Members needing money for cars and businesses fueled lending in November among the nation's 5,806 credit unions, but CUNA Mutual Group predicted car lending will slow this year.
Home equity lines of credit and other second liens showed the weakest growth in November, while credit card growth lagged slightly, according to the Credit Union Trends Report from CUNA Mutual Group.
New car loans expanded faster than those for used cars from October to November, resulting in a 1% overall gain that matched last year's one-month gain. Credit unions ended November with $338.5 billion in new and used car loans, up 12.7% from a year ago and increasing its share 63 basis points to nearly 35% of total loans.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
