Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Auto lending helps Michigan CUs gain popularity
LANSING, Mich. (9/16/09)--Michigan credit unions saw an 8.5% increase in new auto loans during second quarter, says the Michigan Credit Union League, citing data from the National Credit Union Administration. The increase equals $2.2 billion in auto loan balances as of June 30--a 32% increase in new-vehicle loans over June 2008 (Michigan Monitor Sept. 14). "More than 200 credit unions statewide have stepped in to fill the void in auto lending," said league President/CEO David Adams. "Credit unions are financially stable, increasing members' savings deposits, and supporting their members and Michigan's auto companies by making the loans that put new and used cars on the road," Adams added. He cited credit unions' "Invest in America" program, which "has strengthened credit union relationships with auto dealers and shown the importance of buying American." Used-car loans increased 14% over the period, and small business loans grew about 17%. That momentum continued into the third quarter of 2009, with the state's credit unions increasing their market share of new- and used-car loans from 23% July 31, 2008, to 36% on July 31, 2009. This is the highest market share increase of the 20 most populous states, the league said. On Tuesday, the Oakland Press featured the statistics and Adams' comments, as well as a comment from Claudia York, CEO of Chief Financial FCU, Pontiac, who noted the increase in business in both new- and used-car loans.
Other Resources

RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
7 hours ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
9 hours ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
10 hours ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
11 hours ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
11 hours ago