Comments for Credit Union Indirect Lending - Trends, News, Tips, and Technology http://cuindirectlending.org Thu, 09 Sep 2010 03:05:29 +0000 http://wordpress.org/?v=2.1.2 Comment on 2009 Dealer Issues by zjodie http://cuindirectlending.org/?p=53#comment-189 zjodie Thu, 21 May 2009 22:31:48 +0000 http://cuindirectlending.org/?p=53#comment-189 It is about time they employ more regulation with dealers. The auto industry, as a whole, constantly work on ways to get around regulations that are imposed on them. It is about time they employ more regulation with dealers. The auto industry, as a whole, constantly work on ways to get around regulations that are imposed on them.

]]> Comment on eContracting by bbkirby http://cuindirectlending.org/?p=49#comment-188 bbkirby Thu, 15 Jan 2009 14:12:52 +0000 http://cuindirectlending.org/?p=49#comment-188 eContracting is still a good 3 years out from being widespread...I only know of one CU in the country that is doing it out of Texas. Their is still alot of questions in regards to the compliance and legal issues per state as well as dealer adoption. eContracting is still a good 3 years out from being widespread…I only know of one CU in the country that is doing it out of Texas. Their is still alot of questions in regards to the compliance and legal issues per state as well as dealer adoption.

]]> Comment on GM is now partnering with Credit Unions by The Economy » Blog Archive » Credit Union Indirect Lending - Trends, News, Tips, and Technology … http://cuindirectlending.org/?p=47#comment-187 The Economy » Blog Archive » Credit Union Indirect Lending - Trends, News, Tips, and Technology … Fri, 12 Dec 2008 11:16:55 +0000 http://cuindirectlending.org/?p=47#comment-187 [...] General Motors is partnering with the Michigan Credit Union League to offer lower interest rates on car loans through their 1200 + credit union according to The Detroit News. The program is being called “Invest in America. …[Continue Reading] [...] […] General Motors is partnering with the Michigan Credit Union League to offer lower interest rates on car loans through their 1200 + credit union according to The Detroit News. The program is being called “Invest in America. …[Continue Reading] […]

]]> Comment on Down Payments by admin http://cuindirectlending.org/?p=44#comment-186 admin Sat, 08 Nov 2008 01:19:16 +0000 http://cuindirectlending.org/?p=44#comment-186 That is a great idea Barry. I will try that a sometime and see what happens. That is a great idea Barry. I will try that a sometime and see what happens.

]]> Comment on Down Payments by bbkirby http://cuindirectlending.org/?p=44#comment-185 bbkirby Mon, 03 Nov 2008 13:44:48 +0000 http://cuindirectlending.org/?p=44#comment-185 You should try stipping for 30 days bank statements to prove that the funds have been available and that they are truly making the DP out of their own funds. This is a common practice in the mortgage market as well to cut this exact type of practice out. Barry Kirby TCI www.barrykirby.com You should try stipping for 30 days bank statements to prove that the funds have been available and that they are truly making the DP out of their own funds. This is a common practice in the mortgage market as well to cut this exact type of practice out.

Barry Kirby
TCI
www.barrykirby.com

]]> Comment on Refinances by admin http://cuindirectlending.org/?p=42#comment-184 admin Wed, 29 Oct 2008 00:22:13 +0000 http://cuindirectlending.org/?p=42#comment-184 Well lease buyouts are different. I am referring to cars that customers bought with a loan from an FI and then go back to the dealer a few months later and the dealership sends a new application for the car to another FI as a purchase loan. If that new loan is included in a bankruptcy that new FI looses because purchase loans are not allowed in a bankruptcy, refinanced auto loans are. Well lease buyouts are different. I am referring to cars that customers bought with a loan from an FI and then go back to the dealer a few months later and the dealership sends a new application for the car to another FI as a purchase loan. If that new loan is included in a bankruptcy that new FI looses because purchase loans are not allowed in a bankruptcy, refinanced auto loans are.

]]> Comment on Add Ons by Yerba1 http://cuindirectlending.org/?p=29#comment-183 Yerba1 Wed, 08 Oct 2008 15:23:48 +0000 http://cuindirectlending.org/?p=29#comment-183 In Utah we have several schools of thought. Some CU cap the total OTD at a % of retail book - leaving it up to the member and dealer to decide which products are of value. Others simply provide an approval +++. The ratios can be deceiving when you talk about an inexpensive car; however, repair costs are the same for a $5000 Saturn as a $14000 Saturn. Replacement products are still priced at retail. I love a lender that looks at my portfolio, and constantly evaluates my customer base, and cuts me back, or leaves me alone, based on empirical evidence. You'd be surprised at the bogus loan/funding decisions that follow an icky lunch, or a weekend off-site sale! In Utah we have several schools of thought. Some CU cap the total OTD at a % of retail book - leaving it up to the member and dealer to decide which products are of value.

Others simply provide an approval +++. The ratios can be deceiving when you talk about an inexpensive car; however, repair costs are the same for a $5000 Saturn as a $14000 Saturn. Replacement products are still priced at retail.

I love a lender that looks at my portfolio, and constantly evaluates my customer base, and cuts me back, or leaves me alone, based on empirical evidence. You’d be surprised at the bogus loan/funding decisions that follow an icky lunch, or a weekend off-site sale!

]]> Comment on Refinances by Yerba1 http://cuindirectlending.org/?p=42#comment-182 Yerba1 Wed, 08 Oct 2008 15:16:23 +0000 http://cuindirectlending.org/?p=42#comment-182 Why generalize all refinances as potential problems? The solution is to make sure that the dealer took ownership of the vehicle prior to completing the loan package. Lease buyouts of Honda Leases can be some of the better loans available. Honda residuals have traditionally been very conservative. I have seen equity in excess of $3500 based on Kelley Wholesale Values - or more if based on NADA retail. A good loan is still a good loan. Excellent credit history, good score, and good ltv are what you're hoping comes across from your good dealers. Thanks Why generalize all refinances as potential problems? The solution is to make sure that the dealer took ownership of the vehicle prior to completing the loan package.

Lease buyouts of Honda Leases can be some of the better loans available. Honda residuals have traditionally been very conservative. I have seen equity in excess of $3500 based on Kelley Wholesale Values - or more if based on NADA retail.

A good loan is still a good loan. Excellent credit history, good score, and good ltv are what you’re hoping comes across from your good dealers. Thanks

]]> Comment on Add Ons by bbkirby http://cuindirectlending.org/?p=29#comment-153 bbkirby Thu, 29 May 2008 12:54:59 +0000 http://cuindirectlending.org/?p=29#comment-153 I am finding most of my CU's are not allowing all these add ones, except GAP and or Extended warranties. I have seen others do a max of 1% of the amount financed on backend items as well, especially when the LTV is high. I am finding most of my CU’s are not allowing all these add ones, except GAP and or Extended warranties.

I have seen others do a max of 1% of the amount financed on backend items as well, especially when the LTV is high.

]]> Comment on Are Dealers Still Faxing You Applications? by bbkirby http://cuindirectlending.org/?p=27#comment-143 bbkirby Wed, 14 May 2008 20:37:33 +0000 http://cuindirectlending.org/?p=27#comment-143 Great point! Thanks for the support, Barry Kirby TCI www.barrykirby.com Great point!

Thanks for the support,

Barry Kirby
TCI
www.barrykirby.com

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