Thanks to a turnaround in the housing market and an increase injobs statewide, Georgia credit union members are feeling moreconfident about buying new and used vehicles.
|According to data from the Georgia Credit Union Affiliates, new auto loans at Georgiacredit unions increased 6.8% and used auto loans rose 5.5% in thefirst half of 2013.
|The continued growth in auto lending is being fueled by Georgia's improving economy,the GCUA said, citing data from the Bureau of Labor Statistics andthe Federal Housing Finance Agency purchase-only index.
|Georgia recently added 40,000 new jobs and experienced a 4% risein average home prices.
|As the state's job and housing prices continue to lift consumerconfidence and return to pre-recession levels, GCUAPresident/CEO Mike Mercer said the league expects lending atGeorgia credit unions to mirror that trend.
|Meanwhile, even though automobile financing has been thefrontrunner in consumer spending, the GCUA said overall lending isalso on a continued upswing. Total loan balances were up 2.9% andsecond mortgage loans increased by 4.4%.
|To track the latest figures, the GCUA said it compiled savingsand lending data from June 2012 to June 2013 at 43 credit unionsstatewide, representing 94% of credit union assets and 88% ofmembers in Georgia.
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