Navy Federal Credit Union | Auto Finance News | Auto Finance News

Auto Outstandings Grow 30% YOY at 5 Largest Credit Unions

Auto outstandings at the nation’s five largest credit unions increased year over year, totaling $32.5 billion last year compared with $25.2 billion in 2017, according to Big Wheels Auto Finance Data 2019.  No. 1-ranked Navy Federal Credit Union notched a 9.1% increase last year in its auto portfolio, to $13.8 billion. Among the nation’s top […]

USAA, Credit Unions Targeted in Fraudulent Auto Loan Scheme

USAA, Navy Federal Credit Union and Pentagon Federal Credit Union were three of nine financial institutions hit with a fake car loan scheme perpetrated by two conspirators. The fraudulent acts racked up more than $2.6 million in auto loans. The scheme was committed from “at least” August 2014 through April 2018, according to court documents […]
  • Nicole Casperson
  • June 11, 2019
  • Risk

Rewriting the Golden Rule: A Fresh Approach to Tailored Marketing Strategies

From the May issue: Prominent technology companies hailing from the heart of Silicon Valley are changing the way consumers shop — and the ease and efficiency with which these companies sell their products is prompting the auto finance sector to up its game. Amazon pushes related products to consumers when they purchase a product on […]

Navy Federal Reinforces Customer Service with Tech

The intersection of customer service and technology is top of mind for Navy Federal Credit Union this year, with enhancements to electronic signatures, mobile applications, and digital portals, said Vice President of Consumer Lending Joseph Pendergast. With 18,000 employees worldwide and more than 8 million members within all branches of the armed forces — including […]

Credit Unions Jockey for Marketshare

As used-car financing gains popularity and banks shy away from new-car loans, credit unions are jockeying for marketshare, partnering with service providers and teaming with other lenders to spark auto loan interest. “[Banks are] making a lot of moves that are making it easy for us,” Chris Whittaker, director of lending services at Oregon Community […]

Credit Unions Stick to Lending Approach Despite Interest Rate Hikes

Despite three Federal Reserve interest rate hikes in the past year and another two on the horizon, several credit unions are sticking to their lending strategies. “It’s definitely had an impact on us and our rates,” Ethan Nelson, vice president of lending at Oregon Community Credit Union, told Auto Finance News. Even so, OCCU plans to […]

Why Lenders Should Consider Offering an Auto Lending App

This summer will mark the 10th anniversary of the debut of the app store which has grown to more than 2.2 million apps, which have come to occupy five hours of a consumer’s day. But, are lenders doing enough to capture that valuable screen time? Billions of smartphone owners use mobile apps daily. A consumer’s […]
  • William Hoffman
  • May 2, 2018
  • Risk
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