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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 […]

15 Credit Unions Targeted in Fraudulent Auto Loan Scheme

More than a dozen credit unions across the country were hit with a fake car loan scheme perpetrated by three conspirators found guilty last week. The fraudulent acts were first revealed in March when the suspects were accused of obtaining $1 million in auto loans, according to court documents filed by federal prosecutors in U.S. […]

Credit Union Auto Loans Experience Growth Amid Rising Interest Rates

Credit union auto loan originations for both new and used increased year-over-year, according to the Credit Union National Association (CUNA). The increase is attributed to the rising interest rate environment as credit unions have traditionally had better rates than its competitors, Sonya McDonald, executive vice president, and chief lending officer for Randolph-Brooks Federal Credit Union, […]

SpringBoardAuto Preps CUs, Banks With White Label Direct Lending Portal

LAS VEGAS — Online direct loan originator SpringboardAuto is opening up its direct lending technology through a white label solution and is onboarding 10 credit unions and banks this year, Chief Executive Jim Landy told Auto Finance News. SpringboardAuto originates its own loans primarily in nonprime segments and has been building the technology so that […]