News

Auto lending has been many CUs' bread and butter, but credit unions are facing continuing increased competition. Turn to pages 18-20 to read how they're responding and read about other auto lending news.

AUCKLAND, New Zealand - Kiwi credit unions have won a battle with the Parliamentary Sect Committee on Finance and Expenditure and the right to keep the words "bank" and "banking" in their publicity and informational materials, according to Doug McLaren, CEO of the New Zealand Association of Credit Unions (NZACU)....

DEPTFORD, N.J. - A woman has been identified by the Deptford Police Department in Southern New Jersey as the person who has been allegedly attempting to defraud several credit unions by using false identification to originate large auto loans for vehicles that did not exist. Posing under a false name,...

RANCHO CUCAMONGA, Calif. - Credit Union Direct Lending and AutoNation have reached a marketing agreement that makes all of the 63 AutoNation-owned dealerships in Southern and Northern California part of the CUDL network. The agreement brings the total number of dealers in the CUDL network to over 2,000 that will...

WESTLAKE VILLAGE, Calif. - Competition from aggressive new vehicle incentives such as 0% financing and rebates hasn't dampened the popularity of the sales and awareness among consumers of certified pre-owned vehicles. If anything, says J.D. Power and Associates, their popularity is still increasing. J.D. Power and Associates' "2003 Used Vehicle...

DETROIT - Just when credit unions were getting accustomed to dealing with manufacturers' 0% financing and rebate offers, General Motors Corp. has come out with a new incentive to lure consumers - a `loyalty discount' of up to $1,000 to current owners of GM vehicles if they buy or lease...

SACRAMENTO, Calif. - Gov. Gray Davis signed a bill into law on July 14 designed to allow the state to track the amount of interest rate markup auto dealers charge customers, and allow the state attorney general to take action on markups the state considers excessive. Under the new law,...

RANCHO CUCAMONGA, Calif.- Ask any credit union involved in indirect lending what the most important issue is with the product and chances are pretty good they'll answer: "dealer relations." It's almost a fact of indirect lending life for them, in fact. "Credit unions have to make sure the expectations on...