Truliant and Coastal federal credit unions have formed a CUSO to sell cars through this dealership in Winston-Salem, N.C. Credit/Truliant
Credit unions in North Carolina have joined forces to create a CUSO to sell cars through a dealership in Winston-Salem.
Coastal Federal Credit Union of Raleigh and Truliant Federal Credit Union of Winston-Salem announced Dec. 10 they have partnered with TrueBuy Automotive, a Winston-Salem dealership that includes other credit union partners, to create the CUSO called Credit Union Auto Marketplace.
The CUSO is owned one-third each by Truliant, TrueBuy and Coastal via its CUSO, Coastal Federal Financial Group (CFFG). The new dealership is at the previous location of the Credit Union Auto Buying Service (CUABS), powered by TrueBuy Automotive, in Winston-Salem. The CUSO said it offers:
- Quick, online car finding with a database of thousands of vehicles;
- No-haggle pricing with discounts for credit union borrowers; and
- Free home delivery within 250 miles.
Truliant President/CEO Todd Hall said the CUSO provides members “a robust and straightforward auto buying experience with a great selection. This partnership elevates each of our offerings to members by empowering them with a convenient way to buy their next vehicle.”
Truliant launched the former Credit Union Auto-Buying Service in 1993, and sold it in 2017 to C.U.R.E. LLC (aka: “CU CarFinders”) in Norcross, Ga. Truliant retained a partnership, but no ownership, in the business, which continued operating as the Credit Union Auto Buying Service.
Truliant remained a partner after 2022, when it became Credit Union Auto Buying Service (CUABS) powered by TrueBuy.
Truliant spokesman Heath Combs said the dealership is expected to have at least 90 cars in its inventory, but the number will vary.
Asked by CU Times if the dealership would be all or mostly stocked with cars repossessed by Truliant and Coastal, Combs said the vehicles “will come from a variety of sources.”
Truliant repossessed nearly $1.4 million in vehicles from January through September — almost double the $704,582 it repossessed in the first nine months of 2023.
Coastal repossessed nearly $1.5 million in vehicles in the first nine months of 2024, up from $1.2 million a year earlier.
Based on average loan sizes as of September, each was repossessing only about five or six cars a month this year.
Truliant held $372.3 million in new car loans Sept. 30, down 4.6% from a year earlier, while its used car portfolio fell 4.3% to $1.0 billion.
Its net charge-offs for new cars nearly doubled from $1.5 million from January through September 2023 to $2.7 million in the first nine months of 2024. Used car charge-offs rose 27% to $16.5 million.
Coastal held $408.6 million in new car loans Sept. 30, down 16% from a year earlier, while its used car portfolio fell 8.5% to $1.5 billion.
Its net charge-offs rose 20% to $2.4 million for new cars and rose 18.8% to $17.8 million for used cars.
Truliant’s delinquency rate for new cars fell from 0.53% in September 2023 to 0.50% Sept. 30. Its used car delinquency rate was 1.02%, 7 basis points.
Coastal’s new car delinquency rate rose 33 bps to 1.01% Sept. 30, while used car delinquencies rose 24 bps to 1.06%.
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