Forty-three credit unions have signed on with GrooveCar's auto financing platform since July.
The Hauppauge, N.Y.-based company said credit unions continue to increase their lending, with new auto loan balances rising 16% over the last 12 months – faster than the 12.7% increase in used auto loans – with total auto loan balances rising 14% since September 2015, as reported by CUNA Mutual Group.
GrooverCar expects "continued strong" credit union loan growth, as auto loans now make up 34% of credit unions' loan portfolio, the highest since 2007.
"This has been a healthy economy for car buying," said Robert O'Hara, vice president of strategic alliances at GrooveCar. "Credit unions looking to demonstrate to members all the benefits of utilizing the financial services available often begins with auto financing."
The outlook for car buying remains bright, GrooverCar added, as credit unions look to increase their competitive edge in 2017. With pent-up demand for autos on the rise for 2017, coupled with a strong economy, credit unions will look towards providing these auto buying solutions to members.
The latest batch of credit unions so sign on with GrooveCar include:
- ANECA FCU (based in Shreveport, La., with assets of $94 million)
- Arlington Municipal FCU (Arlington, Mass.; $10 million)
- Avestar (Waterloo, Wisc.; $18 million)
- Best Reward CU (Brook Park, Ohio, $154 million)
- Bridgeport Police FCU (Bridgeport, Conn., $17 million)
- Capital CU (Green Bay, Wisc., $1.1 billion)
- City of Firsts Community FCU (Kokomo, Ind., $28 million)
- Co-Op Toledo CU (Maumee, Ohio; $10 million)
- CODE CU (Dayton, Ohio; $116 million)
- Commonwealth Utilities Employees CU (Marion, Mass.; $41 million)
- Crossroads Financial FCU (Portland, Ind.; $39 million)
- Deere Employees CU (Moline, Ill.; $777 million)
- Doches CU, (Nacogdoches, Texas; $40 million)
- Dubois-Pike FCU (Jasper, Ind., $22 million)
- Emery FCU (Cincinnati, Ohio, $146 million)
- F.R.S.A. CU (Winter Park, Fla., $5 million)
- Financial Partners FCU (Woodburn, Ind.; $23 million)
- First Connecticut CU (Wallingford, Conn.; $38 million)
- Franklin First FCU (Greenfield, Mass.; $56 million)
- Garden State FCU (Moorestown, N.J.; $28 million)
- Genesis Employees CU (Zanesville, Ohio; $13 million)
- IH CU (Springfield, Ohio; $296 million)
- Local 697 FCU (Merrillville, Ind.; $34 million)
- MCU Financial Center (Mount Pleasant, Wisc.; $23 million)
- Members First CU (Madison, Wisc.; $17 million)
- Mesquite CU (Mesquite, Texas; $34 million)
- Metro North FCU (Waterford, Mich.; $42 million)
- MyCom FCU (Pittsfield, Mass.; $17 million)
- New England Teamsters FCU (Arlington, Mass.; $57 million)
- New Horizon FCU (Barberton, Ohio; $14 million)
- Oneida County FCU, Utica, N.Y.; $13 million)
- Pampa Teachers FCU (Pampa, Texas; $11 million)
- PCM CU (Green Bay, Wisc.; $200 million)
- Pittsburgh Firefighters FCU (Pittsburgh; $80 million)
- Public Service CU (Wausau, Wisc., $12 million)
- SIUE CU (Edwardsville, Ill.; $17 million)
- St. Vincent’s Medical Center FCU (Bridgeport, Conn.; $18 million)
- Standard Register FCU (Dayton, Ohio; $40 million)
- Telco Community CU (Asheville, N.C.; $147 million)
- Ukrainian Selfreliance New England FCU (Wethersfield, Conn.; $32 million)
- Virginia State University FCU (South Chesterfeld, Va.; $8 million)
- Wayne County FCU (Richmond, Ind.; $10 million)
- Westar FCU (Camillus, N.Y.; $25 million).
