An Experian report showed credit unions have about the same toehold in the rapidly accelerating financing market for electric vehicles as they do for loans and leases on other new vehicles.
Experian's "State of the Automotive Finance Market" released Thursday showed credit unions generated 13.7% of new car loans and leases of all types in the three months that ended Dec. 31, and 12.1% of electric vehicle financing.
Banks and captives together produced 86% of loans and leases for new electric vehicles and 81% of financing for new vehicles overall. The report did not show any historical trend for the share of electric vehicle financing by lender type.
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