Credit unions don't expect much change in overall automobile sales next year from the current record levels. Yet, credit union officials do expect to make gains by bringing credit unions to new members indirectly through automobile showrooms.
Auto loans remain one of the fastest-growing portions of credit unions' loan portfolios, and indirect loans are a major reason. Auto loans stood at $296 billion on Sept. 30, up 14% from a year earlier. They accounted for 34.1% of total loans, up from 33% a year earlier and 31.8% two years ago.
Dwight Johnston; chief economist at the California and Nevada Credit Union Leagues, expects new car sales this year will be near the record of 17.46 million cars sold in 2016.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
