Credit Unions Pick Up Market Share in Slow Month

Credit union auto financing market share increased to 13.1% in February, versus 12.9% in January, in the 29 states covered by AutoCount USA. The overall number of financings in these states fell 10% from January, with the number of new auto loans falling a staggering 24% as bad weather on the east coast kept potential buyers at home. New credit union auto loans fell only 17% in February, so credit unions boosted their new auto loan share to 11.4%, a 1.0% increase from January. On the other hand, total used car financings jumped 3% during the month as credit unions maintained a strong share in this market of 16.3%. Credit unions in Colorado, Montana, and Minnesota all performed well in February, each originating over 24% of all auto loans in their respective states.

 
 

Credit union auto financing market share increased to 13.1% in February, versus 12.9% in January, in the 29 states covered by AutoCount USA. The overall number of financings in these states fell 10% from January, with the number of new auto loans falling a staggering 24% as bad weather on the east coast kept potential buyers at home. New credit union auto loans fell only 17% in February, so credit unions boosted their new auto loan share to 11.4%, a 1.0% increase from January. On the other hand, total used car financings jumped 3% during the month as credit unions maintained a strong share in this market of 16.3%. Credit unions in Colorado, Montana, and Minnesota all performed well in February, each originating over 24% of all auto loans in their respective states.

This graph displays credit union auto financing market share in the 29 states covered by AutoCount USA.

 

 

 

March 31, 2003


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