Credit Union Journal | Monday, Decemer 10, 2012
With so many cars damaged by Superstorm Sandy, credit unions in the Northeast are seeing a surge in auto loans, creating a bounty of volume, but also a number of challenges related to inflated pricing, problematic collateral and other issues.
Customers who walk into the Millennium Honda showroom these days take a number, just like shopping in a bakery. Contrary to the typical scenario in which a salesman meets someone as soon as they step on the lot, the wait for service can sometimes be hours for a sales consultant.
Amid the tragedy that surrounds so many lives and businesses in the Northeast, Hurricane Sandy will have some positive effects on the economy.
In the wake of Hurricane Sandy, lenders, particularly those in the Northeast, are being cautioned to pay closer attention to the condition of auto loan collateral, especially in looking for signs of flood damage.