With New Auto Sales Falling, Credit Unions Focus on Used Market

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.

 
 

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 5300@callahan.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 loan growth.

 

 

 

May 5, 2003


Comments

 
 
 
  • Tell me HOW they did it!
    Anonymous
     
     
     
  • Would like to see a list of the top credit unions who have led these categories in combined growth for the last 3-5 years. This would provide information about the best performers based on consistency
    Anonymous
     
     
     
  • Would like to see a list of the top credit unions who have led these categories in combined growth for the last 3-5 years. This would provide information about the best performers based on consistency
    Anonymous
     
     
     
  • I'd like to see a list of the top 50 credit unions in indirect auto finance for 2002 and 2003
    Anonymous
     
     
     
  • ID LIKE TO SEE A LIST OF THE TOP 50 CREDIT UNIONS IN INDIRECT AUTO FINANCE FOR 2003
    Anonymous