US Credit Union Auto Loans Rise 5% YOY in Q2’19
Auto loan activity at U.S. credit unions grew in the second quarter, while delinquencies also rose.
Aggregate auto loans rose to $374.42 billion as of June 30, a 5.3% increase year over year. Used vehicle loans at credit unions rose to $226.51 billion from $214.96 billion a year earlier, while new vehicle loans totaled $147.92 billion, up from $140.56 billion at the end of the 2018 second quarter.
At the end of the second quarter, 1.56% of credit union auto loans were 30 days or more delinquent, up from 1.54% at the end of March and 1.53% a year earlier.
Auto loans at Vienna, Va.-based Navy FCU, the nation's largest credit union by total auto loans, grew by 7.2% year over year to $14.35 billion as of June 30.
Navy FCU's delinquencies also rose. At the end of the second quarter, 1.50% of the credit union's auto loans were past due, up from 1.30% at the end of the linked quarter and 1.44% at the end of the year-ago quarter.
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