CHATSWORTH, Calif. (6/6/12)--Autoland Inc. posted positive first quarter earnings with a 16% sales increase over first quarter 2011, said the auto buying credit union service organization. Autoland's lead volume rose 27%, which means it is on track to exceed its second-quarter sales forecast.
Autoland attributed the increase to car buying demand. It also added new credit union partners and expanded service presence to more key locations in California and Oregon, said Jeffry Martin, Autoland Inc. president. The increases help better position Autoland for taking advantage of a projected 13% increase in car sales this year, Martin said.
The company has added 11 new credit union partners during the past seven months and serves more than 200 credit unions nationwide.
"The good news is that credit union membership continues to rise--667,000 for the first three months of 2012-- and with it, more opportunities to finance member automobile purchases," said Martin. "The demand is there on both sides, and we're servicing that demand by getting the vehicles members want while retaining the financing for our credit union partners at a rate of 82%."
Martin noted its partners have seen their loan dollars through Autoland increase this year by an average of 40%.
NEW YORK (6/6/12)--Private student loan provider Fynanz Inc. announced Tuesday it had hit the 200 milestone in number of total client credit unions that leverage its private student lending technology.
Fynanz, a strategic alliance provider of CUNA Strategic Services, powers the custudentloans.org website.
New additions to the provider include Sunmark FCU, Latham, N.Y.; Los Angeles FCU (LAFCU); Travis CU, Vacaville, Calif.; and CommonWealth One FCU, Alexandria,Va.
CommonWealth One and Sunmark built customized private student lending programs using the Fynanz platform, which tailors the product and credit requirements for each individual credit union and its members.
LAFCU and Travis CU joined the cuStudentLoans program. LAFCU joined the program as a full lending and participation partner. Travis joined the member referral program, which allows credit unions to refer members to the credit union service organization-managed network, giving members access to a no-fee and low-interest-rate private student loan. The program has grown to 145 credit union referral partners. It employs common underwriting and pricing, and includes loan participation to mitigate risks.
"Fynanz continues to rapidly grow and attract new lending partners to its platform, which now serves the student lending needs of credit unions totaling over $40 billion in assets," said Jim Merrill, senior vice president of sales at Fynanz.