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.
Largest credit union reports 600,000 new members, new yearly records in loan, credit card accounts.
With a combination of used vehicles reaching their maturity mark for some car drivers and record financials from manufacturers that have emerged from a dismal scene, 2013 may shape up to be a solid year for auto lending growth.
J.D. Power finds strong relationship between an exceptional vehicle loan or lease servicing experience and customer intent to use the same provider again.
South Carolina credit union promises to forgive newly written auto loans if Mayan Calendar prediction is true.
At 14.6 million, the total number of auto loan originations from January to August 2012 is at its highest mark since 2007.