Credit unions can now access CUNA’s new monthly auto lending report that provides an analysis of credit union auto lending trends in comparison to banks and other auto finance companies, based on Equifax Analytic Dataset.
Access to affordable, reliable transportation is a key component of financial well-being for millions of average Americans, and credit unions are deeply committed to ensuring consumers have this access, according to Mike Schenk, CUNA’s deputy chief advocacy officer for policy analysis and chief economist.
The January analysis of Equifax data reveals that credit unions remain firmly focused on their mission of helping consumers (especially those of modest means) to finance auto loans at extremely favorable interest rates compared to other lenders.
“The life-of-loan savings enjoyed by consumers at the lowest end of the credit score spectrum in September 2022 averages $13,204 compared to what these borrowers would pay at other lenders,” the report states. “In general, significantly lower average monthly payments results in substantially higher levels of financial resilience among credit union members.”
