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Article: Credit unions gaining on banks in car loans.
- Article from:
- American Banker
- Article date:
- January 8, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Banks still control the lion's share of the market for auto loans, but credit unions are nipping at their heels - and slowly but steadily stealing away their business.
In the year ending last August, the proportion of auto loans controlled by credit unions jumped by nearly 7%, leaving the industry with a 22.8% market share, according to data from the Federal Reserve Board and the Credit Union National Association.
During the same period, the Fed data shows the bank industry share of the market dropping 3%. Of course, that still leaves banks with 43% of the market, but credit union figures and auto industry analysts think the nonprofit cooperatives have a ...