SAN DIEGO – Credit unions can get a leg up in the auto lendingmarket by responding to new demands for leased vehicles andextended auto loan terms, John Sidman, director of automotivesolutions for Experian Automotive, advised attendees during aCU Direct DRiVE 16 breakout session.
In Tuesday afternoon's “Industry Check-Up: A Multi-PointInspection of the Automotive Finance Market,” Sidman presented keytrends related to leased vehicles, off-lease vehicles and the autosales market overall based on Experian data as of December2015.
Leasing has risen by more than 50% since 2010, with about 30% ofall new vehicle sales being leases during the fourth quarter of 2015, he said. The primaryfactors driving the increase were rising vehicle prices andconsumers' desire to get more vehicle for their monthly payment,according to Sidman.
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