trending Market Intelligence /marketintelligence/en/news-insights/trending/gwOzZL8vGiy3MbvIW5Lt6Q2 content esgSubNav
In This List

Car loan penetration climbs at US credit unions, credit cards stall

Blog

Banking Essentials Newsletter: September Edition

Blog

Beyond ESG with Climate Stress Testing: Getting Practical at Banks & Insurers

Blog

Post-Webinar Q&A: Integrating Climate Risks into Credit Risk Portfolios

Blog

Insight Weekly: Hurricane Ida impact; banks seek PPP forgiveness; commodities boom disruption


Car loan penetration climbs at US credit unions, credit cards stall

U.S. credit unions continue to convert members into auto loan customers, but credit card uptake has flatlined.

Auto loan penetration, or the number of auto loans as a percentage of total credit union members, increased to 20.8% at the end of the second quarter, up 26 basis points from March 31 and 80 basis points year over year. Over the last five years, auto loan penetration has increased by 4.6 percentage points.

Credit card penetration remained flat during the quarter at 17.3% and was actually down 1 basis point from a year earlier.

SNL Image

Larger credit unions, those with total assets greater than $1 billion, had the highest vehicle and credit card penetration at 22.0% and 17.9%, respectively, at June 30.

SNL Image

Elgin, Ill.-based Corporate America Family CU increased its auto loan penetration by 36.1 percentage points year over year to 57.8% as of June 30, the largest jump in penetration among all credit unions with at least $50 million in auto loans.

Wichita, Kan.-based Credit Union of America pushed its credit card penetration to 29.4% at the end of June, an 11.6-percentage point increase year over year, and the largest improvement among any credit union with at least $5 million in credit card loans.

SNL Image

SNL Image

Did you enjoy this analysis? Click here to set up real-time alerts for data-driven articles on the U.S. financial sector.

Click here for a template that allows you to quantify the value that a credit union is delivering to its members relative to a custom peer group.

Click here to view a webinar on the member value peer score template.