Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
IWSJI CUs captives best chance to get auto loans
NEW YORK (10/3/08)--Credit unions and automakers’ captive-finance companies can offer consumers the best chances of receiving an auto loan, The Wall Street Journal said Thursday. Credit unions are in a better financial position than large banks, and will consider other factors outside of a FICO score when lending to members, the newspaper said. Economic troubles have halted credit, meaning that car loans and leases are harder to find because lenders don’t have the money to lend to buyers, it added. Auto lending is down about 64% of auto loan applications were approved as of Sept. 20, compared with 83% during the same period in 2007, according to CNW Marketing Research. Subprime application approvals were at 44%, compared with 67% a year ago. Car loan recipients are required to put more money down--up to 20% of a vehicle’s value. The average down payment on a car was $3,067, up from $2,435--the second time the amount has exceeded $3,000 in four years, the Journal said. To see a video about credit unions and auto loans, use the link.
Other Resources

RSS





print
News Now LiveWire
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
46 minutes ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
3 hours ago
Make sure 2 follow us @NewsNowLiveWire ,and @cuna , during March 8-12 Governmental Affairs Conference #CUNAGAC #crashthegac15 #UniteForGood
3 hours ago
Memberships, loans continue positive trend: @CUNA's monthly survey #NewsNow http://t.co/QnAlJ4DB3O
3 hours ago
Grand opening of @McGrawHillFCU's branch puts high touch on member service #NewsNow http://t.co/RlnJNrcwM8 #Backat55
4 hours ago