Auto Sales Hit High as Credit Unions Boost Lending Share

Auto sales hit a high for the year in July, with a seasonally adjusted annual rate of 17.3 million vehicles. However, sales actually fell from last July when carmakers brought back 0% financing offers and sales reached an annual rate of 18.1 million.

 
 

Auto sales hit a high for the year in July, with a seasonally adjusted annual rate of 17.3 million vehicles. However, sales actually fell from last July when carmakers brought back 0% financing offers and sales reached an annual rate of 18.1 million.

In the face of huge incentives and 0% financing, the nation's credit unions still managed to boost their auto lending market share to over 16%. June 2003 data on 29 states show credit unions taking 11.9% of all new auto loans and a substantial 19.9% of all used auto loans, putting their overall loan share at 16.3%.

Colorado remained the top credit union auto lending state with a huge 32% share. In the state, nearly 40% of all used auto loans were originated by credit unions in June, led by Bellco CU, Security Services FCU, and Public Service CU who each made over 500 of the states 14,700 total used loans. The data, from the 29 states covered by AutoCount USA show Minnesota, Iowa, Montana, and Washington rounding out the top five states in overall market share, which includes leases.

 

 

 

Aug. 11, 2003


Comments

 
 
 
  • Would be meaningful to know the source of the new loans (working directly with dealers through fax and electronic or purchasing through a CUSO or other aggregators)
    Anonymous