MADISON, Wis. (1/4/13)--Credit unions accounted for 12.4% of new-vehicle loans in the third quarter, an increase from 10.5% in same period last year, said Experian Automotive.
It was the fourth consecutive quarter of market share gains for credit unions (Automotive News Jan. 2)
Credit Union Direct Lending (CUDL) Ontario, Calif., passed one million new and used cars and trucks in the dealer inventory listed on its site. That is an increase of more than 50% from a year earlier. CUDL increased its dealerships by 1,000 to 7,000 during 2012, said Phil Maniaci, senior vice president of CUDL Automotive.
Bill Paschen, finance director for Jim Click Auto Group, Tucson, Ariz., told Automotive News he values the relative small size and local focus of credit unions. Credit unions also can be more flexible on loans, Paschen said.
Also, members are loyal to their credit unions, said Ralph Larson, finance and insurance director for Dick Hannah Dealerships in Vancouver, Wash. When a member's credit union found out the member was financing a car with someone else, it would often beat the offer. So, Larson started a policy of giving the credit union that financed the member's trade-in the chance to match other offers.