Three months after Hurricane Sandy’s destruction slammed several states, the storm may have contributed to a jump in loans for new cars at credit unions.
Lending solution provider CU Direct Corp. said its board of directors recently approved a 3% cash dividend to its 102 shareholders.
The $370 million credit union in Oshkosh, Wis., ran its Cash Back Auto Loan promotion during the last four months of 2012.
The growth came through used car sales to more than 23,000 credit union members last year.
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.
Signs point to solid year for auto lending growth in the year ahead, driven by used vehicles aging out and automaker financials.
J.D. Power finds strong relationship between an exceptional vehicle loan or lease servicing experience and customer intent to use the same provider again.
The automotive sector could be one of the economy’s worst-hit victims if the fiscal cliff is not resolved by the end of 2012, according to research firm IBISWorld.
At 14.6 million, the total number of auto loan originations from January to August 2012 is at its highest mark since 2007.
Building on a partnership that has spanned many years, CU Direct Connect LLC said it is now a preferred lender for all AutoNation dealerships in Colorado.