ONTARIO, Calif.–As reported earlier by Credit Union Journal, CU Direct Lending (CUDL) has inked a deal with GE Capital Fleet in which the fleet management giant will help CUDL’s client credit unions remarket repossessed vehicles. The goal is to earn better returns on repossessed vehicles, CUDL said.
“GE Capital, Fleet Services is one of the largest commercial wholesale remarketers in the country, remarketing more than 120,000 vehicles each year,” said CUDL Communications Coordinator Bill Meyer. “By participating in the ‘Remarketing by GE’ program, credit unions can benefit from GE’s brand, remarketing strategy, and competitive rates to potentially earn higher net sale prices for repos, often with a shorter sales cycle than credit unions can achieve on their own.”
Under the program GE would only market the repossessions the client credit unions remain the titleholders. Meyer said CUDL has over 30 credit unions in various stages of the program.
