Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 day ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 day ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
1 day ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
1 day ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
1 day ago