Auto loan penetration helps determine the percent of members having auto loans at their credit union. According to Callahan & Associates’ FirstLook data, the industry’s auto loan penetration averaged at 16.29% as of June 2013, which was 37 basis points higher from a year prior. While both the number of auto loan accounts and members increased over the past year, the growth in number of auto loan accounts outpaced membership growth which resulted in an increase in national auto loan penetration.
Kansas led the nation in auto loan penetration in the second quarter of 2013. It reported 28.17% in auto loan penetration, 127 basis points higher than the same quarter last year. Credit unions in New Hampshire and Alaska ranked the second and third with 26.18% and 26.10%, respectively. 15 states had auto loan penetration above 20.00% in the second quarter of 2013, while 14 states did in the same quarter a year ago.
LEADERS IN AUTO LOAN PENETRATION
Data as of June 30, 2013
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Generated by Callahan & Associates' Peer-to-Peer Analytics