Indirect auto lending has been one of the fastest-growing segments for credit unions.
Yet some are choosing to abstain from it, or decrease their involvement, citing poor returns and the difficult task of drawing those new members into a deeper relationship.
Among all credit unions, auto loans rose 18% per year from 2011 to 2016, and 13% in the 12 months ending Sept. 30. All other types of loans grew about 10% per year in those periods. As a result, car loans have grown from 29% of the credit union portfolio in 2011 to 35% at the end of last year's third quarter.
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.
