Auto title loans are growing rapidly in California and 24 other states where slack regulations have allowed them to gain popularity. Credit unions need to take notice.
Members can apply for loans via video conference at two college campus locations.
A cop uses his credit union accounts to deposit drug money and repay loans on high-end cars for cartel members.
Proposed and potential rules from the NCUA, CFPB and others are front and center in credit union strategic planning.
New car loans and leases are growing, but credit unions are also keeping an eye on rising auto loan delinquencies.
TransUnion says auto loan delinquencies have risen above 2010 levels but are sharply below 2008's numbers.
Credit union auto lenders also report an increase in lease activity.
Credit unions can acquire auto loans and mortgages from other financial institutions.
Credit unions are already preparing to grow loan portfolio revenue in 2015.
Credit unions anticipate robust loan growth in 2015. Auto and home equity lending drum up the most demand.