It was almost a year ago when I first wrote about the U-Haul Investors Club. This is the peer to business investing option at U-Haul where anyone can invest in their trucks and equipment. It is secured lending where an asset backs your investment.
I thought it was time to revisit them and see how they were getting along. When I last spoke with Jim Shoen, Vice President at Amerco (the parent company of U-Haul) back in October last year they had done around $7 million in loans in their first nine months.
Today, they are at $18 million in total loans issued and their monthly volume is just under $1 million. There are also more loan offerings now than there was a year ago. Currently, there are seven different options for investors with terms ranging from a 2-year loan at 3% for a utility dolly up to a 30-year term at 8% for some real estate.
New Account Options: IRA and Coverdell Accounts
This year they have made several different account options available for investors. Recently they added both Traditional and Roth IRA options that is run through the custodian Oxford Life Insurance Company. They also offer UGMA/UTMA custodial accounts as well as Coverdell Education Savings Accounts. Business accounts and Trust accounts are accepted as well.