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Auto Loan Underwriting 101: Back to Basics in Tough Economy

Without the proper equipment, a rock climber's chances of tumbling off the side of a cliff increase. Likewise, the current economic climate is pushing some lenders and financial institutions to the edge of the metaphorical cliff. Credit unions are at a crux: manage their risk wisely with solid, sound practices...

By Staff Writer | Updated on November 04, 2008

Without the proper equipment, a rock climber’s chances of tumbling off the side of a cliff increase. Likewise, the current economic climate is pushing some lenders and financial institutions to the edge of the metaphorical cliff. Credit unions are at a crux: manage their risk wisely with solid, sound practices to best serve members or suffer the consequences with increased repossessions.

An area of particular focus among lenders is automobile loans. Even though gas prices have dropped recently, rapid devaluation of low-mileage vehicles continues and record rates of negative equity for new-car buyers have contributed to a sense of crisis that’s palpable.

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