Credit unions using GrooveCar will now receive credit applications in their AppTrac system through Dealertrack’s credit application network. Participating credit unions will also be able to send loan decisions back to dealers through the network.
Battles between F&I offices and credit unions are a common affair, but His Madness thinks F&I pros would be better served making peace than duking it out.
Fourteen credit unions across the country are participating in a product incubator for Non-Prime Auto Loans, one of five products in the Filene Research Institute’s accessible financial services incubator funded by the Ford Foundation.
The company’s CUDL auto lending network reached a new milestone, adding 1,000 dealers since breaking the 10,000-dealer mark less than a year ago. Official also report that CU Direct credit unions generated a record $16.3 billion in auto loans through the network last year.
A recent survey found that U.S. banks and credit unions are carrying a much heavier regulatory and risk management burden than they were a year ago. This is due in part to heightened concern over the mortgage guidelines recently finalized by the CFPB.
Banks and credit unions believe they will eventually need to boost allowances for loan and lease losses by nearly 50%, according to a recent survey by Sageworks, a financial information company.
SFG Finance announced this week that its portfolio grew 30% over the last year thanks to the company’s subprime flow program — an initiative in which independent, indirect auto lenders originate and immediately pass through auto loans that meet SFG Finance’s program guidelines.
CU Direct will showcase the latest generation of its vehicle-shopping website, as well as its new Auto PREMIER concierge program.
The Dealertrack Credit Application Network has grown from five lenders in 2001 to more than 1,400 lenders today, allowing dealers to electronically submit application data to a diverse network of banks, independent finance companies, captives and credit unions.
GrooveCar Direct has partnered with MIDFLORIDA Credit Union and Tuscaloosa Teachers Credit Union. The two credit unions will take advantage of the buying resource's suite of products to grow auto originations.
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