ALEXANDRIA, Va. NCUA announced this morning it has sold Autoland, a car buying service for more than 200 credit union that was owned by failed Telesis Community CU, to Mission FCU in San Diego.
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Financial terms of the deal were not disclosed.
Autoland was formed in 1971 as a CUSO and acquired in 2007 by Telesis, the one-time $615 million credit union that failed last year and was assigned to PremierAmerica CU in a purchase and assumption agreement. According to NCUA, Autoland reported consistent losses from the time of its acquisition by Chatsworth-based Telesis until NCUA took Telesis under conservatorship.
NCUA operated Autoland since last year’s conservatorship of Telesis until today’s sale.
