Autoland Purchased by Mission Federal
ALEXANDRIA, VA (July 10, 2013) — The National Credit Union Administration today announced that Mission Federal Credit Union, of San Diego, Calif., has purchased Autoland, a national car-buying service provider.
Autoland, founded in 1971, is a Credit Union Service Organization, or CUSO, based in Chatsworth, Calif., that serves more than 200 credit unions nationwide.
Founded in 1961, Mission is a community-chartered credit union with more than 160,000 members and assets of $2.4 billion, according to its most recent Call Report.
NCUA completed the sale of its interest in Autoland as liquidating agent of the former Telesis Community Credit Union. Telesis purchased Autoland in 2007 and subsequently sold minor interests, retaining a controlling interest.
The California Department of Financial Institutions placed Telesis into conservatorship in March 2012, and appointed NCUA as conservator. The California regulator liquidated Telesis the following May and appointed NCUA liquidating agent. Premier America Credit Union purchased and assumed Telesis’ members, deposits, core facilities and consumer loans at that time. NCUA operated Autoland since conservatorship until today’s sale.
NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 94 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.