from her credit union at 4.9% before even visiting a dealer. In what was great PR for CUs everywhere, the woman said she felt the credit union was there to help her, not get the most money out of her.
Survey finds HELOC funds are spent more on vacations and investments.
A House committee began markup on a bill giving FIs safe harbor for providing services to marijuana-related businesses in states where cannabis is legal.
The combined company expects to offer enterprise banking, payments, capital markets and global e-commerce capabilities.
Sponsored by Avoka (Now part of Temenos)
Discover how this top 10 credit union modernized their omnichannel member experience to realize a 65% application completion rate and increase efficiencies.
Sponsored by Cetera Financial Group
This white paper outlines four services that clients of credit union advisors might be missing out on, how to can broach the need for these services with your clients, and tips to help you prospect new clients and gain greater wallet share of existing clients.
Sponsored by Finastra
Learn how Cyprus Credit Union is boosting its lending business, sharpening compliance and shaping a better member experience.
Credit Union Times
Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!
- Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
- Exclusive discounts on ALM and Credit Union Times events.
- Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.
Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.