Vehicle loan originations continued to be a bright spot for credit unions this year.
Through September, vehicle loan growth was estimated to be close to 9% with new vehicle loans up 8.3% and used vehicle loans up 9.4%, according to Brian Turner, director and chief strategist at Catalyst Strategic Solutions, an investment subsidiary of Catalyst Corporate Federal Credit Union in Plano, Texas.
The differences are stark for the same period in 2011 when credit unions were in the midst of a 0.1% contraction when a 9.3% drop in new vehicle loans was offset by a 5.6% increase in used vehicle loans, the data showed.
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