Nearly half of all credit union loan growth this year can be traced back to auto loans, setting the stage for record expansion across the industry for 2013.
"We are running out of superlatives, but don't need any," wrote Dave Colby, chief economist for CUNA Mutual Group in the company's November Credit Union Trends Report, which tracked data through September.
Indeed, during the past year, auto loan portfolio expansion of $19.7 billion accounted for 48% of all credit union loan growth, the data showed. Vehicle loans now represent 30.7% of all credit union loans, up from a low of 28.7% at the end of 2011, but below the pre-recession level of 33.3%.
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