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Auto Lending Fraud Trends in 2019
Have you heard this phrase before – “the more things change, the more they stay the same”? This is certainly the case when it comes to auto lending fraud. Fraudsters may change their stripes and perpetrate new and more clever schemes each year, but in the end the results are the same – lenders and…
The Auto Lending Road Is Wide Open For Credit Unions
We’ve seen the headlines reporting that auto sales are in decline and are expected to recede over the next couple of years. At first glance, the news may seem unsettling. As of July 31, new auto sales had fallen 7% from a year earlier to 1.42 million vehicles, according to Autodata Corp. But, is there…
In Winning the Auto Lending Race, What’s Next?
You may have heard the expression, “to the victor go the spoils.” Interestingly, this phrase did not originate in some centuries-old prose or novel. As eloquent as it seems, it was actually believed to have been spoken by Senator William L Marcy in 1831, as he described the benefits that come upon winning the presidential…
High Dealer Satisfaction Means Good Business for Automotive Lenders
As automobile dealers increasingly expect faster and more efficient vehicle financing, they have begun to pivot away from placing the highest value on transaction speed and focus instead on their relationship with their lenders. This change in expectations is causing lenders to ask how they can increase their business. To answer this, credit unions and…
Millennials and Auto Buying: What Really Matters to CUs
There has been a lot of discussion of late on the subject of millennials, especially when it comes to attitudes regarding transportation choices, and specifically vehicle ownership. At the recent CUNA Lending Council Conference, there was an entire session devoted to millennials, with a panel of appropriately aged individuals providing anecdotal testimony to the findings…
Using Technology to Improve the UX
Recently, our product team was involved in a discussion about “user experience.” This topic has become very important in the world of technology, as we continue to create very sophisticated tools to advance how companies, including financial institutions, do business. However, if the user can’t figure out how to use the technology they have, it…