Auto loan portfolios accounted for nearly half of all credit union loan growth in 2013.
Credit unions continue to bask in the glow of their record auto lending growth, but an increase in subprime repossessions may be a cause for pause.
Total up $103 billion from year-ago third quarter, credit bureau data shows.
Experian Automotive says subprime lending helping to drive financing to record share of consumer choice.
Second quarter repos drop almost 15%, credit bureau says.
There are more signs that consumers are back at the dealerships where they’re not only buying new vehicles but signing leases as well.
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.
That two-door hatchback with the spiffy, cushy interior bought back in 2003 may be on its last wheels.
Vehicle loan portfolio expansion continues to be the driving force behind credit union loan growth, CUNA Mutual Group says.
Average new car cost is now $31,000.