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As Rates Fall, More Members Eye New Cars

Three months after Hurricane Sandys destruction slammed several states, the storm may have contributed to a jump in loans for new cars at credit unions.

By Michelle A. Samaad | Updated on January 16, 2013

Three months after Hurricane Sandy’s destruction slammed several states, the storm may have contributed to a jump in loans for new cars at credit unions.

This segment of the loan portfolio is up 7.7% or $4.6 billion as of November, according to CUNA Mutual Group’s January Credit Union Trends Report. The scenario was different in November 2011 when new car lending activity was actually contracting at an 8.7% annual rate, the data showed.

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