Credit unions retreated in the new car market and even lost some ground in used car lending in the second quarter as captives and other lenders gained market share, according to an Experian report released Thursday.
Experian's quarterly "State of the Automotive Finance Market" report showed credit unions accounted for 22.5% of the number of loans and leases in the second quarter, remaining in third place behind captives and banks.
That's the lowest share since 22.4% in 2022's first quarter. From 2018 through 2021, the credit union share of auto financing has ranged from 18.3% to 23.2%.
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