Editor's Note: This story has been updated to reflect additional data provided by Navy FCU to CUToday.info.
VIENNA, Va.–The auto loan portfolios of the nation’s five largest credit unions increased more than $7 billion year over year, according to a new analysis.
The Big Wheels Auto Finance Data 2019 report published by Auto Finance News reported auto loan outstandings at the five CUs were $32.5 billion at year-end 2018, up from $25.2 billion one year earlier.
No. 1-ranked Navy FCU reported a 9.1% increase last year in its auto portfolio, which grew to $13.8 billion. Among the nation’s top 100 auto financiers, NFCU was ranked 21st, Auto Finance News said. The credit union told CUToday.info its auto loan originations in 2018 reached $7.9 billion, an increase of 9% over 2017.
Auto Finance News also reported:
- The number-two auto lender, San Antonio-based Security Service FCU, grew outstandings to $5 billion, compared with $4.7 billion the year prior. Moreover, originations increased 15.7% year over year, to $2.2 billion.
- Sacramento, Calif.-based Golden 1 Credit Union was third, with volume growth of 6.6% year over year — increasing its portfolio to $4.8 billion. Originations increased 4.1% to $2.5 billion.
- In Utah, America First CU jumped into the number four spot in the AFN rankings with a 21.6% increase in its portfolio, reaching $4.5 billion.
- In Anchorage, Alaska USA FCU fell to the number-five spot with 2.3% growth to $4.3 billion outstanding.