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Credit Union Car Loans on The Rise in 2012!

For the first time in six years, auto-loan portfolios have shown substantial growth. These spending practices have jumped from 2.3% to 5% according to the September Credit Union Trends Report from CUNA Mutual Group. For the first time in five years, new-vehicle portfolios began to show growth as well. Data on credit union car loans for new vehicles has indicated that they have increased. However, they remain at $30.1 billion under their 2007 peak. Used-car portfolios have increased to just over $7 billion.

Car loans have been shown to make up almost 30% of all loans within credit unions. It is still uncertain if this change is temporary or if it will sustain provided there is no collapse in the economy.

About the Author

The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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