Pentagon Federal Credit Union | Auto Finance News | Auto Finance News

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 […]

Online Platform Drives 15% of PenFed’s Direct Loan Volume

Online originations have grown to as much as 15% of Pentagon Federal Credit Union’s direct loan volume since TrueCar started powering the credit union’s online car-buying service in early 2016, Ivan McBride, PenFed’s vice president of automotive lending products and sales, told Auto Finance News. “TrueCar’s buying service is a significant piece of our direct […]

PenFed to Expand Indirect Lending Footprint Into 4 New States

Pentagon Federal Credit Union has set its sight on expanding its indirect lending program into four new states, said Ivan McBride, vice president of automotive lending products and sales. PenFed plans to debut the program in Texas and Oregon this year, with Washington and Tennessee queued up for 2020. The credit union uses CU Direct […]

PenFed Eyes Tenfold Boost in Balloon Financing Volume

Pentagon Federal Credit Union is hoping a newly inked agreement with Auto Financial Group (AFG) will prop up its balloon financing business to at least $10 million per month, said Ivan McBride, vice president of automotive lending products and sales at PenFed. Last week the companies announced the partnership, which enables PenFed to offer members […]

Concierge Financial to Launch Military Program With New Credit Union Partner

Concierge Financial Services, a refinance loan broker, plans to partner with another credit union to develop a special finance program for veterans and active or retired military, Chief Executive and Founder Thomas Domin told Powersports Finance. “We have a conference call with a credit union that deals with all military — active, non-active, or retired — throughout […]

Pentagon Fed Preps Big Changes to Mobile App

Pentagon Federal Credit Union is mapping out its “next big transition” in the mobile banking space: switching its app to a customer “acquisition” channel, from a customer “maintenance” channel, Chris Martin, senior vice president of regional service centers at PenFed, told Auto Finance News. “Today, we have all the tools and functions on our app […]

Open Lending Targets Banks as Subprime Competition Heats up

Increasing competition in the auto sector has prompted risk analytics firm Open Lending LLC to set its sight on banks, after having “cut its teeth” in the credit union space since 2000, said Chief Executive John Flynn. Open Lending’s program combines risk-based pricing models configured to lenders’ individual cost factors and financial targets with loan […]
  • Larissa Padden
  • March 25, 2015
  • Risk