Credit union market share of the auto lending market rose to 13.4%
at year-end, a slight increase from the 12.9% share in September.
However, total auto financing market volume declined 12.8% in December
from September totals demonstrating the seasonality of automobile
purchases and loans. The data, collected monthly by AutoCount from
27 states, provides strategic insight into credit unions' position
in the auto lending market.
Credit unions made their slight gain in December through a 1.1%
increase in new auto lending market share, which rose to 10.9%.
They achieved this gain even in the face of renewed 0% financing
offered by many of the top automakers. With this move, credit unions
made up some of the new auto loan market share they lost in September
when their share dropped from 15.3% to 9.8%. Used auto loan market
share remained at the same level as September, at an impressive
17.2% of all used auto loans.
Two credit unions, Keesler FCU in Mississippi and State Employees
CU in North Carolina, originated over a quarter of their state's
credit union auto loans in December. Keesler FCU originated 27.7%
of the 1,341 credit union auto loans and leases in Mississippi.
State Employees CU in North Carolina originated a whopping 39.2%
of the state's 4,493 credit union auto loans and leases.
In addition, AutoCount introduced market information for two new
states, Maine and Arkansas, in December 2002. Maine's credit unions
premiered with a total market share of 15.7%, placing it in the
top third of the 27 states. Arkansas' credit unions on the other
hand, came in last with a 4.3% market share.