Credit unions closed out the third quarter with a combined $374.2 billion of new- and used-auto loan outstandings, up 3.5% year over year, according to fresh data from the National Credit Union Administration.
New-car loans totaled $147.3 billion — up 2.1% year over year — while used-car loans totaled $226.9 billion — up 4.4%.
The ratio of new-car loans versus used has been hovering in the high-39% range since late 2016. Last quarter, though, new-car loans accounted for 39.4% of total outstandings, the lowest level in the past two years. Industry wide, lenders have been increasingly originating used-car loans as consumers seek lower monthly payments.
Meanwhile, auto loan delinquency rates fell 2 basis points to 0.58%, the lowest rate recorded for a third quarter since the NCUA started to break out the information in 2014.
Here’s a look at credit union auto loan outsandings (in billions) since 2014, based on NCUA data:
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