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Erie FCU earmarks 40 million for auto loans
ERIE, Pa. (2/25/09)--Erie (Pa.) FCU has earmarked $40 million this year for auto loans. Because he thinks a shortage of money for car loans is a big reason for auto sales dipping in 2008, Erie CEO Norb Kaczmarek is pledging the largest amount the credit union has ever set aside for auto loans (Erie Times News Feb. 20). “It’s not going to be invested long-term [and] it’s not going to be put into the mortgage market,” Kaczmarek told the newspaper. “It’s set aside for [car loans]. “I just think there are a lot of people who aren’t lending anymore,” Kaczmarek added. He expects the $259.3 million asset credit union’s auto loan business to grow despite a significant slowdown in the auto industry, due to fewer sources of money being available to consumers, Kaczmarek told the paper.
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