Auto loan growth at Navy Federal Credit Union was up 36% as ofJune, more than double the national average of 14%.
|The $49 billion credit union in Vienna, Va., said a yearlongmembership surge has helped the cooperative grow its auto loan portfolio.Low rates and its capacity to serve members quickly, especiallyamong those seeking deals on new cars, have also contributed toloan growth, Navy Federal said.
|Since September 2011, when the credit union's auto rates dropped totheir lowest, more than 350,000 new members joined, spurringconsecutive monthly auto loan growth, according to the creditunion.
|In July alone, Navy Federal was able to put about 24,000 membersin cars, said Tony Gallardy, vice president of consumerlending.
|Earlier this year, Callahan & Associates named Navy Federalamong the top credit union auto lenders in the country.
|The credit union said it is also seeing an outperforming of newcar loans over used cars by 45%. This trend is also a departurefrom the national norm, Navy Federal said.
|Members also like the quick turnaround. According to the creditunion, either online, by phone, or in the branch, the turnaroundfrom loan application to approval is many times less than 15minutes.
|Navy Federal said it now serves 4 million members and has 222branches and more than 9,000 employees worldwide.
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