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
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
23 minutes ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
5 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
5 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
7 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
7 hours ago