SHERMAN OAKS, Calif. — In response to higher gas prices, commuters are parking their SUVs and low-mileage cars in record numbers.
It's good news for the environment, but bad news for credit unions holding titles on those vehicles, said Grace Mayo, president/CEO of $600 million Telesis Community Credit Union, a primary owner of Autoland.
Members aren't the only ones who don't want their gas-guzzlers; dealers don't want them, either. It's a simple case of high supply and low demand, and it's sent Autoland clients clamoring for ways to reduce their losses on the unpopular collateral.
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