Credit unions are increasingly becoming the lender of choice formembers 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 sharefor indirect, new auto loans in the second quarter was 17.1%, up from 14.8% inthe 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 alsoincreased 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 in2012, according to the league.
|“Families, students and small businesses alike are turning tocredit unions in record numbers because of the value they provideand the trust that they have earned,” said Dave Adams, CEO of theMichigan Credit Union League,” in a statement. “The data showthat credit unions are increasingly becoming the lender of choicefor more and more Michiganders.”
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