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CUs continue strong presence in auto lending
ONTARIO, Calif. (7/8/09)--Credit unions continue to maintain a strong presence in the auto lending market, according to a credit union auto lending analyst. “About one in five vehicles are financed by credit unions,” said Joe James, CUDL market research analyst, who recently presented a Credit Union Direct Lending (CUDL) webcast, “Auto Lending Trends and Credit Union Analysis.” Credit unions have maintained about 22.4% of the auto lending share as of April. Auto loans continue to make up about one-third of credit unions’ loan portfolios, and credit union auto loan penetration has remained at about 17%, James added. Both charge-offs and delinquencies at credit unions for auto loans have leveled off, and are “still low compared with credit unions’ competitors,” James said. White new auto sales have taken a major hit--as of May, new auto sales were at -34.1%--credit unions may be interested in knowing that there is an increased interest in used car sales. As of May, used auto sales were 1.5%, James said. The most popular vehicles financed by CUDL are purchased from General Motors, Chrysler, Ford, Toyota and Honda, he added. CUDL, based in Ontario, Calif., is the third largest lender in the auto market and has financed more than 270,000 auto loans on its platform year-to-date.
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