As the recession snaked its way into the economy in 2008, credit unions braced for the impact it would have on members in unemployment, rising debt and underwater mortgages.
The auto industry took a massive hit back then, including an increase in vehicle repossessions. At U.S. credit unions, repossessions reached $317 million in 2008, according to CU Direct Corp., an indirect and point-of-purchase lending service CUSO based in Ontario, Calif.
Fast forward to 2012 and credit unions have managed to reduce the volume of repossessed vehicles. In the last year, the quantity and dollar volume declined by 16% to just under $145 million, with the credit union average value per repossessed vehicle at $10,161 at the end of the second-quarter 2012.
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