Credit union market share of auto loans is on the rise reaching 24% compared to 14% a year ago with perhaps some of the credit going to the Invest in America program with General Motors and Chrysler Corp., the Michigan Credit Union League said this week.
Tracking numbers gleaned from Experian show the trend with a 25% share in January and 24.8% in February, said a spokesman for the Michigan League, whose CUcorp subsidiary has been handling transactions from across the U.S. since December with participating CUs offering discounts to CU members on branded vehicles.
Coming off a nationwide debut in January, the Invest program saw 57,000 vehicle sales in two months with 80% financed at a CU, said the league.
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"This equates to about $1.4 billion in sales and an estimated $1.1 billion in credit union auto loans," said David Adams, president/CEO of the league and of CUcorp. .
The rise in market share, said Adams, "show the potential that 'Invest in America' has" with a spurt of new activity in Texas. Marketing efforts are slated to further broaden in April with dealerships receiving market kits as CUs sign on to new dealer relationships.
Navy Federal Credit Union, largest in the country, recently announced $3.5 billion available in auto lending for "Invest in America" loans. GM also ran full-page regional ads Sunday supporting the program.
Preliminary numbers from GM and Chrysler indicate that over 8,000 members have purchased a new GM or Chrysler vehicle since Dec. 8, 2008.
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