New originations above amortizations and payoffs have started to reverse the new vehicle loan downturn for credit unions.
According to CUNA Mutual Group's July Credit Union Trends Report, when combined with growing consumer demand for replacement vehicles, new and used loans were up in March, April and May.
The total vehicle loan portfolio rose to $171.6 billion in May. This reflected a 2.1% year to date gain and 3.7% year-over-year, wrote CUNA Mutual Group Chief Economist Dave Colby, in the trends report.
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