According to the latest monthly Credit Union Trends Report published by CUNA Mutual Group Tuesday, credit unions saw new auto loan balances reach $100 billion for the first time ever, with loans for new vehicles up 16.9% in the past year.
In addition, credit unions experienced a record volume of first mortgage loans for the first nine months of 2015 – a 39% hike compared to the first nine months of 2014.
The report noted "strong consumer fundamentals" drove the growth of these loans. The major fundamentals included an improving labor market, low interest rates, rising wage growth and low oil prices.
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