Auto Loans & Leases
NECUS Partners With Lease One
MARLBOROUGH, Mass.-New England Credit Union Services, LLC and Lease One Corporation have formed a strategic partnership through which credit unions will be able to offer equipment leasing to their members who operate small businesses.
According to New England CU Services, a subsidiary of the Massachusetts, New Hampshire and Rhode Island leagues, the leasing market is growing because many small business applicants for credit do not qualify for (or choose not to accept) traditional loan terms-based on their business? cash flow needs or borrowing capacity.
For info: Bonnie Doolin at 800-842-1242, ext. 321 or by e-mail at bdoolin
Northeast CU Wins Choice Award
PORTSMOUTH, N.H.-Northeast Credit Union (NECU) has won CUDL's (Credit Union Direct Corporation's) 2006 Choice Award. The Choice Award was given to NECU in recognition of its ongoing dedication and success in advancing its auto lending program through CUDL.
AppOne Offers Dealer Bootcamp
BATON ROUGE, La.-AppOne, a provider of Internet-based risk mitigation and financial technology to banks, credit unions and independent auto dealers, has developed its Dealer Bootcamp to train dealers to use the AppOne platform, which connects them to AppOne's network of lenders.
The Dealer Bootcamp teleconference is held Thursdays at www.appone.net, and focuses on how independent auto dealers can access the site, stay in compliance when facilitating loans and quickly and efficiently submit potential loans through AppOne's online platform.
Separately, the firm has also updated its RECON Score, a proprietary online system for measuring, evaluating and managing the level of risk associated with doing business with independent auto dealers.
The score estalishes a rating on each associated independent auto dealer using a variety of statistical and financial data on both the business and management of staff.
For info: www.appone.net.
CUDL Teams Up With Vehicle Title
RANCHO CUCAMONGA, Calif.-CU Direct Corporation, which administers the Credit Union Direct Lending (CUDL) program, has teamed up with Vehicle Title, LLC, a joint venture between The First American Corporation and Experian Automotive.
Under the agreement, CUDL credit unions and their members can receive insured title histories on financed used vehicles.
CUDL selected Vehicle Title's TitleGuard Vehicle Title Insurance to provide their credit union members with the most accurate and reliable information on their pre-owned vehicles' pasts.
TitleGuard will initially be offered to CUDL's 17 million credit union members through CUDL's AutoSMART website, and will be available to CUDL's more than 550 credit unions, to incorporate into their used vehicle loans.
TitleGuard will also benefit CUDL's 7,000 dealers, allowing them to apply the service to their pre-owned vehicle inventory.
For info: www.cudirect.com.
Summer Auto Sale Heats Up LI
HAUPPAUGE, N.Y.-Some 200 Long Island-based auto dealers participated in a credit union car sale event spearheaded by GrooveCar, Inc.
The provider of indirect auto loans said it believes the event represents the region's biggest auto sale. The sale is restricted to credit union members, and about 800,000 invitations were sent out promoting the event.
Members who visit a dealership are invited to enter to win a 42-inch plasma television.
GrooveCar first held this event in 2002.
Visit The Credit Union Journal's Website At www.cujournal.com.