Members at credit unions have continued to replace their old cars to new ones, which led to an increase in auto loan balances. According to Callahan & Associates’ 2014 Directory, the overall auto loan portfolio at credit unions grew by 9.7% over the past year to reach $189.5 billion as of June 2013, which was the highest growth since the financial crisis.
Rising car prices and lower auto loan rates have contributed to a significant growth in average auto balance at credit unions. As of June 2013, average new auto balance stood at $16,793, an annual increase of 10.0% from $15,255 reported in the previous June. Average used auto loan balances also grew 2.8% annually to $10.494 as of second quarter. Average new and used auto balances at credit unions have generally trended up since the recession.
AVERAGE NEW AND USED AUTO BALANCE OVER TIME
Data as of June 30, 2013 For All Credit Unions
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Source: Callahan & Associates' Peer-to-Peer Analytics
Callahan & Associates’ 2014 Directory