CHICAGO–Most credit unions say they expect their auto loan volume will be even stronger in 2018 than it has been in 2017.
The responses came as part of an online survey conducted by CUToday.info following the recent webinar by CU Direct on the State of the Auto Lending Market.
Here’s how credit unions responded to the 10 questions asked by CUToday.info and CU Direct:
Has your CU tightened its auto lending standards this year?
No: 76%. Yes 24%.
Has your credit union exited subprime auto lending?
Fifty-nine percent of respondents said they have never done subprime lending. Twenty-seven percent of respondent said they have not exited subprime, while 13% said they have.
Our credit union's auto loan marketshare in 2017 has:
Increased: 50%
Decreased: 23%
No change: 27%
The auto loan activity we are primarily seeing is in:
Used vehicles: 77% used
New vehicles: 4.5%
Auto loan refinancings: 18%
When it comes to leasing, we are seeing:
We don’t offer auto leasing: 86%
Greater interest/volume: 4.5%
Less interest/volume: 9%
Our average turnaround time on an auto loan is:
1.5 minutes: 9%
6-15 minutes: 22.7%
16-30 minutes: 31.8%
30 minutes-1 hour: 22.7%
1 hour or longer: 13.6%
Over the past year, our turnaround time has:
Gotten faster: 27.2%
Gotten slower: 13.6%
Remained about the same: 59%
Have you seen banks retreat from auto lending in your market?
Yes: 36%
No: 64%
When it comes to working with local auto dealerships over past year, we have:
Invested more time 27.2%
Invested less time: 32%
Invested the same amount of time:41%
For 2018, we anticipate our auto lending volume will be:
Stronger: 41%
Weaker 18%
Approximately the same: 41%