SUB PRIME AUTO LOANS Samuel O. Crane CEO & President Grand County Credit Union
Sub Prime Auto Loans
Jan 01, 2016
Sub Prime Auto Loans. Samuel O. Crane CEO & President Grand County Credit Union. 30% of capital invested in sub prime loans $2,000,000 x 30% = $600,000 Sub prime. This is the type of vehicle most of my sub prime borrowers want to buy. This might better suit them. The results after 2 years. - PowerPoint PPT Presentation
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SUB PRIME AUTO LOANS
Samuel O. CraneCEO & PresidentGrand County Credit Union
30% OF CAPITAL INVESTED IN SUB PRIME LOANS
$2,000,000 X 30% = $600,000 SUB PRIME
THIS IS THE TYPE OF VEHICLE MOST OF MY SUB PRIME BORROWERS WANT TO BUY
THIS MIGHT BETTER SUIT THEM
THE RESULTS AFTER 2 YEARS$180,000 Loan Income
Loyal & Happy Members
$5,000 total losses
20% have refinanced into our Non- Sub Prime rates.
SUBPRIME AUTO RATES (UNDER 600 SCORE)
Term Vehicles 0-2 Yrs Old
24-60 months 16.00%
72 months 17.00%
Vehicles 3-7 Yrs Old
24-60 months 17.00%
Vehicles 8+ Yrs Old
24-48 months 23.00%
THE FIRST ORDER OF THE
DAY IS TO SURVIVE ANY DOWNTURNS IN THE REAL ECONOMY…
BUT THE SECOND IS TO BENEFIT FROM
THESE NEW PATTERNS.
THE WRONG WAY FORWARD IN HARD TIMES IS TO TRY MORE OF THE SAME. THE HARD TIMES ARE SURE INDICATIONS AN OLD PATTERN HAS BEEN PUSHED TO ITS LIMITS AND IS DESTROYING VALUE.
-ED FILENE
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