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
Share of CU auto loans 'significant,' Schenk tells Automotive News
DETROIT (3/20/14)--The increased presence of credit unions in the auto lending market caught the eye of industry publication Automotive News.
 
Credit unions' 36% share of total auto loans outstanding is "pretty significant" considering credit unions collectively control only about 7% of consumer financial assets, said Mike Schenk, vice president of economics and statistics for the Credit Union National Association.
 
In Wednesday's Q-an-A piece with author Jim Henry, Schenk noted better relationships with dealers and a larger membership base helped drive the increase in 2013.
 
However, the "third leg of the stool" is the democratically controlled structure of credit unions. "The deal the average consumer can get would be substantially better than they would get at commercial banks," Schenk noted.
 
In 2013, new-auto loans were the fastest-growing segment for credit unions, increasing 13% from a year prior. Credit unions have about $72 billion in loans outstanding for new autos. The used-auto portfolio had about $128 billion, a 10% increase from 2012.
RSS





print
News Now LiveWire
CUNA: CUNA offices closed through Friday, News Now returns Monday http://t.co/a5xbLzQKDj
2 hours ago
Reminder: @CUNA's Madison, D.C. offices will be closed through Friday, open again on Monday. #NewsNow will publish Monday.
21 hours ago
MI dentist to match @CUDirect's $20K to @HurleyMedical as a result of #20for20 online voting http://t.co/hqmIc9LpK1 @CMNHospitals
22 hours ago
New #creditunion chartered in St. Louis - #LutheranFCU - by @TheNCUA http://t.co/faPfANGS0P. Only 3rd new FCU charter this year.
23 hours ago
Don't get hacked during the holidays-use these tips from @CUNA http://t.co/jEqxni6NhO #StoptheDataBreaches http://t.co/woIxPOIyys
23 hours ago