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Auto loan best practices for weak economy new report
MADISON, Wis. (2/13/09)--Credit unions’ strategies to bolster their auto lending in the current economy are featured in a new best practices report from the Credit Union National Association. “Credit Union Magazine Best Practices: Strong Auto Lending in a Weak Economy” outlines the successes of eight credit unions who increased their auto lending programs when the pool of new-car buyers seemed to be shrinking. The profiled credit unions--ranging from $1.1 million in assets and $216,000 in auto loans to $8.5 billion in assets and $2.1 billion in auto loans--have doubled their auto loans in the past three years while keeping delinquencies low. One credit union increased its auto loans to $6.3 million in 2008 from $2.5 million in 2005 with a delinquency rate of 0.02%. Best practices reports also are available on serving baby boomers, succession planning, serving members of modest means, growing youth membership, business services providers, consumer lending, credit counseling, disaster recovery and risk-based lending. For more information, use the link.
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