Auto Loans Down, Not Out In Austin

Credit Union Journal, The, April, 2008 by Ray Birch

While it is experiencing a sharp decline in auto loans, don’t associate national headlines about recession with the Texas economy, advises Greater Texas FCU CEO Tommy Seargeant.

“We’re statewide and we’re not seeing the slowdown that we’re reading about,” Seargeant said. “I think the economy in Texas is stable–not as robust as it has been, but not as bad as it’s been before, like during the ’80s real estate bust. I remember going through that.”

In Austin, headquarters for the $303-million Greater Texas, there haven’t been many problems with mortgage delinquencies, because the credit unions and banks have followed sound underwriting policies, Seargeant said.

“We don’t make subprime loans. We have $300 million in assets and about $16 million in mortgage loans with zero delinquency. We’ve sold off another $16 ...