CARPooL Volume In Overdrive
The $1.7-billion First Carolina Corporate CU is reporting that since July 30 its CARPooL program has purchased more than $22 million in auto loans from credit unions. That's more than double the $9 million in total loans First Carolina-member CUs sold in the previous six month period. Through the CARPooL program, which is offered in conjunction with Charlie Mac, credit unions can sell the loans but retain the servicing. First Carolina purchases a portion of the participation interest in the loans.
"The Charlie Mac CARPooL program is designed to provide credit unions liquidity to fund their high loan demand " said Fred Eisel, SVP and Chief Investment Officer at First Carolina.
For info: www.firstcarolina.org.