WASHINGTON -
Nick Connors, industry analyst for Callahan and Associates, said credit unions will be looking for different options in auto lending as the market slows in 2008 and will need to differentiate themselves as sales decline.
“High fuel prices will have an impact, but not as much as some people think,” he assessed. “There are opportunities in green auto loans for fuel-efficient cars.”
‘Tangible Impact’
Overall, Connors told Credit Union Journal he thinks the economy will “continue on the path it started on” at the end of 2007. For the next 12 months, he emphasized the importance of communication to members.
“Credit unions have the opportunity to have a tangible impact on their membership as members are dealing with all the problems with mortgages and subprime lending. Credit unions have the chance to step in and ease the burden,” he declared. “Credit unions have a real opportunity in 2008, as long as they are aware of what their members’ needs are.”
