Credit unions in CU Direct's lending network continued to lead in auto loan originations through October, largely driven by banks' auto lending pullback and the strength of the used-vehicle sales market.
This is CU Direct's second consecutive year as the top lender of auto loans in aggregate, the company said.
Credit unions in CU Direct's network originated nearly 1.2 million auto loans from January to October, an 8.8 percent increase year over year, according to data from CU Direct and Experian's AutoCount. The data exclude leases. CU Direct runs a platform that connects 1,100 credit unions and 14,800 dealerships nationwide.