LAS VEGAS — Provided the process is handled "smartly," credit unions ought to be taking a keener look at non-prime auto credits as a means of bolstering income, a CUNA Mutual Group executive advised Wednesday.
"We're seeing many credit unions with squeaky clean portfolios simply unwilling to take that risk in dropping below 680 scores," said Steve Martin, director of CMG's lending protection unit in Madison, Wis.
The market for prime credits, in which the majority of CUs are involved in now, has become "very competitive" with little money to be made, observed Martin a speaker at a breakout session during the annual meeting of Credit Union Direct Lending Corp. opening today.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
