Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Georgia CUs' Auto Loans Up, Says GCUA Poll
DULUTH, Ga. (9/24/13)--Strong job growth and a rebounding housing market continue to drive consumer spending in Georgia, according to a recent report by Georgia Credit Union Affiliates.

The report showed robust automobile demand statewide, with new-auto loans at Georgia credit unions increasing 6.8% in the first half of the 2013, and used-auto loans rising 5.5% for the same period.

That persistent growth in vehicle loans reflects the state's steadily improving economy, which recently added 40,000 new jobs, according to the Bureau of Labor Statistics, and observed a 4% rise in average home prices during first quarter 2013--the most recent data available from the Federal Housing Finance Agency  purchase-only index.

"Jobs and housing prices are both key factors in lifting consumer confidence," said Mike Mercer, GCUA president/CEO. "As we see those conditions return to pre-recession levels, we expect lending at Georgia credit unions to expand as well."

GCUA compiled savings and lending data for the quarterly report from June 2012 to June 2013 at 43 credit unions statewide, representing 94% of credit union assets and 88% of members in Georgia.

While automobile financing led the way in consumer spending, the report also displayed a solid overall increase in overall loans at Georgia credit unions. For the first half of 2013, total loan balances were up 2.9%, and second-mortgage loans jumped by 4.4%.

Also, the report reaffirmed Georgia credit unions' traditionally lower interest rates on loans. "These substantial savings advantages continue to fuel growth at Georgia credit unions," said Mercer.

Total membership at the state's credit unions grew by 1.8% in the first half of 2013 and by 2.6% in the year ending June 2013.
RSS print
News Now LiveWire
Large CU stress testing on the agenda for the April @theNCUA open meeting http://t.co/2TUcnmCmPi
8 hours ago
#FinancialLiteracyMonth Test your college financial aid knowledge @nasfaa http://t.co/xgrDmHaw8W
16 hours ago
Join @theNCUA #NCUAchat with @KenWortheyJr on April 23 from 11am to 12pm EST http://t.co/TnNmfFh4Nl #FinancialLiteracyMonth
17 hours ago
Maine's patent troll bill has become law. Read more in Monday in @NewsNowLiveWire
20 hours ago
Wash. DFI discusses serving legal marijuana businesses with @NWCUA http://t.co/3kw79HJUYF
20 hours ago