Credit unions appear to be hitting their stride when it comes to growing their auto lending portfolios.
In unit volume, auto loans represent the largest portion of all credit union loans at 32%, according to CUDL, a subsidiary of CU Direct Corp. At the end of 2011, the loans represented 29% of the average credit union portfolio.
After hitting a monthly low of 15.2% back in March of last year, credit union auto lending market share has climbed and maintained above 17% each month since May 2011, CUDL noted in its quarterly Auto Lending Trends & Credit Union Analysis webcast. At the end of January, credit unions’ year to date auto lending market share was 17.4%.
Auto loan delinquency balances dropped by nearly 20% at credit unions between the end of 2010 and the end of 2011, according to CUDL.
