False. New auto loan growth has outpaced used growth since the third quarter of 2012. However, used auto lending is still the larger segment and accounted for 60.5% of the auto portfolio for industry in the first quarter of 2018. New and use auto loans outstanding reached $135.9 billion and $208.0 billion, respectively, as of March 31.

False. The average credit union auto loan was $14,647 in the first quarter of 2018. That’s up 61.8% from $9,051 in the first quarter of 1998.

This might seem like a dramatic increase, but inflation plays a role. According to the inflation calculator from the Bureau of Labor Statistics, $9,051 in March of 1998 had the same buying power of roughly $14,000 today. Nevertheless, today’s average auto loan is still a bit higher. This could be because of the increased prevalence of new auto loans and the increasing price of cars. The average used auto loan at a credit union in the first quarter of 2018 was $12,396; that average increases to $20,267 for a new auto loan, which is in line with the Kelley Blue Book.

True. According to data from Callahan & Associates, 20.6% of members financed an automobile through their credit union in the first quarter 2018. Auto loan penetration has steadily increased from 15.8% in the first quarter of 2012 and is at an all-time high.

Membership is growing at credit unions across the country, and members are helping credit unions continue their strong auto lending trends. For example, despite climbing auto loan growth, the delinquency and net charge-off ratios declined slightly year-over-year.