... Who's zooming who?
One of the many fictions put forth about race-based lending by the SECU "executive leadership team" (the "ELT") was that the new, discriminatory RBL lending practices would attract "A-tier" SECU member-borrowers back in droves - especially in the auto lending arena.
Penalizing the majority of SECU member-borrowers with RBL was somehow justified by the surge in loans which the ELT promised would result.
The SECU Board bought into the bogus logic and "manufactured" analyses it was presented in 2023. So, let's check out the actual results in SECU vehicle lending performance after the completion of the first full year (2024):
(from SECU) Dec., 2024 Dec., 2023 12 mo. Change
New Vehicle Loans $1,137,000,000 $1,103,000,000 + $34,000,000
Used Vehicle Loans $2,912,660,000 $2,954,715,000 - ($42,055,000)
😎 Not to be picky nor precise, but if you net "the growth" in new and used car loans (+$34 mil. + - $42 mil. = -$8 mil.), the "promised results" don't seem to add up.
Certain the ELT has an excuse explanation for this apparent misjudgment... can't wait to hear it!
...maybe those excessive charge-offs are lowering the total too much?
