28 May, 2008
When it comes to car loans, Greylock Federal Credit Union has the pedal to the metal.

As of Dec. 31, Greylock counted 12,799 auto loans in its portfolio of income-generating business, reflecting $139 million in lending. As of March 31, that number had grown by 1,166 new loans. Nearly 8,400 of Greylock's car loans held last year were for used vehicles.

According to data from the three lenders, Greylock writes the most auto loans in Berkshire County, followed by Berkshire Bank at 7,264 and Legacy Banks at 296. The numbers are as of Dec. 31.

John Bissell, senior vice president of marketing at Greylock, said the credit union's flexibility with consumer credit scores is one reason for its big market share. But so is Greylock's "New Road" lending program for auto buyers who have credit problems.

The program, unveiled last year, offers a gradually declining interest rate for customers who meet their monthly payments.

Since July 2007, the New Road program has attracted 388 customers, representing $4.3 million in car loans. Eight of those loans, with balances totaling $83,088, are listed as delinquent. Greylock considers this a big success,Bissell said.

Meanwhile, credit scores for auto loan borrowers at Berkshire Bank rose to 731, at the end of March 2008, from 728 a year earlier, according to the bank's annual report.

"Our scores are more in the 660 to 680 range," said Angelo C. Stracuzzi, president of Greylock. "In stock banks (such as Berkshire and Legacy), those scores need to be as high as they can be."

Sources:-http://www.berkshireeagle.com/ci_9374524?source=most_emailed