Credit Union Auto Loans Increase By Double-Digits In 40 States

The strong growth in the auto portfolio drives gains in first quarter consumer lending for America’s credit unions.

 
 

Nearly every type of lending surged during the first quarter of 2015 for credit unions. Aggregate loan balances increased 10.6% — or $70 billion — to $731.2 billion as of March 2015. With a respective 21.5% and 13.3% growth, new and used auto loans posted the strongest year-over-year percentage increases. Forty states reported 10% or higher growth in their total auto loan portfolio in the first quarter, and 11 states reported annual growth greater than 20%.

Top Ten States -- Auto Loan Growth
Data as of March 31
© Callahan & Associates | www.creditunions.com

State Auto Loan Growth Auto Loans
Outstanding
March 15
Auto Loans
Outstanding
March 14
Delaware 40.1% $321,754,844 $229,675,425
Idaho 27.6% $2,487,272,162 $1,949,696,755
California 26.6% $23,640,415,210 $18,667,946,240
Florida 23.6% $12,288,341,702 $9,938,373,894
New Hampshire 23.1% $2,357,477,681 $1,914,682,581
Georgia 22.3% $5,708,280,041 $4,669,282,133
Wisconsin 21.1% $5,142,727,542 $4,247,880,273
Iowa 20.9% $3,378,737,435 $2,793,931,256
North Carolina 20.6% $5,087,792,581 $4,218,911,142
Connecticut 20.5% $1,147,943,256 $952,465,783

Source: Peer-to-Peer Analytics by Callahan & Associates

Of note, Fox Communities Credit Union ($1.1B, Appleton, WI) posted auto loan growth of nearly 58%. That’s a year-over-year increase of $59 million. However, growth was not restricted to large credit unions. Capital Educators Credit Union ($439.0M, Meridian, ID) reported auto loan portfolio growth of 58.2% in the first quarter, rising from $111.9 million in March 2014 to $177.1 million in March 2015.

 
 

May 21, 2015


Comments

 
 
 
  • In the statement that "growth was not restricted to large credit unions", the article references growth at a $439 million CU. By the standards of the overwhelming majority of CU's in the nation, $439 million is a VERY large credit union. Statements like that make it more and more obvious that so many publications and web sites have lost touch with the common credit union.
    Anonymous
     
     
     
  • How much of this auto loan growth is due to Indirect Auto lending?
    Anonymous
     
     
     
  • Looks like Fox grew their indirect loans 106% Year-over-year, but they also had good direct auto loan growth with 25% YOY growth.
    Anonymous