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Navigating Subprime Auto Loans: Insights from Samuel O. Crane, CEO of Grand County Credit Union

Samuel O. Crane, CEO of Grand County Credit Union, discusses the strategic investment of 30% of capital in subprime auto loans. With a calculated investment of $600,000 over two years, the credit union has witnessed $180,000 in loan income and a rate of 20% of borrowers refinancing to non-subprime rates. Despite market challenges, Crane emphasizes the importance of adapting to new patterns for sustained growth and member loyalty, stating that surviving economic downturns is key to thriving in the lending sector.

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Navigating Subprime Auto Loans: Insights from Samuel O. Crane, CEO of Grand County Credit Union

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  1. Sub Prime Auto Loans Samuel O. Crane CEO & President Grand County Credit Union

  2. 30% of capital invested in sub prime loans$2,000,000 x 30% = $600,000 Sub prime

  3. This is the type of vehicle most of my sub prime borrowers want to buy

  4. This might better suit them

  5. The results after 2 years $180,000 Loan Income $5,000 total losses 20% have refinanced into our Non- Sub Prime rates. • Loyal & Happy Members

  6. Subprime auto rates (under 600 score)

  7. 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.

  8. 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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