The credit union

Now it is time to rant a rave a bit.

This credit union which I worked for was run by the Marx Brothers. I've never seen a company, or at least a department within a company run as incompetently as this one. They started their dealer loan program up in September. They hired a loan officer and got on the CUDL (Credit Union Direct Lending) system so dealers could submit applications. At the end of December they hired 2 people to market the program (myself and someone else) and another loan officer. We had good rate and were told to bring in 12m worth of business a month. Not that tough.

They ran out of money for the program in 3+ months. In the meantime, we began the program looking for what is called 'A' paper. Good credit people. 6 weeks in they switched focus and began to buy more subprime paper.

So this company had no solid business plan for the auto loan department and not even enough money to begin pulling this off. I guess everyone thinks they can put together a dealer auto program these days.

Oh...one more thing. They hired a girl in January to be the admin asst to the CEO. She was brought in as a temp. Now in mid-April she is not only permanent but also the VP in charge of Building Facilities. What??????????????????????????????