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Steering Car Loans Your Way; Used Car Market Still a Very Fertile Area for Credit Unions

For credit unions looking for ways to increase loan volume, used car sales are an excellent vehicle. And the more credit union employees understand new car depreciation and how to help members maximize the value of used cars, the easier it will be to drive up loan volume.

By Staff Writer | Updated on November 13, 2007

For credit unions looking for ways to increase loan volume, used car sales are an excellent vehicle. And the more credit union employees understand new car depreciation and how to help members maximize the value of used cars, the easier it will be to drive up loan volume.

With auto loans comprising 36% of their average portfolio in 2006, credit unions have a major stake in their members’ automobile purchases. However, according to CUNA, credit unions lose seven of every 10 car loans when credit union members buy a vehicle from an independent or franchised dealer that also provides financing.

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