SSFCU Is Fifth-Ranked Dealer Lender In 2013 J.D. Power Study
SAN ANTONIO-Security Service FCU has been ranked fifth among prime retail credit lenders in the country for overall satisfaction, according to the J.D. Power 2013 U.S. Dealer Financing Satisfaction Study. Security Service scored 917 on J.D. Power's 1,000-point scale based on its finance offerings, the application/approval process and sales representative relationship.
In a statement, SSFCU said that since moving to a paperless environment, it can approve a loan in as little as 15 to 30 minutes, with funding delivered to the dealership within 24 hours in all the credit union's regional markets.
Michigan, Oregon Good For Car Loans; RI, Conn. Not So Much
LOS ANGELES-A new study from GoBankingRates.com has uncovered what it says are the best and worst states in which to get an auto loan, at least when judged by rate. GoBankingRates.com said the northeast is home to the most states with bad rates, while the west coast offers some of the lowest rates overall. It said the average interest rate for a new vehicle is 3.65% APR nationwide, and state averages varied from a high of 5.11% in Rhode Island to a low of 3.03% in Michigan.
The states with the highest average auto loan rates ranked as follows: Rhode Island, 5.11%; Connecticut, 4.82%; New Jersey, 4.47%; Massachusetts, 4.21%; Louisiana, 4.20%; West Virginia, 4.16%; Delaware, 4.14%; Washington, D.C., 3.95%; Mississippi, 3.91%; and Pennsylvania, 3.84%.
Among the other findings:
The states with the best average auto loan rates were Michigan, Oregon, Alaska, New Hampshire, South Carolina, Vermont, Oklahoma, Utah, Washington and North Carolina.
* The lowest auto loan rates in the country come from California-based Burbank City FCU and Oregon-based First Community CU, which offer a 0.99% APR base rate for 36-month terms.
* The highest new auto loan base rate in the nation is 12.5% APY for a 48-month term.
The study lists the best auto rates for 36-, 48- and 60-month terms for each of the top and bottom 10 states.
Enterprise Car Sales Reports Used Car Volume Shifts To High Gear
ST. LOUIS-Enterprise Car Sales reported it has seen a nearly 20% increase in used-car loan volume with its CU partners for the first six months of 2013 compared to the same time period in 2012.
From January through June 2013, Enterprise Car Sales has generated $224 million in loan volume to more than 12,000 CU members, the company reported.
Enterprise said in addition to its "Perfect Used Car Package," which features a 12-month/12,000-mile limited powertrain warranty for every used car purchased, members also are offered no-haggle pricing and guaranteed seven-day or 1,000-mile repurchase policy, as well as a 109-point inspection performed by an ASE-certified technician.
Two-Thirds CU Execs Say Auto Lending Will Be Prime Area of Attention
CHICAGO-Approximately two out of threecredit union executives see loan growth as the critical business issue facing their industry in 2013, and auto loans may be the main focus of that growth, according to a new survey from TransUnion.
TransUnion said it found more than half of credit union respondents believe auto loans are their biggest opportunity.
"Many credit unions are finding that auto loans provide a great revenue opportunity as delinquencies continue to stay near historic lows," said David Dodson, credit union VP in TransUnion's financial services business unit. "TransUnion projects auto loan delinquencies to continue to remain low with balances rising for the remainder of the year-pointing to more new and used auto sales."
TransUnion pointed to auto loan data showing 60-day auto loan delinquencies stand at 0.41% as of the fourth quarter of 2012 and likely will remain around 0.4% at the end of 2013.
Bank auto debt per borrower has risen for seven straight quarters, and it is expected to rise from $13,747 in Q4 2012 to well over $14,000 by the end of this year.
