Updated data on the credit union difference

We released the first Credit Union Auto Lending Monthly Report in February, new analysis on the dollars and cents behind the credit union difference. This report—and subsequent ones—are based on the dataset of around 30 billion consumer transactions we acquired from Equifax.

Equifax has reclassified loan balance codes going back to 2005 from bank and auto finance companies (no changes were made to credit union loan data), mostly based on bank acquisitions of finance companies. The numbers are updated in this month’s report.

This change shows even more impactful numbers on the credit union difference, especially related to loan pricing and life-of-loan savings.

The data strongly reinforces the finding that consumers —especially those on the lower end of the credit score spectrum—are more likely to receive an affordable loan at a credit union than at a bank or auto finance company.

 

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