Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Auto loan delinquencies fewer at CUs
DETROIT (10/13/08)--Auto loan delinquencies are rising, but credit unions aren’t being hit as hard as other lenders. According to a Dow Jones story published Oct. 6, auto lenders have experienced a 9% increase in loans 30 days past due and an 11% increase in loans 60 days past due in the second quarter, compared with the same time period last year. About $25 billion in auto loans are past due, according to research by Experian. Credit unions are seeing an increase in auto delinquency rates, but their rates are not rising as fast as other lenders, Steve Rick, Credit Union National Association senior economist, told News Now. There are many economic headwinds that are placing strain on household budgets--which are causing them to become delinquent on auto loans, according to Rick. “First, rising energy and food prices are reducing funds available for debt service and other purchases. Second, rising unemployment, falling commissions and bonuses and slowing wage growth is reducing incomes for millions of Americans,” he said. “Third, rising interest rates and tighter loan underwriting standards have reduced the ability to refinance high rate debt.”
Other Resources

RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
3 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
5 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
6 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
7 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
7 hours ago