Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Members are keeping their autos longer
DULUTH, Ga. (4/6/11)--Credit union members in Georgia are holding on to their cars longer, according to a recent survey conducted by the Georgia Credit Union Affiliates, and nationwide consumer lending data indicates that trend may be affecting credit unions. The Georgia survey indicates 77.1% of respondents reported that they are keeping their vehicles longer to avoid the cost of purchasing a new or used vehicle. The survey included responses from more than 4,000 Georgia credit union members and aggregated data from credit unions statewide. New-auto loan balances at credit unions nationwide have been declining since 2007, according to the Credit Union National Association (CUNA). The balances decreased by 16.5% in 2010. That’s a faster rate of decline than the 7.9% reported in 2009. Used-auto loans rose by 3.4% in 2010, a slightly slower rate than the 3.9% increase in 2009. Auto loans--particularly new-auto loans--also account for a lower overall share of loans than in previous years, according to CUNA data. Overall, autos composed about 29% of credit union loan balances in 2010, down slightly from 30%. But new-automobile loans accounted for 11% of overall loans, down from 13% in 2009. By comparison, in 2006 auto loans represented about 35% of credit unions’ overall loan portfolios, with new autos comprising about 18% of that total.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
14 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
16 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
17 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
17 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
17 hours ago