Data from 26 states show that in June 2002, credit unions captured 16.8% of the auto loan market. This number is impressive considering the 0% financing that auto manufacturers are offering. Interestingly, market shares varied greatly between states with Colorado at the top holding a 32.2% share and Mississippi coming in last with a 6.5% share. In these states, credit unions originated a higher percentage of used cars loans (18.0%) than new (15.3%) due to manufacturers' incentives.
In the entire auto lending market, consisting of both loans and leases, credit unions held a 15.2% share. This drop in share stems from the low participation by credit unions in auto leasing programs, evident in their 1.1% share. Overall, only three of the 26 states had shares over 2% and six states had no credit union auto leases whatsoever.
This market share information, now available to credit unions through a partnership between Callahan & Associates, Credit Union Direct Lending (CUDL), and AutoCount, a provider of auto lien data, enables credit unions to measure their impact at the state, county, and dealer levels.
Credit Union Leaders
Some of the more interesting data points include Security Service FCU ($2.5 billion), which originated the highest number of credit union loans in the nation courtesy of their top positions in both Texas and Colorado. SSFCU originated a total of 4,678 loans in June.
Navy FCU, the nation's largest credit union ($16.4 billion), had loans in all 26 states, originating 2,909 loans and 144 leases in June. 112 of the 144 auto leases were in Virginia, giving it 5.5% of the entire state's lease market.
The credit union with the highest market share in any state was State Employees Credit Union of North Carolina, the nation's second largest credit union ($9.1 billion) with 3.8% of the North Carolina market. SECU originated almost four times as many loans as its nearest credit union competitor, with a total 2,155 loans. This dominating presence gave it a 37% credit union auto lending market share.