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A combination of less-generous rate incentives from new vehicle sellers and aggressive rate pricing is accelerating the growth of new car loans at credit unions.

Analysis from CUNA Mutual Group’s October Credit Union Trends Report revealed that those factors contributed to 4.1% annual new vehicle growth as of August.

A reduced rate of payoffs and less competition from home equity loans have also helped grow credit unions’ new vehicle loans, the data showed.

 

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