Two North Carolina credit unions form CUSO to sell cars
Coastal Federal Credit Union in Raleigh, N.C., and Truliant Federal Credit Union in Winston-Salem, N.C., have formed a credit union service organization (CUSO) to sell cars through a Winston-Salem dealership.
The credit unions have partnered with TrueBay Automotive to create the Credit Union Auto Marketplace.
Truliant, TruBuy and Coastal (through its CUSO) each own a third of the new CUSO.
Truliant repossessed about $1.4 million in vehicles in the first nine months of this year; Coastal repossessed roughly $1.5 million in vehicles over that period.