Nearly every type of lending surged during the first quarter of 2015 for credit unions. Aggregate loan balances increased 10.6% or $70 billion to $731.2 billion as of March 2015. With a respective 21.5% and 13.3% growth, new and used auto loans posted the strongest year-over-year percentage increases. Forty states reported 10% or higher growth in their total auto loan portfolio in the first quarter, and 11 states reported annual growth greater than 20%.
Top Ten States — Auto Loan Growth
Data as of March 31
Callahan & Associates | www.creditunions.com
| State | Auto Loan Growth | Auto Loans Outstanding March 15 |
Auto Loans Outstanding March 14 |
|---|---|---|---|
| Delaware | 40.1% | $321,754,844 | $229,675,425 |
| Idaho | 27.6% | $2,487,272,162 | $1,949,696,755 |
| California | 26.6% | $23,640,415,210 | $18,667,946,240 |
| Florida | 23.6% | $12,288,341,702 | $9,938,373,894 |
| New Hampshire | 23.1% | $2,357,477,681 | $1,914,682,581 |
| Georgia | 22.3% | $5,708,280,041 | $4,669,282,133 |
| Wisconsin | 21.1% | $5,142,727,542 | $4,247,880,273 |
| Iowa | 20.9% | $3,378,737,435 | $2,793,931,256 |
| North Carolina | 20.6% | $5,087,792,581 | $4,218,911,142 |
| Connecticut | 20.5% | $1,147,943,256 | $952,465,783 |
Source: Peer-to-Peer Analyticsby Callahan & Associates
Of note, Fox Communities Credit Union ($1.1B, Appleton, WI) posted auto loan growth of nearly 58%. That’s a year-over-year increase of $59 million. However, growth was not restricted to large credit unions. Capital Educators Credit Union ($439.0M, Meridian, ID) reported auto loan portfolio growth of 58.2% in the first quarter, rising from $111.9 million in March 2014 to $177.1 million in March 2015.