MADISON, Wis.-CUNA Mutual's latest Trends Report shows short-term credit, primarily vehicle loans, accounted for most of the annual gain in new auto loans.
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Roughly 68% of all CU loan growth during the past year is attributable to the 8.8% rise in consumer installment credit (CUCIC), and 81% of the CUCIC gain came from the $16.6 billion increase in vehicle loans.
When recently revised YTD numbers are combined with a very strong June (up 1.6%), data show total vehicle loans up 4.9% through the first half of 2013. This portfolio segment equals 30% of all loans.
Used cars accounted for 33% of all loan growth during the past year and 45% on a YTD basis; new vehicle loans are up 5.1% YTD, CUNA Mutual said.
