Lending

SAN DIEGO – San Diego County CU has launched a Summer Saver Auto Loan promotion that invites qualified credit union auto loan borrowers to skip their regular monthly payments for the months of July and August throughout the term of their loan.

VIENNA, Va. – Navy FCU said this morning it originated $753 million in consumer loans last month, the best month for consumer lending in its 80-year history.

LOMBARD, Ill. – CU/America Financial Services, a mortgage CUSO owned by eight Illinois credit unions, has signed with Scottsdale, Ariz.-based CU Realty Services to offer the company’s real estate program to credit unions throughout Illinois.

How can credit unions increase their auto lending? Neil Goldman, senior partner at Goldman Consulting & Strategy, Del Aire, Calif., offered these tips during the CU Direct Lending Conference.

New research by Goldman Consulting & Strategy has drilled down into how consumers ages 23 to 45 finance vehicles. Among the findings, according to Neil Goldman, senior partner at the Del Aire, Calif.-based firm, is that two-thirds of those in the market for new or used vehicles do nothing-they simply accept what the dealers offer.

In the wake of the string of recent, devastating tornadoes in this region, Communication FCU reported it is seeing a surge of member interest in its storm shelter loan program.

WASHINGTON – Long-term mortgage rates climbed higher for the fifth week in a row amid concerns that the Federal Reserve may slow its bond purchases and signs of a strengthening economy, according to Freddie Mac.

CLYDE, Ohio – Clyde-Findlay Area CU has joined forces with Cooperative Business Services’ business loan origination platform, expanding the CUSO’s business lending footprint in the northwest Ohio market.

RALEIGH, N.C. – State Employees CU said it has bought $7 million of second-chance student loans from the North Carolina State Education Assistance Authority, helping finance the college education of students who have defaulted on their federally insured Federal Family Education Loans.

Consumer misconceptions regarding auto financing are costing credit unions opportunities to book loans.

WASHINGTON – Long-term mortgage rates followed government bonds higher this week, with the average rate on a 30-year fixed-rate mortgage jumping to a one-year high, according to Freddie Mac.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services, the leading provider of payment services for credit unions, announced this morning a new suite of mortgage offerings in partnership with LenderLive Network of Glendale, Colo.

While auto lending is showing positive signs for credit unions-new car sales are up as are CU loans-credit unions are having to scrap harder for each deal, dig deeper into credit tiers, drop rates and even extend terms.

The $1.7-billion UWCU is finding it can take on manufacturer deals this year, with new car loans showing a marked increase.

COLORADO SPRINGS, Colo.-The person who was first to make the call that the used car price bubble could burst, now says the downward slide in used values is starting, as well.

Despite industry-wide numbers showing lending up at credit unions overall and auto playing a big role, a number of credit unions in this state say it is tough to make car loans this year-even with one priced at .99%.

CU Direct's CUDL brand has expanded operations into Canada with the launch of Auto Premier, which leverages CUDL products and technology to provide automotive web strategies and solutions to the Canadian credit union marketplace.

The choice of and loyalty to a specific auto lender is driven more by intangible loan factors, such as good service, ease of contacting the lender and lender responsiveness, than from more quantifiable loan factors, such as interest rates and down payment requirements, according to a new report from the Filene Research Institute.

Is there any such thing as a "good" payday loan? That is the debate at the heart of a move by the National Consumer Law Center and Center for Responsible Lending to urge NCUA to crack down on nine credit unions that allegedly engage in predatory payday lending practices.