Credit unions rev auto-loan growth engines

first_imgby: Mary Ellen BerryU.S. credit unions are accelerating their growth in auto lending as the economy improves and many of the financial institutions make a concerted effort to go after car buyers.Credit unions have increased their auto lending by nearly 30 percent since 2012, including a 16 percent increase last year, according to data from Sageworks, a financial information company.Total new and used auto loans among U.S. credit unions was nearly $225 billion in the third quarter of 2014, compared with $193 billion in the comparable year-earlier period , the data from Sageworks Bank Info show.; auto lending for credit unions totaled $173 billion two years ago.“All of the factors are sort of working in credit unions’ favor when it comes to auto lending,” said Sageworks analyst Aaron Lenhart. “Economic conditions are improving, and sentiment is following in line. People are feeling good. They see the unemployment number dropping and wages moving up a little bit.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more