The NCUA said Wednesday that the $2.4 billion Mission Federal Credit Union in San Diego has purchased Autoland, a national car-buying service provider.
Founded in 1971, Autoland is a CUSO based in Chatsworth, Calif., serving more than 200 credit unions nationwide.
Founded in 1961, Mission FCU is a community-chartered credit union with more than 160,000 members and assets of $2.4 billion, according to its most recent NCUA Call Report.
The NCUA said it now has completed the sale of its interest in Autoland as liquidating agent of the former Telesis Community Credit Union in Chatsworth, Calif.
Telesis purchased Autoland in 2007 and subsequently sold minor interests, retaining a controlling interest, the NCUA said.
The California Department of Financial Institutions placed Telesis into conservatorship in March 2012, and appointed the NCUA as conservator.
The California regulator liquidated Telesis the following May and appointed NCUA liquidating agent. Premier America Credit Union purchased and assumed Telesis' members, deposits, core facilities and consumer loans at that time. The NCUA had operated Autoland since conservatorship until Wednesday's sale.
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