Auto Loans Cruising at U.S. Credit Unions in Q2

Auto loan delinquencies continued dropping at U.S. credit unions even as total auto loans increased in the second quarter.

At the end of June, U.S credit unions reported $1.02 billion in delinquent new vehicle loans, a decline of 5.3% year over year. Meanwhile, $2.64 billion in used car loans were delinquent as of June 30, down 3.9% year over year. Altogether, 0.8% of aggregate new and used car loans were delinquent at U.S credit unions as of June 30, down from 0.92% at the end of the first quarter.

Meanwhile, total auto loans at U.S credit unions rose 3.9% year over year to $392.89 billion as of June 30, as used vehicle loans increased 6.5% and new auto loans increased 0.7%, reversing a 3.4% year-over-year contraction in the first quarter.

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