All Blog Posts Tagged 'credit-union' (5)

The Credit Union Auto-Buying Phenomenon

First Financial Credit Union is taking steps to keep members from being flipped for financing at the dealership.

As often happens with credit unions or other direct lenders, consumers arrange their own financing then are swayed at the dealership to use another lender — one arranged by the dealer.

At West Covina, Calif.-based First Financial, only 15% to 20% of members approved for auto loans ended up financing with the credit union. Now that ratio is up as high as 90%,… Continue

Added by Marcie Belles on August 25, 2010 at 2:54pm — No Comments

Regulators Liquidate Kern Central Credit Union

Regulators seized a three-branch credit union in California last week, funneling accounts to a credit union in North Carolina.

The National Credit Union Administration liquidated Bakersfield, Calif.-based Kern Central Credit Union on Jan. 8, assigning its assets and liabilities to Raleigh, N.C.-based Self-Help Federal Credit Union. Of Kern Central’s $35 million in assets, $20 million were auto loans.

Kern Central largely served central California construction and farm… Continue

Added by Marcie Belles on January 12, 2010 at 1:03pm — 2 Comments

Will the Credit Union Bonanza End?

Credit unions have handily captured volume in recent months while banks and captives cut back auto lending operations. Ypsilanti, Mich.-based Community Driven Credit Union, for instance, has originated $10.5 million of auto loans this year, up from its norm of $3 million. And Peoria, Ill.-based Citizens Equity First Credit Union accounted for 22% of the auto loans in a 15-county area in central Illinois — more than the next five lenders combined. Multiply those figures by 8,000 credit unions… Continue

Added by Marcie Belles on December 17, 2009 at 1:44pm — 6 Comments

Pockets of Problems

By and large, the auto finance industry has much to showcase. When it comes to credit quality, auto loans have certainly outperformed mortgages, and the capital markets have already begun to turn a kinder eye to the auto sector in recent weeks.

This is true only in most cases. There are concentrations of problematic auto loans, and one such pocket evidently did in a credit union… Continue

Added by JJ Hornblass on September 30, 2009 at 10:30pm — 1 Comment

Dictating Sales

Here’s an interesting article from CUNA, the credit union trade group.

The story in a nutshell: The South Carolina Department of Motor Vehicles shut down an informal car sale site that happened to be located at a local credit union. The reason: Used-car dealers in the area complained that they were losing business.

Apparently, the sale had been happening for years. Every weekend, people would slap contact… Continue

Added by Marcie Belles on March 17, 2009 at 11:30am — 5 Comments