Credit union auto lending service CUSO CUDL said its dealer network has expanded to include 10,000 dealers.
NEW YORK — Good or bad for members? Audience shift detected by technology at ACUC breakout debate.
There are more signs that consumers are back at the dealerships where they’re not only buying new vehicles but signing leases as well.
An increase in delinquencies among subprime borrowers has been the primary driver behind a rise in the national auto loan delinquency rate.
Data show slow growth for banks and some record volume in credit union space.
Long Island credit unions join in.
The $54 billion credit union said $2.3 billion of its record $3.1 billion in consumer loan originations so far in 2013 are auto loans.
In first quarter 2012, credit unions had 16.7% market share compared to 15.5% for finance companies, 10.7% at buy here/pay here lots.
Demand for new cars and light trucks pushed auto loan originations to $69.6 billion in January and February, most since 2009.
For their loan practices and success in 2012, four credit unions were recently recognized by CU Direct Corp.