GAP INSURANCE Guaranteed Auto Protection phrase on the screen Source: AdobeStock

For years, credit unions have been financial pillars of their communities, offering community members personalized service and competitive rates. However, modern credit unions face a myriad of economic challenges and competitive pressures that demand innovative solutions for sustainability and growth. For members seeking financial programs for auto loans, credit unions have several options that can meet member needs, offer a strategic avenue to bolster revenue and fortify their business models.

These services are especially critical as the loan market has become increasingly competitive. According to recent data reported by Auto Finance News, captives held the top spot in new-vehicle financing in the fourth quarter of 2023 with 61.2% of the market, but credit unions held the largest share of used-car lending at 29.6%, compared to 31.7% a year ago.

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