CU Direct – the auto lending affiliate for more than 1,000 credit unions – and its partner CUs have surpassed Ally Bank to become the nation's second largest auto financing source, the company said today. It has held the No. 3 spot for the last two years.
CU Direct said in a release that auto lending now makes up one third of credit unions' total loan portfolio, and has the fastest rate of growth among all credit union portfolio segments, including first-time mortgages. Credit unions as a whole continue to be a major force in the auto lending space, holding 22% of market share, according to AutoCount.