Credit unions are increasingly becoming the lender of choice for members in Michigan.
Evidence of that can be found in the increase in loans for new and used vehicle loans throughout the state, according to the Michigan Credit Union League.
During the second quarter, Michigan credit unions' market share for indirect, new auto loans in the second quarter was 17.1%, up from 14.8% in the same period in 2012, and up from 11% in 2011, the league said, citing data from the NCUA.
Michigan’s credit union share of indirect used-auto loans also increased to 39.9%, up from 36.5% in 2012 and 34.9% in 2011.
Meanwhile, member business loans surged during the first half of 2013, increasing 8.4%, which was up from 7% during the same period in 2012, according to the league.
“Families, students and small businesses alike are turning to credit unions in record numbers because of the value they provide and the trust that they have earned,” said Dave Adams, CEO of the Michigan Credit Union League,” in a statement. “The data show that credit unions are increasingly becoming the lender of choice for more and more Michiganders.”