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Auto loan Source: Shutterstock

At credit unions nationwide, indirect loans – mostly auto loans originated at the dealership and financed by credit unions – grew at their lowest annual growth rate since March 2012, up only 4.6% over the past 12 months.

At a small but growing number of credit unions, indirect lending also includes such items as swimming pools, boats and solar panels. But the majority of indirect is auto, and this has influenced a subsequent deceleration in total auto loans on the balance sheet, which grew 3.5% year-over-year, down from the 10.8% rate reported in September 2018.

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