CUs continue to cruise into auto lending success.
Despite rising rates and slowing loan growth, auto lending has remained relatively robust. Credit unions are still a choice financial institution among the nation's consumers when they consider an auto loan.
Up 10.8% annually, total auto lending expanded $35.8 billion over the year to $365.3 billion as of September 2018. This is the sixth consecutive year of double-digit growth in the third quarter as total auto loan balances at credit unions have more than doubled since September 2012. Auto lending continues to be strong at credit unions despite slowing growth in the overall loan portfolio and rises in interest rates.
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