CUs must prepare for a potential decline in auto lending.
It's no secret that auto loans have traditionally taken up a significant portion of credit unions' portfolios; however, there is a troubling new trend that savvy institutions are noticing. The rise of popular ride shares, like Uber and Lyft, have recently led to a decrease in new car sales. Consumers are keeping their vehicles longer, and those in urban locations are making better use of city transportation, such as buses and subway systems. Additionally, rising interest rates have deterred many consumers from purchasing new cars altogether.
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