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.
At $177.6 billion, the industry's total vehicle loan portfolio has advanced in each of the past seven months and is up $9.5 billion or 5.7% year to date, according to CUNA Mutual Chief Economist Dave Colby.
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