Auto lending: Speed, ease, and digital, please

Members' desire for convenience is driving auto lending’s future.

Credit unions have been experiencing an auto lending joyride for the past few years.

The overall number of auto loans held by credit unions grew 22% from Q4 2015 to Q4 2017, according to CUNA Mutual Group. Over that same period, credit unions’ overall outstanding auto loan balances grew 28.7%.

While these results are impressive, a deeper dive into the numbers reveals some troubling trends:

• Between Q4 2015 and Q4 2017, the number of auto loans among credit union primary financial institution (PFI) members grew just 7%, while non-PFI member auto loans grew 44%, CUNA Mutual reports.


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