June 14, 2011 - 9:06am
#1
I was just asked by my Supervisory Committee about my Auto Lending Audit Report. Their question was “Do all financial institutions loan to 100% of NADA used car value on all used auto loans?” Internal Audits position (me) is that we should fund at a lower value unless the vehicle is a certified used auto to earn a 100% rate. I would be interested in hearing from other credit unions. Thank you
