ONTARIO, Calif. (4/12/12)--After hitting a monthly low of 15.2% in March 2011, credit union auto lending market share has climbed, maintaining above 17% each month since May 2011, according to CUDL's quarterly Auto Lending Trends & Credit Union Analysis.
CUDL, part of Ontario, Calif.-based CU Direct Corp., presented the findings in a webcast March 27 that outlined key metrics on auto financing trends for credit unions and competing financial institutions, provided a fourth-quarter 2011 credit union auto lending market analysis and discussed auto manufacturer and sales trends.
Among the highlights presented by Andrea Salgado, market research analyst for CUDL:
- Credit unions' auto lending market share year to date (as of the end of January), is at 17.4%.
- Auto loans represent 29% of the average credit union loan portfolio, as of year-end 2011. In unit volume, however, auto loans make up the largest portion of all loans in the credit union portfolio, at 32%.
- CUDL credit unions, with more than 990 credit unions nationwide, are the seventh largest lender of auto loans as of the end of January, with more than 44, 255 loans financed on the CUDL Platform, with year-to-date growth at 39.7%.
- CUDL credit unions increased unit loan volume 40% in both January and February.
- Credit union auto loan delinquency balances shrank by nearly 20% between year-end 2010 and year-end 2011 and credit union charge-off rates for these are still below 1%.
The webcast noted that new- and used-auto sales rose through February, with new-car sales up 14% and used-car sales up 10%. Credit union indirect loans outstanding totaled $71 billion in 2011, less than the $71.7 billion in 2011.
To view a PDF presentation or a video of the webcast, use the resource links.