Car loans provided above-average growth for loan portfolios among credit unions large and small last year, even as U.S. consumers slowed down purchasing.
Among the nation's 5,652 federally insured credit unions, total car loans were $335.9 billion at Dec. 31, up 12.6% from a year earlier. New car loans were $133.3 billion, up 14.3%, and used car loans were $202.6 billion up 11.6%, according to NCUA data released March 5.
Total loans grew 11.2% to $967.9 billion among all credit unions, and 10.6% to $155.9 billion among the Top 10 for car loans.
Payments more than 60 days late represented 0.45% of new car loans at year's end, down 1 basis point from the end of 2016. Net charge offs as a percent of average loans was 0.45%, up 5 basis points.
The delinquency rate for used car loans ended the year at 0.86%, down 2 basis points, while the net charge off ratio was 0.79%, up 4 basis points.
Auto lending is a staple of credit unions. While the Top 10 in some categories have a disproportionately large share, auto loans are more widely dispersed.
The 10 credit unions with the largest total car loan portfolios on Dec. 31 accounted for $212.7 billion in assets, and 16.9 million members, or 15% of the movement's assets and members. However, they accounted for only 13% of total auto loans.
The Top 10's new car loans were $19.8 billion, up 13.9%, and used car loans were $25.4 billion up 12.3%. Their total car loans were $45.2 billion up 12.3%.
The Top 10 were:
- Navy FCU, Vienna, Va. ($90.6 billion in assets, 7.5 million members): New car loans were $6 billion, up 9.1%, and used car loans were $6.8 billion, up 7.1%. Navy Federal's total car loans were $12.8 billion, up 8%.
- Security Service FCU, San Antonio, Texas ($9.5 billion in assets, 750,971 members): New car loans were $2.5 billion, down 5%, and used car loans were $2.7 billion, down 3.2%. Total car loans were $5.2 billion, down 4.1%.
- The Golden 1 CU, Sacramento, Calif. ($11.5 billion in assets, 921,901 members): New car loans were $2.6 billion, up 17.9%, and used car loans were $1.9 billion, up 19.3%. Total car loans were $4.5 billion, up 18.5%.
- Alaska USA FCU, Anchorage, Alaska ($7.2 billion in assets, 642,751 members): New car loans were $2.1 billion, up 13.1%, and used car loans were $2.2 billion, up 11.7%. Total car loans were $4.3 billion, up 12.4%.
- America First FCU, Riverdale, Utah ($9.2 billion in assets, 905,161 members): New car loans were $815.2 million, up 23.7%, and used car loans were $2.9 billion, up 18.1%. Total car loans were $3.7 billion, up 19.3%.
- Pentagon FCU, Tysons, Va. ($22.9 billion in assets, 1.6 million members): New car loans were $1.7 billion, up 18.4%, and used car loans were $1.6 billion, up 14.2%. PenFed's total car loans were $3.3 billion, up 16.4%.
- Randolph-Brooks FCU, San Antonio, Texas ($8.6 billion in assets, 724,559 members): New car loans were $1.1 billion, up 16.7%, and used car loans were $1.7 billion, up 22.6%. Total car loans were $2.9 billion, up 20.2%.
- Suncoast CU, Tampa, Fla. ($8.7 billion in assets, 747,403 members): New car loans were $990.1 million, up 20%, and used car loans were $1.9 billion, up 33.1%. Total car loans were $2.9 billion, up 28.3%.
- State Employees' CU, Raleigh, N.C. ($37.3 billion in assets, 2.3 million members): New car loans were $726.5 million, up 17.5%, and used car loans were $2.1 billion, up 10.7%. Total car loans were $2.8 billion, up 12.3%.
- Mountain America FCU, Salt Lake City, Utah ($7.1 billion in assets, 722,100 members): New car loans were $1.1 billion, up 16.7%, and used car loans were $1.7 billion, up 21.1%. Total car loans were $2.8 billion, up 19.3%.
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