Fewer auto repossessions prompted CU Alliance LLC to suspend its Member Auto Sales Division effective Aug. 31, the CUSO said Monday.
The division was formed at the height of the U.S. economic downturn when credit unions were experiencing record automobile repossessions and very low sales values at local auctions, the Houston-based auto and mortgage lending services CUSO said.
The primary function of the operation was to help credit unions reduce charge-offs by selling repossessed autos to the general public, CU Alliance said.
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