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Callahan Webinar Highlights Successful CU Auto Programs

WASHINGTON -- A recent Callahan and Associates Webinar highlighted several credit unions' ideas for bolstering their auto lending prowess from which others can learn.

By Lindsey Siegriest | Updated on October 14, 2008

WASHINGTON — A recent Callahan and Associates Webinar highlighted several credit unions’ ideas for bolstering their auto lending prowess from which others can learn.

Callahan Industry Analyst Nick Connors provided an overview of the current credit union auto lending conditions. Data from Callahan shows that credit union year-to-date auto lending market share from January to July 2008 is down to the lowest in five years at 14.2%. While auto loans still remain the second-largest component of the credit union loan portfolio, new auto lending is the only loan category not experiencing growth. Over the past few years new auto loans and used auto loans have almost equally comprised auto lending portfolios; this year used loans made up $93.3 billion of auto loan portfolios, while new loans made up $83.4 billion. Auto loan penetration remains constant in 2008, but auto loans as a percentage of total loans continued to decline to 31.8% as of June 30.

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