Banks still control the lion's share of the market for auto loans, but credit unions are nipping at their heels - and slowly but steadily stealing away their business.

In the year ending last August, the proportion of auto loans controlled by credit unions jumped by nearly 7%, leaving the industry with a 22.8% market share, according to data from the Federal Reserve Board and the Credit Union National Association.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.