Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Report CUs keeping key presence in auto loan market
RANCHO CUCAMONGA, Calif. (4/28/08)--Credit unions’ performance in the auto lending marketplace mirrored the performance of banks and other financial institutions in 2007, according to CU Direct Corp. (CUDL).
Click to view larger image
The annual report, which highlights key credit union auto lending trends and statistics during the course of the previous year, indicated that credit unions maintained a significant market presence in 2007. Of all auto loans originated last year, 16.9% were through credit unions--down slightly from 18.0% in 2006, according to the report. Likewise, banks’ market share declined to 32.6% in 2007 from 34.2% in 2006. CUDL, which administers the nation’s largest indirect and point-of-sale lending network for credit unions, has developed the Auto Lending Business Intelligence Report as a resource for credit union organizations to better understand credit unions’ role in the auto lending market, benchmark their performance and learn best practices. The network includes more than 500 credit unions and 9,000 automotive dealers nationwide. A key to credit unions’ success in 2007 was their ability to offer competitive financing to their members when compared with other lending institutions, the report said. Credit unions continued to offer low rates and flexible loan terms to grow loan volume, while other financial institutions turned to nonprime and subprime lending to boost their loan volumes. For instance, subprime loans made up nearly half of all the loans that finance companies originated in 2007. “Auto lending continues to be the one area in which credit unions hold a significant market share,” said CUDL Market Research Analyst Joe James. “In fact, there are five states in which an individual credit union is the top lender in the entire state.” The report also indicated that credit unions continue to effectively manage risk of their auto lending portfolios.


RSS





print
News Now LiveWire
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
14 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
14 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
14 hours ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
16 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
19 hours ago