Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUs FIs filling GMAC void
MADISON, Wis. (10/22/08)--Credit unions and independent financial institutions are filling the void left by General Motors’ former captive finance company, GMAC, according to a report by Automotive News. GMAC has begun stepping away from auto lending by setting credit score limits at 700 or higher. As a result, the “vacuum” left by GMAC is being filled by credit unions and other financial institutions, the report said (Global Insight Daily Analysis Oct. 21). Steve Graham of Genesee Township, Mich., told The Flint Journal that he financed his 2008 Chevrolet Equinox with a credit union instead of GMAC because the credit union offered a lower interest rate (Oct. 16). Credit unions have not been as affected by the credit environment and continue to finance loans, the Journal said. Security CU in Flint, Mich., has “a lot of money to lend” and is “making car loans to qualified individuals in the area,” Chad Merrihew, vice president of operations, told the newspaper.
Other Resources

RSS





print
News Now LiveWire
Final field-of-membership rule tops April 30 NCUA agenda http://t.co/gFIhRhUCts
1 day ago
.@CUNA's @Nussle speaks to @VonnieQuinn about #StoptheDataBreaches and reg. relief. http://t.co/TMTubG9Afk
1 day ago
RT @NCUFoundation: .The Foundation's @hylandhighway with @NatlJumpStart President/CEO Laura Levine at #FLHillDay2015 today: http://t.co/ep5…
1 day ago
Seriously underwater homes rise, new-home sales tumble News Now: http://t.co/2LzWTkqnES
1 day ago
#NewsNow Cornerstone Foundation awards $71K in grants http://t.co/Y6D8K9rwWv
1 day ago