Experian data shows that borrowers in the first quarter took out car loans for higher amounts, longer terms and less often from credit unions.
Credit unions originated 20% of the number of loans in the three months ending March 31, down from 20.8% for all of 2020, 21.9% in 2019 and a peak of 24.5% in 2018. Banks, captives and other lenders increased their share from 2020 to the first quarter.
Experian's report reinforces data released earlier this month by the Fed and CUNA showing auto loan portfolios grew only 0.4% to $383 billion at credit unions in the 12 months ending March 31, but grew 6.1% to $847 billion at other lenders.
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