April new auto sales fell 9% from last year's levels, even in the
face of excellent incentives from most manufacturers. For the year,
sales are down 3.9%, with the Big Three (GM, Ford, and DaimlerChrysler)
accounting for most of the losses.
Meanwhile, credit unions were busy increasing their auto
loan balances in the first three months of the year, thanks to a
jump in used auto loans. While new auto loan balances fell 1.6%,
used auto loans at credit unions grew an average of 3.1% in the
first quarter of 2003.
The data, submitted by credit unions participating in Callahan
& Associates' First Look program, is from 607 credit unions
with a combined $156.4 billion in assets, representing approximately
27% of industry assets. The participating credit unions have access
to general industry trends as well as individual credit union call
reports. Callahan records show that early indicators like this have
provided accurate insight into the industry's final results in past
quarters. To participate, you simply email your 5300 call report
(5300Data-CharterNumber.XML) to email@example.com.
Although auto lending has recently taken a back seat to the record
levels of mortgage loans, many credit unions participating in First
Look show surprisingly high growth. Shown below are the top 10 First
Look credit unions over $50 million in assets in first quarter auto