Lending by credit unions, others grew in 2014

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: James B. TreeceCredit unions and other lenders are beginning to release data that confirm what the industry knows: Last year, when U.S. new light-vehicle sales rose 6 percent, was a very good year for vehicle lending.Credit unions’ share of the U.S. automotive financing market continued to grow in 2014, says Credit Union Direct Ltd., of Ontario, Calif., which links dealerships’ F&I offices and credit unions.Last year, a record $22.2 billion in financing was extended through credit unions that use the CUDL platform, a 36 percent increase, as those credit unions financed a record 1 million loans, up 30 percent, spokesman Bill Meyer told Automotive News during the National Automobile Dealers Association convention in San Francisco.Almost all of that lending was for auto loans, with only a very small portion going to leases.Based on its own data and that from Experian and other sources, CUDL estimates that credit unions collectively were the third-largest automotive financer last year, up from No. 6 a year earlier. continue reading »last_img read more