Credit union loan-to-share ratios climbed to 70.3% in December 2013; loan growth outpaced savings for first time since 2007.
Indirect auto lending CUSO said 2013 numbers represent a 25% increase over 2012.
Credit reporting agency credits lenders' risk assessment, portfolio management and credit availability for record numbers of auto loan originations.
Building on momentum from a record-breaking 2013, the nation's largest credit union plans to grow both its auto and business lending programs.
Building on momentum from a record-breaking 2013, the nation's largest credit union plans to grow both its auto and business lending programs even more this year.
Credit unions are increasingly becoming the lender of choice for members in Michigan.
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.
For some credit unions, the recipe for high auto loan volumes is a mix of strong relationships with dealers, fast response times and a dedicated staff.
Eleven credit unions have recently signed on with Auto Financial Group’s DrivingSense balloon loan program.
The $370 million credit union in Oshkosh, Wis., ran its Cash Back Auto Loan promotion during the last four months of 2012.