And it might come as no surprise that many of those same execs, 57% to be exact, see auto as the biggest opportunity for loan growth.
“With delinquency rates at historic lows and consumers prioritizing auto loans above other credit instruments, credit union executives continue to view auto loans as a significant driver of near-term growth,” said David Dodson, vice president financial services, credit unions TransUnion’s financial services business unit.
Dodson said that credit union members should anticipate strong auto loan financing offers in the coming year.
These survey results are consistent with TransUnion’s recent Industry Insights Report, which said that while auto loan debt-per-borrower and delinquency rates increased over last year, they remain close to historic lows. The national auto debt-per-borrower rose to $16,769 in 4Q 2013 from $16,060 in 4Q 2012, marking 11 consecutive quarterly increases.