Credit union market share of auto loans is on the rise reaching 24% compared to 14% a year ago with perhaps some of the credit going to the Invest in America program with General Motors and Chrysler Corp., the Michigan Credit Union League said this week.
Tracking numbers gleaned from Experian show the trend with a 25% share in January and 24.8% in February, said a spokesman for the Michigan League, whose CUcorp subsidiary has been handling transactions from across the U.S. since December with participating CUs offering discounts to CU members on branded vehicles.
Coming off a nationwide debut in January, the Invest program saw 57,000 vehicle sales in two months with 80% financed at a CU, said the league.
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