Experian: Lower Rates Help Credit Unions Grab Q2 Auto Loans
Offering lower interest rates was a major reason credit unions amassed a share of auto loan originations in the second quarter that set a record going back to at least 2007, an Experian analyst said.
Experian’s “State of the Automotive Finance Market” report for the second quarter released Aug. 25 showed credit unions produced 25.8% of the loans and leases from lenders in the three months ending June 30, up from 18.3% a year earlier and 22.1% in this year’s first quarter.
Credit unions were second only to banks’ 27.9% share and surpassed captive lenders’ 22.6% share in the second quarter.
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