According to the latest monthly Credit Union Trends Report, published Jan. 12, 2016 by CUNA Mutual Group, credit unions saw new auto loan balances reach $100 billion for the first time ever, with loans for new vehicles up by 16.9% in the past year.
This trend dovetails with research recently reported by CO-OP Member Center, a subsidiary of CO-OP Financial Services, which noted 2015 was another very strong year for auto sales. In fact, CO-OP Member Center reported it was the best auto-buying year in its history, with a historic high of 17.4 million vehicles sold.
"In fact, 2015 surpassed the previous record of 17.34 million units, set in 2000," John Caddell, credit and lending services manager for CO-OP Member Center, said.
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