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Banks increase market share in 2Q

Banks captured auto loan and lease share from credit unions, captives and buy-here, pay-here lenders in the second quarter, according to Experian‘s second-quarter State of the Automotive Financing Market report published today. Banks’ total financing – both loans and leases for new and used vehicles – increased year over year to 32.7% from 30.2%. By […]

Oregon CU customizes loan rates with new digital platform

Oregon Community Credit Union has launched phase one of its digital platform, a move meant to “set the foundation” for the credit union’s new focus toward automation, Chris Whittaker, vice president of consumer lending, told Auto Finance News.  The Eugene, Ore.-based credit union, which originated $350 million in auto and RV loans last year, launched […]

FASB mulls delay of new credit loss rule for small lenders, CUs

The two years of transition to the Financial Accounting Standards Board rule called Current Expected Credit Losses — or CECL, for short — may extend to five years for smaller banks and credit unions.  FASB met this week and voted for a proposal to extend the implementation deadline, but only for small public banks, private lenders, […]

Credit Unions Gain Share With Bigger Risk Appetites, Dealers Say

From the February issue: Credit unions have been grabbing marketshare by dipping into lower credit scores and making more exceptions, a sampling of dealers nationwide told Auto Finance News. As a result, larger banks and other financial lending institutions are missing out on potential borrowers, dealers said. Lower Valley Credit Union and Numerica Credit Union […]

Credit Unions Curb Financing for Independent Dealers

With credit unions slowing the pace of originations, about 30% of the independent dealers on CU Direct Lending’s platform pulled out last year, CUDL President and Chief Executive Tony Boutelle told Auto Finance News. "We’ve seen probably 1,000 independent dealers come off our program [in 2018] because our credit unions stopped doing financing for them," […]

Coastal Federal Credit Union Grows Originations Despite Shrinking Footprint

Coastal Federal Credit Union is on track to increase auto loan originations 10% this year, to $600 million, despite reducing its footprint within its home state of North Carolina. “We’re doing more business but doing it in a smaller area,” David Jacobs, vice president consumer lending at Coastal Federal Credit Union, told Auto Finance News. […]

Dealers Seek Quicker Response Time, More Data From Lenders, New Study Finds

Sales reps and credit analysts are knowledgeable about their lenders’ product offerings but tend to fall short when it comes to accessibility and information-sharing, according to the Auto Finance Performance: Dealer Insights Report released today. The report, published by Auto Finance News’ parent company Royal Media, analyzes 6,200 dealer evaluations to identify the core traits that […]
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