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CUNA Finds Credit Unions Lose Auto Share

But analysis of data through February shows CUs have better rates and lower delinquencies than other lenders.

Line of used cars at an auto dealership. Credit/Shutterstock

A CUNA analysis of car loan data found credit unions offered members better rates than banks and other lenders, and credit union members had lower delinquencies.

CUNA analyzed Equifax’s analytic dataset, which was complete through February 2023, and found non-prime borrowers at credit unions achieve life-of-loan savings between $5,700 and $11,000 compared with similar borrowers at banks for a $40,000 loan over 72 months. They save between $2,800 and $13,000 compared to borrowers at auto finance companies.

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Jim DuPlessis

Jim DuPlessis

A journalist for decades.

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