A combination of increasing consumer confidence and less-aggressive financing incentives from manufacturers continue to help credit unions grow their vehicle loan portfolios.
According to CUNA Mutual Group's October Credit Union Trends Report, at $197 billion, credit union-held member vehicle loans were up 19% from their low point in March 2011 and were up 10.8% during the past 12 months. The report tracked data through August.
A combination of factors is propelling this remarkable reversal of trend, wrote Dave Colby, CUNA Mutual chief economist, in the report.
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