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CUNA economist briefs INY TimesI on auto financing
NEW YORK (10/31/08)--Those who finance their auto purchases through credit unions are on “good footing,” Credit Union National Association Senior Economist Steve Rick told The New York Times. The Times noted in a Thursday article that credit unions are willing to lend to car buyers--unlike banks, which are being hit by the subprime crisis. “[Credit unions] didn’t have the losses,” Rick told the newspaper. “We don’t need to hoard credit.” More members are taking advantage of credit union loans to finance used vehicles rather than new ones, Rick added. The Times article, “Deals are Plentiful (But Bring Good Credit),” focused on the availability of car loans to potential buyers. To read the full article, use the link.
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