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

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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.

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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.

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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.

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