News

Auto auction houses are a popular method used by CUs to sell off vehicles repossessed as a result of defaulted auto loans. Read about this and other auto lending news in a special report on pages 14-16.

LOS ANGELES - The largest law firm in California that specializes in representing credit unions has taken on the case of five credit unions who charge, among other things, breach of contract against a major auto auction company that allegedly reneged on written agreements to pay the credit unions a...

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.

DALLAS - Credit Union Solutions Group, as a show of support of Sen. Orrin Hatch's (R-Utah) Senate Bill 760-The Clean Efficient Automobiles Resulting from Advanced Car Technologies Act of 2001 (The Clear Act)-has agreed to supply information and educational material to credit union members, through its Preferred Dealer Network, about...

FLINT, Mich. - Just because most of the major auto manufacturers discontinued their zero percent auto financing promotions by year's end 2001 doesn't mean credit unions should stop educating members about the hidden costs and misinformation about these so-called deals.

BOSTON - A word to the wise from credit union legal experts: Credit unions considering offering zero percent auto loan financing as prizes to members should be thoroughly familiar with related IRS rules before launching a promotion.