First Carolina Buys Partic. Interest
First Carolina Corporate Credit Union said it has become the first corporate to purchase a participation interest in a package of auto loans sold through Charlie Mac. Since December, 2004, First Carolina said that its member CUs have sold more than $18 million in auto loans through First Carolina's CARPooL program.
First Carolina's purchase came as part of a transaction funded by U.S. Central Credit Union, which made the loan to Charlie Mac.
"Through this transaction, First Carolina is participating in loans used to fund one of its member's auto pool sales through Charlie Mac," said Fred Eisel, First Carolina's Senior Vice President/Chief Investment Officer. "Although First Carolina does not have the authority to participate directly in loans with the credit union, this unique structure creates another avenue for us to provide liquidity to our members."