4 ways to boost auto lending by targeting credit union’s existing membership
A quarter of nationwide auto loans are financed by credit unions, making auto lending a significant component of a credit union’s total loan portfolio. Now with 2022 fast approaching, and vehicle sales reaching pre-pandemic normalcy, credit unions need to rethink their auto lending strategy.
Here are some interesting facts from Filene’s most recent study on credit union auto loans that every CU should know.
- In the last three decades or so, auto loans have made up between 17% to 27.5% of all loans of any credit union (Figure 1).
- The share of auto loans against credit unions’ total loans has declined since 2018 after reaching a high of 25.2% (Figure 1).
continue reading »