SAN DIEGO – CU Lending Solutions announced yesterday it has signed with start-up Global Debt Network Automotive to expand credit unions’ offerings of subprime auto loans.
Global Debt Network uses a dashboard-style control panel that enables loan originators to list and price the seasoned loans they want to sell to pre-screened credit unions, banks and other investors. Dealers can set the terms of the sales, select a buyer with purchase terms, and monitor the status of the process instantly.
Credit unions can use their own secure Global Debt Network filtering tool to specify what types of loans they want to buy and can review the dealership portfolios, select the loans they want and submit a bid.
Global Debt Network was launched in June and has offices in Alamo, Calif., and Los Angeles.
