February 21, 2013

Ky.s Telco Credit Union Sees Boost in Car Loans

In what may be good economic news for Kentucky, Richard Reese, the president and CEO of Kentucky Telco Federal Credit Union, says he sees an increase in the number of people seeking loans for new cars.

Pointing to 2012, Reese said its new loan portfolio soared by almost 20 percent, believing it's probably record year-to-year growth performance by the company.

He said that has continued on into 2013, with the amount of car loan business growing at a higher rate than he has ever remembered for the winter season.

“After sitting on the sidelines for four or five years, there are people who need to make a purchase of a car,” he said, adding that it's the belief that the economy is growing that has probably triggered the boost in car loans.

Also important to the strong car loan performance in Kentucky by the credit union is the fact the Credit Union decided to focus on that particular segment of the market, moving away from the mortgage lending market.

Per its filing with the National Credit Union Administration, Telco shows it has generated $68 million in new car loans last year, which accounted for about 38 percent of its overall loans.

No comments:

Post a Comment