Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Auto loans rev their engines
MADISON, Wis. (12/6/12)--Auto loans and sales in the U.S. are trending upward, benefiting the auto industry and financial institutions, including credit unions.

U.S. auto sales surged 15% in November, propelling the selling rate significantly above 15 million for the first time since 2008.  The seasonally adjusted annual sales rate reached 15.6 million last month--the highest level since January 2008 (Automotive News Dec. 3).    

Also, auto-loan originations in the U.S. for this year through August hit 14.6 million--the highest number for that period in five years, according to a report from consumer credit-reporting agency Equifax Inc. (Dow Jones Commentary Nov. 21). 

Total outstanding loan balances were more than $770 billion through October--an 11% increase since auto-loan balances hit their bottom in April 2011, Equifax said. Also, the total number of existing auto loans at the end of November was more than 58 million--a 33-month high, Equifax added.

The number of new-auto loans that credit unions, banks and savings and loans funded hit 984,300 in August--a seven-year high for that month, Equifax said.

In October, new-auto loans at U.S. credit unions rose to 19.3% of all credit union loans from 18.6% in October 2011, according to the Credit Union National Association's (CUNA) monthly sample of credit unions.

Similarly, used-auto loans increased to 10.5% of all credit union loans from 10.2% in the same time period, according to the CUNA report.
Other Resources

RSS print
News Now LiveWire
Falling #gas prices: Pros, cons for U.S. economy #NewsNow #Market http://t.co/XWwwERwe7e
15 minutes ago
Members of Interstate FCU have voted to merge with Credit Union of Southern California https://t.co/yYeSWEG4GH
2 hours ago
.@InfinityFCU has named Liz Hayes as president/CEO. Hayes was formerly EVP and chief administrative offficer at @Affinity_Plus
2 hours ago
.@wpcu battles Speedway in round 3 of Dayton Brand Madness via @DBJnews http://t.co/EbQL5f9be8
4 hours ago
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
5 hours ago